Prime Alliance Bank Personal Money Market

Prime Alliance Bank is a small Utah chartered bank based in Woods Cross. It is not a marketing driven online brand, and the website reflects that: sparse, dated in places, and light on the product theater you get from larger competitors. What it offers instead is a straightforward rate. The Personal Money Market pays 3.90% APY on a 3.83% interest rate, with interest paid monthly. There is a single tier, so the rate applies to the whole balance regardless of size. Prime Alliance charges no monthly maintenance fee and imposes no minimum balance requirement. Deposits are FDIC insured and the bank states this plainly on the product page. The account allows unlimited deposits and up to six withdrawals or transfers per month. The fine print starts with the rate's status. Prime Alliance states that both the rate and the APY are variable and may change without notice, and the bank does not publish a rate effective date on the money market page, so it is harder to tell how fresh a posted number is. Confirm the current APY directly before funding. Access is the thing to check. This looks like a savings vehicle rather than a spending account: the money market page does not mention a debit card, ATM card or check writing, and withdrawals and transfers are limited to six per month, with the bank's fee schedule listing $10.00 per item beyond that. This is a good fit for a set and forget balance: an emergency fund, a tax reserve, a down payment being held for a year. If you rarely touch the money, 3.90% APY with no monthly fee and no minimum balance is the whole pitch. Skip it if you need cash access, since the page mentions no card or check writing. Skip it if you move money frequently, because the six withdrawal limit and the per item fee beyond it penalize activity. And if you want a polished app and timestamped rate disclosures, a larger online bank may be a better experience.