August 30, 2023

Western Alliance Bank Review

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Western Alliance offers savings products with competitive APYs for people looking to grow their money. Is there a catch? Read on to find out.

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5-point scale (the higher, the better)

Pros and Cons

  • High APY
  • No fees
  • $1 to open
  • No ATM card
  • No checking account
  • Only available via Raisin

Bottom Line

Solid bank that offers high APY savings products via Raisin

If you're looking to open a new savings account, Western Alliance could be a good place to start. They offer a high APY and no fees on their high-yield savings account, giving anyone a great bang for their buck.

What is Western Alliance Bank?

Based in Phoenix, Arizona, Western Alliance Bank is a subsidiary of Western Alliance Bancorporation. They offer online high-yield savings accounts and CDs exclusively through Raisin (an online platform that partners with various banks to provide savings products).

Although they don't have options for personal checking, Western Alliance offers a wide variety of savings products with some of the highest APYs in the nation.

Additionally, they also offer business banking accounts if you open through their physical branches.

Pros & Cons


  • Competitive APY on high-yield savings
  • No fees on their savings account and CDs
  • Only $1 to open
  • Joint accounts available
  • FDIC-insured


  • No ATM card for savings account
  • High-yield savings is only available via Raisin
  • No personal checking account
  • Not many details about fee structures for business accounts

Is Western Alliance a good bank?
Western Alliance is a good bank if you're looking for a high-yield savings account and 3-12 month CDs with very high APYs. But note that this is offered online only through a third party, though you still get full FDIC coverage.

High-Yield Savings

One of Western Alliance's biggest draws is its high-yield savings account. They offer a very competitive 5.26% APY, all with no monthly fees on the account and just a $1 opening deposit.

Like mentioned before, this account is managed exclusively through Raisin.

Raisin is an online platform that's partnered with over 40 federally insured US banks and credit unions. They provide savings products like high-yield savings accounts and CDs. You can open multiple accounts and manage them all through Raisin.

Savings Calculator

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High-Yield CDs

Western Alliance Bank also offers four CD terms: 3, 6, 9, and 12 months. The longer-term CDs offer higher APYs, giving you an incentive to lock in a high fixed rate for a longer time.

All CDs only require $1 to open.

Compare CD Rates


There are no monthly fees if you open a savings or CD account through Raisin. Plus, the minimum opening deposit is only $1.

The only fees you may encounter is a penalty if you withdraw your CD before it matures (as outlined in that product's terms).

Is My Money Safe in Western Alliance Bank?

Yes. Western Alliance Bank is FDIC-insured up to the standard federal limit of $250,000 for individual accounts, or up to $500,000 for joint accounts.[1]

Even though you're opening an account through Raisin, you still get Western Alliance Bank's full insurance coverage. This means you can feel safe knowing that your money is secure with them.

Western Alliance Bank ranks high among the best commercial banks in the US. They have over $65 billion in assets, putting them in the top 40 biggest banks in the country.[2] In 2021, they were recognized as Institutional Investor's "Most Honored Companies" and Forbes' "Best Banks in America."[3]

Who is Western Alliance Best For?

Western Alliance Bank is suited for those looking to earn high interest on their savings. Their high-yield savings account has one of the most competitive rates on the market, meaning you can sit back and watch as your money grows over time.

Is the Western Alliance savings account good?
Yes. The high-yield savings account from Western Alliance Bank offers a very high APY, allowing your money to grow over time.

How to open a Western Alliance Savings Account?

If you're looking to open a high-yield savings account with Western Alliance, you can open an account via Raisin. Here's how to do it:

  1. Find Western Alliance Bank on Raisin
  2. Create an account with your info (name, email, address, phone number, Social Security number, etc.)
  3. Put in the minimum deposit of $1

Depositing and Withdrawing Funds

Because Western Alliance is linked with Raisin, a third-party, you manage your money through Raisin instead of through Western Alliance's site.

To deposit money from another bank, you'll need to link your Western Alliance account and transfer funds into Raisin to fund the account.

To withdraw money, you'll need to transfer funds from Western Alliance into another bank account. Their accounts don't come with an ATM card, so the only way to withdraw is through electronic bank transfer.

Compare High-Yield Savings Accounts

Other Western Alliance Bank Products

Aside from their savings products, Western Alliance Bank also offers multiple business and corporate solutions like:

  • Business Savings Account
  • Business Checking
  • Business Interest Checking
  • Business Advantage Checking
  • Analyzed Business Checking

All of these cater to businesses of all sizes—from small, local businesses to larger corporations. This makes Western Alliance a good choice for business owners looking to open accounts for their business.

If you're looking to open any of their business accounts, you'll need to head to the nearest branch and sign up directly. Be prepared to provide basic information as well as information about your business. You may also need to pay monthly fees (some can be waived) and deposit higher amounts compared to their savings products.

Bottom Line

Western Alliance can be a great option for both personal savings or business solutions. Both their high-yield savings and CDs offer very competitive APYs, allowing you to earn over time. Their business solutions also have a little something for everyone—whether you run a small business or a large corporation.


  1. ^ FDIC. Western Alliance Bank, Retrieved 8/20/2023
  2. ^ Western Alliance Bank. About Us, Retrieved 8/20/2023
  3. ^ Western Alliance Bank. Western Alliance Recognized, Retrieved 8/20/2023
Western Alliance Bank

High Yield Savings Account - 5.26% APY

  • No fees
  • $1 minimum deposit
  • 24/7 online access
  • FDIC insured
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.05% APY

  • 5.05% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
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Bank of America
Member FDIC

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Member FDIC

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