HomeFinancePrime Alliance Financial institution evaluate 2022: A various mixture of enterprise and...

Prime Alliance Financial institution evaluate 2022: A various mixture of enterprise and private merchandise, however just one bodily department | NEWSRUX

Based in 2004, Prime Alliance Financial institution is a Utah-based financial institution that gives various monetary merchandise, together with private checking, financial savings, cash market accounts, certificates of deposit (CD), and retirement accounts. It additionally affords enterprise merchandise for industrial prospects. All charges and charges are present as of November 30, 2022, and are topic to alter. 

Prime Alliance Financial institution choices 

Prime Alliance affords two checking accounts—one commonplace account and one interest-earning account, in addition to a private financial savings and well being financial savings account. 

Checking and financial savings accounts 

Alliance Checking 

  • APY: 0%
  • Month-to-month upkeep price: $0
  • Minimal steadiness: $0
  • Minimal opening deposit: $0

Private Curiosity Checking

  • APY: 
    • $1 – $14,999.99: 0.05%
    • $15,000 – $49,999.99: 0.10%
    • $50,000+ : 0.20%
  • Month-to-month upkeep price: $0
  • Minimal steadiness: $0

Excessive-yield financial savings account 

Private Financial savings 

  • APY: 3.25%
  • Month-to-month upkeep price: $0
  • Minimal steadiness: $0

Well being Financial savings Account

  • APY: 0.30% on balances of $1 or extra
  • Month-to-month upkeep price: $0

Cash market accounts 

Private Cash Market

  • APY: 3.25%
  • Month-to-month upkeep price: $0
  • Minimal steadiness: $0
  • Service price: $25.00 per switch/withdrawal in extra of six restricted transfers

Certificates of deposit

Certificates of Deposit 

  • APY: 
    • 6-month CD: 3.25%
    • 12-month CD: 4.00%
    • 18-month CD: 4.00%
    • 24-month CD: 4.00%
    • 36-month CD: 4.50%
    • 48-month CD: 3.00%
    • 60-month CD: 3.00%
  • Minimal opening deposit: $500 
  • Month-to-month upkeep price: $0 
  • Early withdrawal penalty: 30 to 90 days’ curiosity on the quantity withdrawn relying in your CD time period. 

Retirement Financial savings Account 

Particular person Retirement Account (IRA)

  • APY: 
    • 12-month IRA: 4.00%
    • 24-month IRA: 4.00%
    • 36-month IRA: 4.50%
    • 48-month IRA: 3.00%
    • 60-month IRA: 3.00%
  • Minimal opening deposit: $500 
  • Early withdrawal penalty: 30 to 90 days’ curiosity on the quantity withdrawn relying in your CD time period. 

Further charges for all accounts besides CDs and time deposit accounts 

  • Return ACH price: $2.50
  • Dormant account price: $0
  • Return international test price: $25.00
  • Levies: $20.00
  • Cease fee price: $15.00
  • Collections price: $10.00
  • Non-sufficient funds price: $0
  • Return test price: $10.00
  • Overdraft curiosity price: $0
  • Wire switch price (incoming): $10.00
  • Wire switch price (outgoing): $15.00
  • Wire switch price (outgoing worldwide): $40.00
  • Wire switch price (incoming, non-interest bearing account): $5.00
  • Wire switch price (outgoing, non-interest bearing account): $10.00
  • Cashier’s test: $0
  • Alternative of misplaced debit card: $0
  • Hourly analysis price: $15
  • Copies of statements: $2.50 per assertion
  • Copies of checks: $1.00 per test

Different companies Prime Alliance affords 

Other than Prime Alliance’s private account choices, prospects also can profit from various enterprise merchandise, together with: 

  • Industrial loans: Prime Alliance affords actual property loans, SBA loans, industrial strains of credit score, and gear lease financing. 
  • Enterprise checking and financial savings accounts: Enterprise homeowners also can select between a fundamental, non-interest bearing checking account, in addition to an interest-bearing financial savings account. The excellent news: these accounts do not need any minimal opening deposit or minimal steadiness necessities.  
  • Enterprise cash market accounts: Prime Alliance’s enterprise cash market accounts boast aggressive APYs with limitless deposits and as much as six withdrawals/transfers monthly.  
  • Enterprise certificates of deposit: Prime Alliance Financial institution’s enterprise CDs supply a variety of phrases, from six months to 5 years and APYs which can be not less than thrice the nationwide common. 

The Prime Alliance platform and buyer assist 

Whereas Prime Alliance does have a location in Utah, prospects throughout the nation can do their banking on-line or through cellular app. The financial institution’s app has 5 stars on the Apple App Retailer and additionally it is out there for Android customers on Google Play. For help, prospects can attain a consultant over the cellphone Monday by Friday, between 8:30 a.m. and 5:00 p.m. (MST) or through e-mail by filling out a kind on the Prime Alliance web site.

Execs and cons of Prime Alliance Financial institution

When you’re contemplating banking with Prime Alliance, listed here are a couple of of the most important professionals and cons try to be conscious of: 

Professional: Aggressive APYs on financial savings merchandise. Prime Alliance Financial institution affords aggressive APYs on its accounts, with its financial savings accounts incomes over 12 occasions the nationwide common. 

Professional: A mixture of private and enterprise merchandise. For shoppers who want to preserve their enterprise and private merchandise all in the identical place, Prime Alliance affords a various combine of economic merchandise to fulfill all of their wants. 

Con: Restricted bodily areas. Prime Alliance has one bodily location in Utah, which could possibly be an issue for patrons who don’t dwell inside the state and like to fulfill with a banker in individual. 

Con: Restricted contact choices. Prime Alliance doesn’t supply a web-based chat characteristic for instant help and doesn’t have prolonged customer support hours through phone. 

Continuously requested questions

Is Prime Alliance Financial institution FDIC insured?

Prime Alliance Financial institution is FDIC insured, which gives protection as much as $250,000 per depositor, per financial institution, for every account possession class. 

How do I contact Prime Alliance Financial institution?

Prime Alliance Financial institution’s bodily location in Woods Cross, Utah, and cellphone line is open Monday by Friday from 8:30 a.m. to five:00 p.m. (MT). You may as well contact the financial institution through e-mail by filling out a contact kind on Prime Alliance’s web site. 

How typically is curiosity posted to my Prime Alliance account?

Curiosity posts on the finish of every month on cash market and interest-bearing checking accounts. Curiosity posts quarterly for financial savings accounts and certificates of deposit.

Comply with Fortune Recommends on Fb and Twitter.

EDITORIAL DISCLOSURE: The recommendation, opinions, or rankings contained on this article are solely these of the Fortune Recommends editorial workforce. This content material has not been reviewed or endorsed by any of our affiliate companions or different third events.

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