Prime Alliance Bank Offers Rate-Leading 24-Month CD Nationwide
Following across-the-board CD rate increases this week, Utah-based Prime Alliance Bank (Prime Alliance) is offering competitive APYs on two longer-term CDs. Both the 24-month and 36-month CDs added 25 bps and currently earn 5.50% APY and 5.25% APY, respectively. Either CD can be opened with a $500 minimum deposit, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.15% | $500 | - | Prime Alliance Bank | 36 Month CD | |
| 4.15% | $500 | - | Prime Alliance Bank | 36 Month IRA | |
| 4.11% | $500 | - | Prime Alliance Bank | 24 Month CD | |
| 4.11% | $500 | - | Prime Alliance Bank | 24 Month IRA |
All Prime Alliance CDs are also available as IRAs (Traditional), earning the same APYs with the same deposit requirements.
Early Withdrawal Penalty
According to CSR, partial withdrawals are permitted. As stated in the Certificates of Deposit disclosure, the Early Withdrawal Penalty for both the 24- and 36-month CDs reads as follows:
If you withdraw any of the principal before the maturity date, we may
impose a penalty of 90 days interest on the amount withdrawn.
Any withdrawal made in the first 90 days after account opening will reduce the principal.
Availability and Account Opening
Headquartered in Woods Cross, Utah (about 10 miles north of Salt Lake City), Prime Alliance Bank offers its entire product line to all U.S. citizens and residents aliens (18 years or older, with a current U.S. address) through an online application.
Opening and funding a CD can be done online. If you live in the Salt Lake City area, a CD can be opened at the Bank’s sole Utah branch located at S 500 W in Cross Woods. Coincidentally, Prime Alliance Bank is across the street from Mountain America Credit Union.
Note: The online application requires that a username, password, and authentication phrase be created, allowing the applicant “to check the status of your application or complete an application.”
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH*, wire, or check.
- Ownership – Individual, joint, or trust.
- Interest – Compounded daily /credited quarterly; cannot be withdrawn penalty-free.
- Maturing Funds – ACH to original funding account, cashier’s check to address on file, or internal transfer to checking/savings account.
- Beneficiaries – Unlimited with equal shares, Social Security numbers and DOB are required.
- Grace Period –10 calendar days before automatic renewal.
- Credit Check – ChexSystems.
*As stated on the online application,
For new customers opening a certificate of deposit with your initial deposit from an external account, you'll need:
Your account number
The name of your bank or financial institution
The routing number for your bank, which can be found on your checks
Please note that two micro deposits will be sent via ACH to validate your external account (which may count towards incoming/outgoing transaction limits set by your external bank)
Bank Overview
Prime Alliance Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 18.09% (above average), based on June 30, 2023 data. In the past year, Prime Alliance increased its total non-brokered deposits by $42.63 million, an excellent annual growth rate of 9.96%. Please refer to our financial overview of Prime Alliance Bank (FDIC Certificate # 57920) for more details.
Established in 2004, Prime Alliance Bank is a community bank, that “has specialized in national leasing and local commercial lending, consistently ranking among the top-performing banks in our peer group in several categories.” Prime Alliance Bank is currently the 29th largest bank headquartered in Utah, with assets in excess of $629 million and more than $563 million in deposits.
How the 24-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Prime Alliance Bank 24-month CD. The following table compares the 24-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
How the 36-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the Prime Alliance Bank 36-month CD. The following table compares the 36-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 10/6/2023.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
