Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Prime Alliance Bank CD review

Last updated:  

Take advantage of low early withdrawal penalties and daily compounding interest.

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.


1-year APY


3-year APY


5-year APY


Minimum deposit to open$500
Interest compoundingDaily
6-month APY0.35%
1-year APY0.45%
18-month APY0.55%
2-year APY0.6%
3-year APY0.65%
4-year APY0.7%
5-year APY0.75%
Early withdrawal penalty30 days interest for terms of 6 to 12 months
90 days interest for terms of 18 to 60 months

Expert review

Heather Petty

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.

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.

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

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIT Bank Term CDs
Radius Bank CDs
Discover CDs
Discover IRA CDs

Compare up to 4 providers

How do I open a CD with Prime Alliance?

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

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

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site