Review of Western Alliance Bank® High Yield Savings Accounts

By: Conor Keenan  Last updated on November 20, 2023
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.

Read our review & open a new​ savings account with confidence.  Western Alliance Bank is FDIC insured up to $250,000 per depositor.  Fund your new account & take advantage of the power of compound interest today!

Main Benefits You Get with Western Alliance Bank® High Yield Savings Account

Competitive APY:

Western Alliance Bank offers 5.26% APY exclusively through the Raisin Platform on their high yield savings account.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is over 20x higher than the national average.

Low minimum balance requirement:

You can open a savings account with Western Alliance Bank for as little as $1. This makes it easy to open an account quickly and when you’re ready, to fully fund the account to start taking advantage of compound interest.

No monthly maintenance fee:

Everyone hates fees. They destroy your returns and are just a pain in the neck. Thankfully, Western Alliance Bank doesn’t charge any monthly maintenance fees.

Customer service: 

Western Alliance Bank has partnered with Raisin to bring it’s first-class savings account to more Americans. Raisin has a supportive, accessible, responsive customer service team based in New York, NY.

FDIC insured:

Western Alliance Bank is federally insured by the FDIC. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.

Award Winning: 

Western Alliance Bank was ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

In 2022, Western Alliance Bank was named One of Forbes’ “America’s Best Banks” Year After Year.

Western Alliance Bank was named #2 Best-Performing of the 50 Largest Public U.S. Banks by S&P Global Market Intelligence in 2021.

Putting Clients First:

Clients are at the center of everything at Western Alliance Bank. As a national bank with a regional footprint, they’re built to serve customers across the country, wherever business happens. Real relationship banking, combined with industry expertise in nearly every sector of the U.S. economy, means they’re here for you – wherever your “here” is.

source: https://www.westernalliancebancorporation.com/sites/default/files/2022-10/The%20Strength%20of%20WAL%20Q3%202022.pdf

Western Alliance Bank® 3 Month CD Details

Best For: Shorter Term + High APY

Term: 3 Months

Western Alliance Bank offers 5.21% APY exclusively through the Raisin Platform on their 3 month CD.

Interest compounds daily and is posted to your account monthly.

This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.

In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.

Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

See Raisin's Secure Site for Western Alliance Bank to Get More Details.

Open Your New Account with Western Alliance Now

Western Alliance Bank® High Yield CD: 5.21% APY - 3 Month Term

Customers Also Viewed These High-Yield Savings Accounts From Our Partners

While Western Alliance Bank’s high-yield savings account is a compelling choice, it’s crucial to consider other options as well. Different banks offer various features and benefits, and exploring these alternatives can help you find the best fit for your financial needs.

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

Discover® Bank Online Savings Account: 4.35% APY

CIT Bank® Platinum High Yield Savings Account: 5.05% APY

Western Alliance Bank Also Offers High Yield Certificate of Deposit Accounts Through the Raisin Platform

Western Alliance Bank High Yield Savings Account, Powered by Raisin

Western Alliance Bank uses the secure Raisin platform to offer savings products like their high yield savings account to savers nationwide. Customers open accounts at Raisin.com, and the platform manages all aspects of the products offered by Western Alliance Bank, including a customer’s deposits and withdrawals, statements and any customer service needs. In simple terms, Raisin provides you exclusive access to a special selection of Western Alliance Bank products. Best of all, Raisin is completely free!

Security: Funds deposited into any of the products accessible through Raisin are held by federally insured institutions. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice: Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

Service: A supportive, accessible, responsive customer service team based in New York, NY, sets Raisin apart.

Access: Enjoy 24/7 online access to your account and funds.

Brief History of Western Alliance Bank:

Western Alliance Bank is a regional bank based in the Western United States. It was founded in the early 1990s and has since grown to become one of the largest and most respected banks in the region.

In the early years, the bank focused on providing traditional banking services to individuals and small businesses in the local community. As the bank grew and expanded, it began to offer more specialized services such as commercial banking, wealth management, and treasury management.

In the mid-2000s, Western Alliance Bank made several strategic acquisitions, including the purchase of several smaller banks and financial institutions. These acquisitions allowed the bank to expand its reach and customer base, and also gave it access to new markets and products.

