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Prime Alliance Bank is a community bank based out of Utah with only one bank branch, but offers easy online applications for all their accounts. Their CDs have competitive rates with interest that compounds daily and pays quarterly, as well as relatively low penalties for early withdrawal.
0.45%
1-year APY
0.65%
3-year APY
0.75%
5-year APY
Minimum deposit to open | $500 |
---|---|
Interest compounding | Daily |
6-month APY | 0.35% |
1-year APY | 0.45% |
18-month APY | 0.55% |
2-year APY | 0.6% |
3-year APY | 0.65% |
4-year APY | 0.7% |
5-year APY | 0.75% |
Early withdrawal penalty | 30 days interest for terms of 6 to 12 months 90 days interest for terms of 18 to 60 months |
Review by
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
A Prime Alliance Bank CD is best for those looking for the best of both worlds — a boost to their savings without having access to the funds and low early withdrawal fees in case of financial emergency.
But it only has one branch located in Utah. If you prefer doing your banking in person, you might want to look elsewhere.
To open a CD account, you can either visit the Salt Lake City branch or apply online. Use the following steps to open a Prime Alliance Bank CD account online:
To apply for an account with Prime Alliance Bank, you must meet the following requirements:
Have the following information on hand before you open your account:
If you’re using an account with limited transactions, keep in mind that Prime Alliance sends two microtransactions as part of its first ACH bank transfer. You can fund your CD in three ways:
Like most CD accounts, Prime Alliance offers set interest rates for the full term of the CD with no maintenance fees, but you can also count on the following additional benefits:
Prime Alliance’s CDs have drawbacks. Keep the following in mind before you apply:
If you don’t live near its Utah branch and prefer to do your banking in person, you’ll want to keep looking. As always, compare your options when considering a CD.
When your CD has matured, you have a 10-day grace period to decide how you want to proceed.
Prime Alliance Bank offers the following savings products: