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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Overall Score | 3.6 | ||
Savings | 5.0 | ||
CD | 5.0 | ||
Customer Service | 2.5 | ||
Mobile App | 2.0 | ||
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
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Pros
- Competitive APY on high-yield savings
- No fees on their savings account and CDs
- Only $1 to open
- Joint accounts available
- FDIC-insured
Cons
- 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
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 5.25% 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.
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.
Fees
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.
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:
- Find Western Alliance Bank on Raisin
- Create an account with your info (name, email, address, phone number, Social Security number, etc.)
- Put in the minimum deposit of $1
12-Month High-Yield CD - 5.51% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
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
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
U.S. Bank Smartly® Checking and Standard Savings - Up to $1,000 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s)* totaling $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $400 with a new Standard Savings account.
- Make new money deposit(s) totaling $25,000 to $49,999.99 to earn $200 or $50,000 or more to earn $400 by November 30, 2023
- Maintain that balance until May 31, 2024
Earn an additional $100 for opening both!
Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account
UFB High Yield Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
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
High Yield Savings - 4.50% APY
- 4.50% APY
- $100 minimum opening deposit
- No monthly service fees
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.
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.
References
- ^ FDIC. Western Alliance Bank, Retrieved 8/20/2023
- ^ Western Alliance Bank. About Us, Retrieved 8/20/2023
- ^ Western Alliance Bank. Western Alliance Recognized, Retrieved 8/20/2023
12-Month High-Yield CD - 5.51% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
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
UFB High Yield Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- 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*
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by December 31, 2023
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
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