Prime Alliance Bank

Overview / Commentary
1868 South 500 West
Woods Cross, UT 84087

Prime Alliance Bank is headquartered in WOODS CROSS and is the 30th largest bank in the state of Utah. It is also the 1,319th largest bank in the nation. It was established in 2004 and as of March of 2024, it had grown to 33 employees at 1 location. Prime Alliance Bank's money market rates are 10X the national average, and it has a B+ health rating.

Just Wonderful Experience

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I took advantage of their current 24 and 36 month CD accounts, and have rarely received such great customer service. The rep I dealt with was intelligent, competent, knowledgeable, and kept in good communication with me throughout the process. This is especially impressive, given that recently they've lost substantial customer service personnel, which they're trying to flesh out.
I'd also like to clear up some misunderstandings I've read on DA about the current 24 and 36 mo specials in particular: The EWP for both accounts is an extremely low 90 days of dividends. At 5.5% and 5.25%, the rates aren't the top, but the very mild EWP makes them outstanding. Accounts can be opened as POD accounts, and although POD won't show in the account title of the statements one receives, it will be in the bank records and one can get some paper-proof of this. Those CDs are also available as IRA CDs. One might also be aware that, rather than open a savings or checking account with which to receive funds, I was advised (smart idea) to open a money market account: No minimum balance required, but currently has a 4.5% interest rate, IIRC. I believe one may be able to open a CD directly, but I always want an account that can receive the funds upon maturity, and the money market is the best idea.
I just wish every institution had this level of competent customer service.

Easy Online Account Opening

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Did the online account opening for a 2-year CD on a Friday. There weren't an excessive number of intrusive questions and the "validation" was only to answer a few historical questions that they obviously culled from my credit reports. They did the two mini-deposits into my external funding account on the following Monday, which I verified online, and they funded the account on Tuesday. Can't argue with that.

Opened Some CD's

Posted by: |

I opened up 3 CD's a couple weeks ago

Good: they have 2FA TOTP with option to disable 2FA SMS, easy to get a hold of someone, trial deposits next business day, 1099-INT online, 30 days before maturity through online account you can easily select to withdrawal CD at maturity back to external account via ACH no silly forms to fill out.

Bad: before applying I asked if I can open up multiple CD's at the same time they said yes, after opening I found out info. was a lie, when applying you can only open up 1 CD at a time, information is not saved when opening up additional CD's so have to re-enter all you personal info including all security questions and POD info, the type box to enter SSN for POD was in the wrong spot and not labeled and took me a while to figure that out but not before the application timed out and all my work was not saved so I called in and they deleted my application to try again and let me know you have 30 minutes to complete, It was rather strange amount of excessive info they needed, I only received 2 emails saying they received my application even though I applied for 3, but when I called in they confirmed they see 3 applications, and later I received 2 more emails that they were open instead of 3, when I tried to confirm the trial deposits I kept getting error messages, but I called in and they confirmed it, later I removed the external account as I was told it was only for one way incoming transfers, but later I found out that not to be true so I re-added it and I was able to confirm it myself online

Welp: there onboarding needs a lot of love, and it appears there OJT needs some help

Awful CD Opening Experience And Poor Customer Service

This weekend I received the weekly update from DepositAccounts, which indicated this institution was offering a 60 month CD with 3.15% apy. In order to take advantage of this deal before it disappeared, on Labor Day I started the online application process, which was lengthy. Near the end I received a screen that said my APY would be 2.76% (not the 3.15% shown on their website, where I initiated my application). Not knowing how to get out of this application process without funding for a rate I didn't want, I closed my browser window. The next business day I called to ask about this discrepancy and was told they now have the application screen fixed to give the correct rate.
When I tried to reapply (several times despite the lengthy process), I received error messages that they could not verify my identification. In the phone call, I was told that they would look into this to see if they could identify the problem. It is now over 24 hours later, and I have not received a return phone call. (Monday I sent an email about the rate discrepancy. Their website says they will reply within 48 hours, yet I have received no reply).
Now on Wed. their website says the APY is now 2.75%, so I got locked out of this luscious offer. I wonder if it was ever real, given the run around I have received.
By the way, their application process requires two forms of identification, not just the typical driver's license. I think this bank purchased some incompetent software. One of the types of additional identification accept is a credit card. When I tried this, the online screen asks for both an issue date and an expiration date, which is typical for a drivers license. As far as I can tell, credit cards don't come with an 'issue date' I proceeded without this information and was rejected, apparently due to this omission.
As you can tell, a totally frustrating experience!



Health Grade Components

FDIC Certificate #57920
Year Established2004
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD3.18%
Return on Equity - YTD33.03%
Annual Interest Income$14.3MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$725MM$629.4MM
LoansQ1 2024vs Q1 2023$556.6MM$499.8MM
DepositsQ1 2024vs Q1 2023$649.3MM$563.8MM
Equity CapitalQ1 2024vs Q1 2023$72MM$63.3MM
Loan Loss AllowanceQ1 2024vs Q1 2023$24.5MM$20.1MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$19.9MM$17.4MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Always verify rates and promotions with the bank or credit union. We are not Prime Alliance Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Prime Alliance Bank Savings Account Rates

4.50%$0-Personal Savings Account
4.25%*$200k*-Business Savings Account
OTHER TIERS: 3.85% $1 - $100k | 4.05% $100k - $200k
0.30%$0-Health Savings Account

Prime Alliance Bank Money Market Rates

4.50%$0-Personal Money Market
4.25%*$200k*-Business Money Market
OTHER TIERS: 3.85% $1 - $100k | 4.05% $100k - $200k

Prime Alliance Bank Checking Account Rates

0.20%*$50k*-Personal Interest Checking
OTHER TIERS: 0.05% $1 - $15k | 0.10% $15k - $50k
0.20%*$200k*-Business Interest Checking
OTHER TIERS: 0.05% $1 - $100k | 0.10% $100k - $200k

Prime Alliance Bank CD Rates

5.30%$500-6 Month CD
5.30%$500-12 Month CD
5.30%$500-Business 6 Month CD
5.30%$500-Business 12 Month CD
4.75%$500-18 Month CD
4.75%$500-Business 18 Month CD
4.50%$500-24 Month CD
4.50%$500-Business 24 Month CD
4.25%$500-36 Month CD
4.25%$500-Business 36 Month CD
4.00%$500-48 Month CD
4.00%$500-60 Month CD
4.00%$500-Business 48 Month CD
4.00%$500-Business 60 Month CD

Prime Alliance Bank IRA Rates

5.30%$500-6 Month IRA
5.30%$500-12 Month IRA
4.75%$500-18 Month IRA
4.50%$500-24 Month IRA
4.25%$500-36 Month IRA
4.00%$500-60 Month IRA
4.00%$500-48 Month IRA

Prime Alliance Bank Locations
Prime Alliance Bank1868 S 500 WWoods Cross, UT 84010

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