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Prime Alliance Bank CD review

Take advantage of low early withdrawal penalties and daily compounding interest.’s rating: 4.1 / 5.0


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.

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1-year APY


3-year APY


5-year APY


Star rate4.1
6-month APY1.1%
1-year APY1.31%
18-month APY1.31%
2-year APY2.02%
3-year APY2.23%
4-year APY2.33%
5-year APY2.53%
Early withdrawal penalty30 days interest for terms of 6 to 12 months
90 days interest for terms of 18 to 60 months
Minimum deposit to open$500
Interest compoundingDaily

Review by

Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

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.

How do I open a Prime Alliance Bank CD account?

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:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the home page, click Open an Account, click Certificate of Deposit, and click Open an Account Online.
  3. Select the CD term you want to open.
  4. Create an online account with your Social Security number and email.
  5. Next, enter a username and password.
  6. Once you log in, follow the prompts to complete your application.
  7. Select how you will fund your CD and open your account.


To apply for an account with Prime Alliance Bank, you must meet the following requirements:

  • At least 18 years old.
  • US resident.
  • Valid US address.
  • Minimum deposit of $500.

Required information

Have the following information on hand before you open your account:

  • Social Security number
  • Driver’s license or passport
  • Date of birth
  • Mother’s maiden name
  • Email address
  • Home address and telephone number
  • Previous home address, if you’ve lived at your current address for less than two years
  • Employment information
  • Your bank account and routing numbers

Funding options

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:

  • Bank transfer/ACH
  • Check
  • Wire transfer

Benefits of a Prime Alliance Bank CD

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:

  • Low early withdrawal penalties. You’ll pay three months’ interest on your early withdrawal for most Prime Alliance CDs.
  • Low minimum deposit. Open your account with only $500.

What to watch out for

Prime Alliance’s CDs have drawbacks. Keep the following in mind before you apply:

  • Limited bank branches. Prime Alliance only has one branch in Utah, so you’ll have to stick with online banking if you live outside the area.
  • Long hold on new accounts. If you open your account using an ACH bank transfer, Prime Alliance can put a hold on your account for up to 60 days. Wire transfers are considered guaranteed funds and aren’t subject to the same hold.

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.

Compare with other CDs

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Bread Savings CDs
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
Ponce Bank CD
Open a 5-month, 13-month or 48-month CD with some of the highest interest rates available today

Compare up to 4 providers

How do I cash in my Prime Alliance CD?

When your CD has matured, you have a 10-day grace period to decide how you want to proceed.

  • Do nothing. Your CD will automatically roll-over into the same term at the current interest rate.
  • Make a partial withdrawal. You can choose to withdraw some of the money from your CD. Whatever you don’t withdraw will roll over into the same term at the current interest rate.
  • Withdraw all of your funds. Withdraw and choose how you’d like to receive your money.

What other savings products does Prime Alliance Bank offer?

Prime Alliance Bank offers the following savings products:

  • Personal savings account. Your interest is compounded daily and paid quarterly on this interest-bearing account, which has no monthly maintenance fees or minimum balance requirements.
  • Health savings account. Use this interest-bearing account to save money to pay for medical expenses throughout the year. There are no minimum balance requirements or service fees for this account.
  • Personal money market account. Earn interest on as little as $1 with no maintenance fees or minimum balance requirements.

Frequently asked questions

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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