Utah-based Prime Alliance Bank (Prime Alliance) is the latest financial institution to lower the rates on its savings and money market accounts. The Personal Savings and Personal Money Market accounts were both lowered by 25 bps yesterday, giving each a 1.71% APY on minimum balances of $10k; balances between $1 and $10k earn 1.61% APY.
A year ago, the Personal Savings and Personal Money Market rates began to mirror each other. In April 2019, both accounts had APYs of 2.22%, a competitive rate that lasted for eight months. Both rates fell in early December to 1.97% APY and remained in effect until this week.
Funding a Personal Savings account or a Personal Money Market account can be done by ACH, wire transfer, or check, but,
Prime Alliance Bank reserves the right to place a 60-day hold on new accounts funded by ACH. All new accounts are subject to a 60-day hold unless funded with guaranteed funds (wire transfer, etc.).
Both the Personal Savings and Person Money Market accounts are “designed for individuals” and have no monthly maintenance fee or minimum balance requirements. Online banking and mobile banking are included, with fee-free check deposit available when using the mobile app. Unlimited deposits are allowed, but any transfer/withdrawal beyond the six allowed per month will incur a $25 excessive service fee.
If these limits are exceeded 3 times in a rolling 12 months, the account will be changed to a demand deposit account.
Unlimited beneficiaries (assigned percentages) can be named, but the online application only allows for two names to be entered; additional beneficiaries can be named by phone after an account is opened. Social Security numbers are required for all beneficiaries.
Headquartered in Woods Cross, Utah, 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.
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.”
If you live in the Salt Lake City area, accounts can be opened at the Bank’s sole Utah branch located at S 500 W in Cross Woods. (As of yesterday, the branch lobby was still open to the public.)
Prime Alliance Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.69% (excellent), based on December 31, 2019 data. In the past year, Prime Alliance Bank has increased its total non-brokered deposits by $60.56 million, an excellent annual growth rate of 21.86%. 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, which focuses on construction and development financing, in addition to small business loans. According to a 2018 press release,
Prime Alliance Bank, located in Woods Cross, UT, soared to the top of S&P Global Market Intelligence’s 2017 ranking of the best performing community banks under $1 billion in assets.
To compile this ranking, S&P Global Market Intelligence calculated scores for each company based on six metrics: pretax return on tangible common equity, net charge-offs as a percentage of average loans, efficiency ratio, adjusted Texas ratio, net interest margin and loan growth.
Based on the above metrics and other criteria in the report, 4,383 banks and thrifts were eligible for the ranking.
Prime Alliance ranked 15th on the list of national banks with $304.8 million in total assets, a 24.00 percent loan growth rate and overall efficiency ratio of 31.86 percent.
How the Personal Savings Compares
When compared to the Savings accounts tracked by DepositAccounts.com that are available nationwide, Prime Alliance Bank’s Personal Savings APY currently ranks third,* regardless of minimum balance requirements.
To search for the best savings account rates, both nationwide and state specific, please refer to our Savings Accounts Rates Table page.
How the Personal Money Market Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, Prime Alliance Bank’s Personal Money Market APY currently ranks fifth,* regardless of minimum balance requirements.
To search for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts Rates Table page.
The above rates are accurate as of 4/3/2020.
*While we are working diligently to keep our rates up-to-date, there are just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.