In the late 2000s and early 2010s, Western Alliance Bank faced the same challenges as many other banks during the financial crisis. However, the bank was able to weather the storm and emerge as one of the strongest and most stable banks in the region.

In recent years, Western Alliance Bank has continued to grow and expand. The bank has made several strategic investments in technology and digital banking, which have helped it to improve its customer service and stay competitive in an ever-changing marketplace.

Today, Western Alliance Bank is one of the largest and most respected banks in the Western United States. It serves a diverse customer base, ranging from individuals and small businesses to larger corporations and commercial clients. The bank is known for its strong financial performance, its commitment to customer service, and its innovative approach to banking.

Overall, Western Alliance Bank has a long and successful history, that is marked by steady growth, stable performance, and commitment to its customers and communities.

Western Alliance Bank & Blockchain:

Importantly, in 2021 Western Alliance planted a flag in the growing blockchain-based digital payments arena, working with TassatPay®4, a digital blockchain payment platform, to facilitate real-time B2B payments for customers. The platform will enable clients to make instant payments 24/7/365 with a range of other benefits, including added simplicity and transparency.

TassatPay facilitates blockchain-based payments without the security concerns, high volatility, and energy consumption of public blockchains, allowing commercial banking customers to adopt blockchain technology while adhering to corporate ESG targets. Built by a world-class team with deep knowledge of core banking systems, Tassat’s blockchain-based platform securely integrates with platforms like FIS, Fiserv, Thought Machine and Jack Henry.

Western Alliance Bank High Yield Savings Account Pros:

Pros:

1. High interest rate: Western Alliance Bank’s high yield savings account offers a competitive interest rate, which means that you can earn more money on your savings.
2. FDIC insurance: Western Alliance Bank is FDIC-insured, so your deposits are insured up to $250,000 per depositor, per account ownership category.
3. Convenient online access: The Raisin platform allows you to easily access and manage your account online.
4. No minimum balance requirement: You can open an account with any amount of money, and there are no monthly maintenance fees.
5. Easy to use: The Raisin platform is user-friendly and easy to navigate.

Western Alliance Bank High Yield Savings Account Cons:

Cons:

1. Limited ATM access: With an online savings account, you may have limited access to ATMs for withdrawals and deposits.
2. Limited check-writing capabilities: With an online savings account, you may not be able to write checks.
3. Limited branch access: With an online savings account, you may not have access to in-person customer service at a physical branch.
4. Limited account options: The Raisin platform offers personal high yield savings and CD accounts, so you may not have access to other types of accounts, such as a business account..
5. Limited account features: High-yield savings account is a basic savings account, so it may not have some of the features of other account types like debit cards or mobile banking.

Who Should Open a High Yield Savings Account from Western Alliance Bank?

Western Alliance Bank offers a savings option that may suit certain savers better than others, depending on their specific preferences and needs. If you fall into any of the following categories, you might find this savings account option particularly suitable:

1. Seeking a high yield savings account with traditional banking features: Western Alliance Bank provides a straightforward savings account that offers essential banking features. If you prefer a no-frills account without complex features, this option can fulfill your requirements.
2. Desire the potential to earn a higher Annual Percentage Yield (APY) through online savings: By choosing this high yield savings account, you gain the opportunity to earn a competitive APY by saving your money online. This can be advantageous if you prioritize maximizing the interest earned on your savings.
3. Not reliant on ATM access for making withdrawals from your savings: If you don’t frequently require immediate access to cash from your savings account via an ATM, this account’s lack of ATM access may not be a significant concern for you. It allows you to focus on long-term savings without the need for frequent cash withdrawals.
4. Value the peace of mind provided by saving with an FDIC-member bank: Western Alliance Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to the maximum limits allowed by law. This assurance can be comforting, knowing that your savings are protected by a reputable regulatory organization.

When comparing various savings account options, it’s crucial to consider several factors to make an informed decision. Assess the interest rates offered, potential fees that might apply, and how effectively you can manage and access your funds. Evaluating these aspects will help determine which savings account aligns best with your financial goals and preferences.

