Prime Alliance Bank Business Savings Review 2023
This article is part of a larger series onBusiness Banking.
'联盟银行的业务储蓄账户an excellent banking option for companies wanting to grow their excess funds at competitive rates. It comes with a tiered annual percentage yield (APY) system, which offers an APY of 3.60% for balances up to $99,999.99, 3.80% for balances from $100,000 to $199,999.99, and 4.00% for balances worth $200,000 and above. Prime Alliance Bank has no monthly fees or minimum balance requirements and has one branch in Woods Cross, Utah.
Pros
- APY of 3.60% to 4.00%
- No minimum balance requirements
- No monthly fees
Cons
- No business savings debit card
- $25 fee per transaction after monthly limit of six
- Only one branch located in Utah
Features
- Tiered APY system
- Digital banking with mobile deposits
- Unlimited electronic deposits
- Business money market and certificates of deposit (CDs)
How Prime Alliance Bank Stacks Up With Its Competitors
APY |
Monthly Fee |
ATM Fee |
Minimum Opening Deposit |
|
---|---|---|---|---|
Business Savings
|
3.60% to 4.00%, depending on balance |
$0 |
N/A (no debit card issued for savings) |
$0 |
Business Savings
|
4.00% |
$0 |
N/A (no debit card issued for savings) |
$0 |
Business Savings
|
0.90% |
$2; can be waived |
None* |
$100 |
*Third-party operator fees may apply; First Internet Bank reimburses up to $10 of third-party machine operator ATM fees monthly
When Prime Alliance Bank Is a Good Fit
- You want to earn competitive interest:Prime Alliance Bank is one of ourtop-recommended business savings accountssince it offers the best tiered APY options. Its lowest APY is 3.60%, allowing businesses to grow their funds when they maintain a balance of $1 to $99,999.99. Its highest APY of 4.00% can be accessed by maintaining a balance of at least $200,000.
- You can conduct your banking activities online:Prime Alliance Bank relies on digital banking. It has only one branch in Woods Cross, Utah.
- You seek higher earnings for your excess funds: Prime Alliance Bank offers business money market accounts and CDs at equally attractive and higher rates, reaching 5.00% for a six-month term CD.
When Prime Alliance Bank Is Not a Good Fit
- You rely on in-person banking:Prime Alliance Bank has only one brick-and-mortar bank branch, located in Woods Cross, Utah. Capital One, which has 755 branches across the country, would be a better fit for fans of in-person banking. See ourCapital One Business Savings reviewto learn about its features.
- You make more than six monthly transactions regularly:Prime Alliance Bank’s fee for exceeding the six-withdrawal limit each month is particularly steep at $25. With Live Oak Bank, there’s no transaction limit, and you benefit from its higher APY rates at 4.00% for all balances. Ourreview of Live Oak Bank Business Savingsprovides details on how it can help your small business.
- You want an ATM card for convenient transactions:Prime Alliance Business Savings doesn’t come with an ATM card. A good option is First Internet Bank, which issues an ATM card to sole proprietors when they open a regular savings account. Read ourFirst Internet Bank Business Savings reviewto discover more product benefits.
- You have limited business funds:If you don’t have significant savings or reserves and want to earn interest on your everyday balance, Bluevine offers a business checking account that provides a 2.00% APY for qualified balances up to $250,000. This is why it earns a spot in our roundup of thebest small business checking accountslist. Check out ourreview on Bluevine Business Checkingto learn more about its account’s advantages.
Prime Alliance Bank Business Savings Overview
Required Opening Deposit |
None |
---|---|
Required Balance Minimum |
None |
Withdrawal Limit Before Fees |
6 per month or statement cycle*, $25 fee after limit |
Monthly Fee |
None |
APY |
3.60% for balances of $1 to $99,999.99 3.80% for balances of $100,000 to $199,999.99 4.00% for balances of $200,000 and over |
Automated Clearing House (ACH) Fees |
None |
Domestic Wire Transfer Fees |
$10 incoming
$15 outgoing |
International Wire Transfer Fees |
$10 incoming
$40 outgoing
|
ATM Fees |
N/A (no debit card issued for savings) |
Cash Deposits |
None |
Debit Card |
None
|
Customer Service |
Phone:(801) 296-2200 Mondays to Fridays, 8:30 a.m. to 5 p.m. Mountain time |
Other Products |
Checking, money market, CDs, and lending |
Prime Alliance Bank Business Savings Requirements
Applicants must email Prime Alliance Bank to open a business bank account. They will then be asked to provide the following information:
- Full name
- Date of birth
- Social Security number
- Current address
- Mother’s maiden name
- Birth city
- Phone number
They must also prepare the following documents:
- Articles of incorporation
- Certificate of beneficial owners
- Risk assessment
- Two forms of ID for each person on the account
If an applicant’s current address is different from what’s on their ID, Prime Alliance Bank will require a proof of address.
