Updated April 23, 2024

Western Alliance Bank Review

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

5-point scale (the higher, the better)

Pros and Cons

  • High APY
  • No account activity or maintenance fees
  • No debit card or checks

Bottom Line

Solid bank that offers high APY savings products with a fully digital experience

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 account activity or maintenance 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, Member FDIC, is a subsidiary of Western Alliance Bancorporation.

They offer an online consumer high-yield savings account called High-Yield Savings Premier. They also offer CDs exclusively through Raisin (an online platform that partners with various banks to provide savings products).

Although they don't have options online 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

Pros

  • Competitive APY on High-Yield Savings Premier
  • No account activity or maintenance fees on the savings account and CDs
  • FDIC-insured

Cons

  • No debit card or checks for High-Yield Savings Premier
  • 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 CDs are offered online only through a third party, though you still get full FDIC coverage.

High-Yield Savings Premier

One of Western Alliance's biggest draws is its high-yield savings account. They offer a very competitive 5.31% APY, all with no account activity or maintenance fees on the account.

Plus, there are no withdrawal limits, unlike traditional savings accounts.

Use our savings calculator to see just how much your funds can grow with the Western Alliance High-Yield Savings Premier:

Savings Calculator

How to open a Western Alliance High-Yield Savings Premier account:

  1. Go to their Savings Accounts page.
  2. Fill out application with your info, including your Social Security Number, current U.S. residential address (P.O. Box is not accepted), valid email address, and a mobile phone number with SMS capabilities.
  3. Link an external checking or savings account login information, and open with $500 to fund your new High-Yield Savings Premier account.

Compare Savings Account Offers

High-Yield CDs

Western Alliance Bank also offers 5 CD terms: 3, 5, 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. As mentioned before, these CD accounts are 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.

How to open a Western Alliance CD Account:

  1. Choose one of the Western Alliance CDs above
  2. Create an account on Raisin with your info (name, email, address, phone number, Social Security number, etc.)
  3. Link an external account and fund your CD ($1 minimum deposit)

Compare CD Rates

Fees

There are no monthly fees if you open a CD account.

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

Compare High-Yield Savings Accounts

Is My Money Safe in Western Alliance Bank?

Yes. Western Alliance Bank is FDIC-insured up to the standard federal limit.[1]

Even though you're opening a CD account through Raisin, you still get Western Alliance Bank's full insurance coverage if it fails. And if Raisin goes out of business, your funds will simply be returned to your external linked bank account.

Western Alliance Bank, Member FDIC, ranks high among the best commercial banks in the US. They are the primary subsidiary of Western Alliance Bancorporation, which has over $70 billion in assets and is one of the country's top-performing banking companies.[2]

In 2022 and 2023, Western Alliance Bank ranked as a top U.S. bank by American Banker and Bank Director.

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 Premier 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 Premier from Western Alliance Bank offers a very high APY, allowing your money to grow over time.

Depositing and Withdrawing Funds

To deposit money into Western Alliance, you'll need to link your account to an existing checking or savings account from another bank. You can then transfer money to fund your account.

To withdraw money, you'll need to transfer funds from your account into your linked external bank account. Western Alliance doesn't give you an ATM card, so the only way to withdraw is through electronic bank transfer.

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 regional 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 and business solutions. Both their High-Yield Savings Premier 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.

References

  1. ^ FDIC. Western Alliance Bank, Retrieved 2/9/2024
  2. ^ Western Alliance Bank. About Us, Retrieved 02/01/2024
High-Yield Savings Premier - 5.31% APY

High-Yield Savings Premier - 5.31% APY

  • No account activity or maintenance fees
  • $500 minimum opening deposit
  • FDIC insured
5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank's discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC
Customers Bank

High-Yield Savings Account - 4.76% APY

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

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 10/16/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

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