Remember, the specific terms and conditions, rates, and fees associated with the Western Alliance Bank savings option may vary. It’s recommended to refer to the bank’s terms and conditions for the most up-to-date and accurate information regarding their savings account offering.

What are the eligibility criteria for opening a Western Alliance Bank’s High-Yield Savings Account?

The high-yield savings account offered by Western Alliance Bank is available to residents of all 50 states. To open an account, you’ll need to provide various documents and information, including a driver’s license or other photo identification, proof of citizenship, and Social Security number.

How to Open a High Yield Savings Account with Western Alliance Bank

The process of opening a high yield savings account with Western Alliance Bank is straightforward and can be completed entirely online. Here are the steps:

1. Register for an account with Raisin.com, the platform that manages Western Alliance Bank’s high-yield savings accounts. You will need to provide your personal information, including name, date of birth, physical address, email address, Social Security number, and phone number.

2. Select the Western Alliance Bank High-Yield Savings Account and make a minimum deposit of $1 to open it.

3. Connect an existing account to transfer funds electronically.

Once you’ve completed these steps, you’ll start earning interest on your savings from day one.

Western Alliance Bank Publicly Traded Company:

The bank is publicly traded on the New York Stock Exchange under the ticker symbol “WAL”.

Because Western Alliance Bank is a publicly traded company they disclose the strength of their business quarterly.

For those worried about their deposits if they open a high yield savings account with Western Alliance, don’t be. The bank has more then $65 Billion, with a B, in assets and is one of the nations top performing companies.

Additionally, if the strength of the bank isn’t enough, western Alliance Bank’s high yield savings account is FDIC insured up to $250,000 per depositor.

More information can be found at https://investors.westernalliancebancorporation.com/ir_home/default.aspx

Other Products Western Alliance Bank Offers Directly:

Western Alliance Bank offers a range of financial products and services to its customers, including:

1. Checking accounts: Western Alliance Bank offers different types of checking accounts, including personal checking, and business checking.

2. Certificates of deposit (CDs): Western Alliance Bank offers CDs with varying terms and interest rates. CDs are a type of savings account where you deposit your money for a fixed period of time, usually ranging from a few months to several years, in exchange for a higher interest rate than you would typically earn on a regular savings account.

3. Business banking: Western Alliance Bank offers business banking services such as business checking, merchant services, and cash management services.

4. Commercial lending: Western Alliance Bank offers commercial lending services such as commercial real estate loans, equipment financing, and lines of credit.

5. Treasury management: Western Alliance Bank offers treasury management services such as online banking, wire transfers, ACH payments, and remote deposit capture

It’s important to note that availability of these products and services may vary depending on your location and the specific branch or subsidiary you bank with. It’s always a good idea to check with your local branch to see which products and services are available to you.

Western Alliance Bank Near You:

Western Alliance Bank is a regional bank that primarily operates in the western United States, with a focus on Arizona, California, Nevada, and Oregon. The bank has branches and ATMs in these states and provides banking services to individuals, businesses, and corporations. To find specific Western Alliance Bank locations near you, you can use their website’s branch and ATM locator tool, which will provide you with addresses, phone numbers, and hours of operation for their branches and ATMs.

Western Alliance Bank Headquarters:

Phone Number:(602) 389-3500

Address:
1 East Washington Street
Suite 1400
Phoenix, AZ 85004

Raisin Contact Information:

Phone Number: 844-994-EARN (3276)
(Monday to Friday from 9:00 a.m – 4:00 p.m)

Email Address: support.us@raisin.com

Address:
85 Broad Street
New York, NY 10004

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Conclusion of Western Alliance Bank® Savings Account Review

Western Alliance Bank has a long history of serving the local community. In a changing environment, banks must adapt to stay relevant and competitive. Digital banking is the way of the future, and Western Alliance Bank is making a mark with its innovative customer-centric solutions.

They’re a customer-focused bank that’s built for a digital era. With an outstanding performance over the years, Western Alliance Bank has positioned itself as a bank of choice in the industry.

So if you’re looking for financial security and a bank that offers personalized service, Western Alliance Bank is one of the best options.

*National Savings Rate Average as published by FDIC