Prime Alliance Bank Personal Money Market account review
Earn 0.6% APY from this bank, but you won’t get an ATM or debit card.
The Prime Alliance Bank Personal Money Market account comes with a competitive 0.6% APY, checkwriting privileges and no monthly fee. But you can’t deposit or withdraw cash, and it doesn’t come with an ATM card.
Minimum deposit to open
|Annual percentage yield (APY)||0.60%|
|Minimum deposit to open||$1|
|Minimum balance to earn interest||$0|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$25|
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The Prime Alliance Bank Personal Money Market account earns a competitive rate at 0.6% APY. As with most money market accounts, you’ll get checkwriting privileges. But it doesn’t come with an ATM or debit card, so you can’t make electronic purchases or withdraw cash from an ATM.
If you want the freedom to access your cash from an ATM at any time, compare other top money market accounts like the Axos Bank High Yield Money Market account that comes with an ATM card and earns 0.25% APY.
How do I open a Prime Alliance Bank Personal Money Market account?
Get started with these seven steps.
- Go to the provider’s site and follow the steps to apply.
- From the provider website, click or tap Open an account.
- Select Money market in the Personal account options.
- Choose Open account online.
- Read and agree to the terms and conditions and choose Next.
- Select I do not have an online account to create a new profile.
- Fill in your personal info and follow the prompts to open your new money market account.
To enroll in a personal money market account, you’ll need to meet the following requirements.
- To be at least 18 years old
- US citizen or permanent resident
- Have an external bank account to initiate a transfer into your new Prime Alliance Bank Personal Money Market account
Required informationPrime Alliance Bank requires the following info.
- Social Security number and date of birth
- Driver’s license or passport
- Address, including your previous home address if you’ve lived in your current home for less than two years
- Phone number
- Employment information
- Email address
- Mother’s maiden name
What are the benefits of a money market account with Prime Alliance Bank?
Here’s what you’ll like about the Prime Alliance Bank Personal Money Market account.
- Competitive rate. While the national average interest rate for money market accounts is currently 0.06% APY, Prime Alliance Bank offers a generous 0.6% APY.
- No monthly maintenance fee. You won’t have to worry about paying a monthly fee or meeting certain requirements to avoid it.
- No minimum balance requirement. You can earn interest on any amount of money.
What should I look out for?
Here are a few things to consider.
- No ATM or debit cards. Unlike most money market accounts, a Prime Alliance Bank Personal Money Market doesn’t offer ATM or debit cards.
- No cash options. You can’t deposit or withdraw cash with Prime Alliance Bank Personal Money Market accounts.
Compare the Prime Alliance Bank Personal Money Market account with other money market accounts
Use the table to compare accounts based on APY, deposits and monthly fees.
How do I deposit or withdraw my money?
Here’s how you can access your funds.
- Incoming wire transfer. A $10 fee applies.
- Initiate an ACH transfer.
- Deposit a check through its mobile banking app.
- Outgoing wire transfer. A $15 fee applies.
- Initiate an ACH transfer.
What other savings options does Prime Alliance Bank offer?Prime Alliance Bank offers a few other savings products.
- Personal savings account. Similar to its money market account, including the same 0.60% APY. But unlike the money market account, you can’t write checks and interest posts every quarter instead of every month.
- Certificates of Deposits (CDs). Choose from six to 60 months with rates ranging from 0.35% to 0.75%. But you’ll need to deposit at least $500.
Frequently asked questions
- How do I set up automatic interest payment transfers to my external bank account?
Fill out Prime Alliance Bank‘s ACH Interest Payment Form and send it to firstname.lastname@example.org.
- How long does it take to open my money market account?Prime Alliance Bank should open your account within one to two business days after you submit your application.