For persons opening an account for a legal entity, they need to complete acertification of beneficial owners form and risk assessment questionnaire.
For a downloadable checklist of documents banks typically require, refer to our guide onhow to open a business bank account.
Prime Alliance Bank Business Savings Features
Prime Alliance Bank’s standout features include its tiered APY system and digital banking.
Tiered APY
Prime Alliance Bank’s savings account rewards higher balances with higher APY rates. The rates are as follows:
- 3.60% for balances of $99,999.99 and below
- 3.80% for balances of $100,000 to $199,999.99
- 4.00% for balances of $200,000 and above
Rates are variable and subject to change without prior notice. Interest compounds daily and is paid quarterly.
Digital Banking
客户可以访问他们的'联盟银行公共汽车iness savings accounts through the bank’s website and iOS and Android apps. The mobile app allows customers to view balances, make deposits, transfer funds, pay bills and loans, manage contact information, and contact customer services.
There are two ratings with no reviews for the Prime Alliance Bank app on the App Store1(5 out of 5) and no available ratings and reviews on Google Play2.
Other Prime Alliance Bank Business Products
Money Market Accounts
Similar to Prime Alliance Bank’s business savings accounts, its money market accounts offer tiered APY, ranging from 3.60% for balances worth $99,999.99 and below to 4.00% for balances of $200,000 and above. Money market accounts compound interest daily and pay monthly.
CDs
银行提供了竞争APY利率t '联盟hrough its business CDs. The shortest available term is six months, which yields 5.00%, whereas the longest available term is 60 months, which provides a 3.00% APY rate. These business CDs have a minimum deposit requirement of $500 and pay interest quarterly.
Checking Accounts
- Business Interest Checking:Like Prime Alliance Bank’s business savings products, this has a tiered APY system. Balances up to $99,999.99 earn interest at an APY rate of 0.05%, balances from $100,000 to $199,999.99 earn 0.10%, and balances of $200,000 and over earn at a rate of 0.20%.
- Keep It Simple Business Checking:Although it doesn’t earn interest, it comes with a number of useful features, such as reduced wire transfer fees and free wallet-style checks.
Both provide a free EMV chip Visa debit card. There are no minimum balance requirements, monthly maintenance fees, and transaction limits.
Individual Retirement Account (IRA)
Small business owners who want to benefit from tax-deferred growth on retirement funds can apply for a Prime Alliance Bank IRA. It comes in the form of CDs. The shortest term is 12 months with an APY rate of 4.50%, and the longest is a 60-month term earning an APY of 3.00%. The required minimum balance for this investment account is $500, and the interest payout is quarterly.
Commercial Loans
Prime Alliance Bank offers real estate loans, SBA loans, commercial lines of credit, and equipment lease financing.
- Real estate loans:Businesses needing to purchase property or construct or acquire commercial buildings can secure loans of up to $10 million. Loans must be worth less than 80% of the target property’s value, and terms last five to 15 years.
- Small Business Administration (SBA) loans:Prime Alliance Bank helps businesses secure SBA loans, including land loans, real estate term loans, equipment financing loans, and operating capital. The maximum amount a business can borrow is $10 million, and terms last 15 to 25 years.
- Commercial line of credit:Businesses can borrow lines of credit worth up to $10 million. Revolving credit lines and one-time draw-down lines of credit are both available. Terms can last one to three years.
- Equipment lease financing:Prime Alliance Bank offers tax leases, equipment leases, lease lines, and finance leases. Terms can last two to four years.
Learn more about the different types of equipment leases and their qualifications, rates, and terms from ourequipment leasing guidefor small business owners.
Prime Alliance Bank Business Savings Reviews from Users
There are no Prime Alliance Bank business savings account reviews, but the bank has a 4 out of 5 rating on DepositAccounts from fewer than 10 reviews. Users gave positive feedback on customer service and stated that the bank’s representatives responded quickly to phone calls and emails. They also said that opening a CD account was easy and that applying was smooth.
Some of the complaints are from a couple of years ago. There are comments from those who could not open an account for failed identity verification, even when they presented two valid IDs per the requirement.
Bottom Line
Prime Alliance Bank is an excellent business savings choice for businesses looking for tiered APY systems. The institution offers a competitive interest rate of 3.60%, even at its lowest tier, which only increases as balances grow. Given its extensive list of business services, which include checking, money market accounts, CDs, and lending products, it’s a great business banking option all around.
User review resources: