Western Alliance Bank Review
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
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.
 | |||
 | |||
Overall Score | 4.1 | ||
Savings | 5.0 | ||
CD | 5.0 | ||
Fees | 5.0 | ||
Mobile App | 2.5 | ||
Customer Service | 3.0 | ||
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.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
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
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 4.46% APY, all with no account activity or maintenance fees on the account.
Plus, there are no withdrawal limits, unlike traditional savings accounts.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Use our savings calculator to see just how much your funds can grow with the Western Alliance High-Yield Savings Premier:
How to open a Western Alliance High-Yield Savings Premier account:
- Go to their Savings Accounts page.
- 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.
- Link an external checking or savings account login information, and open with $500 to fund your new High-Yield Savings Premier account.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
- Discover® Online Savings:
$200 Cash Bonus - CIT Bank Platinum Savings:
4.55% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.36% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.26% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY - CFBank National Association:
High-Yield Savings Account - 4.20% APY
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.
High-Yield CD Rates - Up to 4.05% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 4.05% APY |
| 5 Month | 3.85% APY |
| 6 Month | 3.75% APY |
| 9 Month | 3.00% APY |
| 12 Month | 3.00% APY |
12-Month High-Yield CD - 3.00% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
How to open a Western Alliance CD Account:
- Choose one of the Western Alliance CDs above
- Create an account on Raisin with your info (name, email, address, phone number, Social Security number, etc.)
- Link an external account and fund your CD ($1 minimum deposit)
- CIT Bank Term CDs:
Up to 3.50% APY - SkyOne Federal Credit Union:
1-Month High-Yield CD - 4.40% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Blue Federal Credit Union:
9-Month No Penalty CD - 4.00% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Quontic:
CD Rates - Up to 4.45% APY - Discover Bank:
1 Year CD - 4.10% APY - Consumers Credit Union:
9-Month Super Jumbo CD - 4.75% APY - mph.bank:
60-Month Callable CD - 4.42% APY
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
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% 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 Account - 4.45% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 4.42% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
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.
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.
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
- ^ FDIC. Western Alliance Bank, Retrieved 2/9/2024
- ^ Western Alliance Bank. About Us, Retrieved 02/01/2024
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
High-Yield Savings Account - 4.16% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
CIT Bank Platinum Savings - 4.55% APY
- 4.55% 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
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
| Expert Insights | A visitor from Colorado read High Yield Savings |
| Must-Read | A visitor from California read Savings Account Promotions |
| Must-Read | A visitor from New Jersey read Best CD Rates |
| Featured | A visitor from California read Raisin Review |
| Expert Insights | A visitor from South Carolina read Best Online Savings Account |
|
|
| ||||||
|
|
|
Compare:
