Western Alliance Bank® High-Yield Savings Accounts Review

Conor Keenan Author Bio By: Conor Keenan  Last updated on May 5, 2024
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.

Editorial Freedom: The opinions, reviews, or recommendations in our articles are solely our own & are not endorsed by any financial institution or partner. Thanks to commissions from partner offers, our site remains free. Content by our team is independent & not commissioned by any advertising partners or financial institutions herein.

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!

 High APY 

Western Alliance Bank Savings Account Logo

5.36% APY

Rating:

On Western Alliance Bank's
Secure Site, Member FDIC

Best For: High APY Interest Rates

Western Alliance Bank offers 5.36% APY on their High-Yield Savings Premier account.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.

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

The minimum deposit required to open an account is $500 & a minimum balance of $0.01 is required to earn the advertised APY.

U.S.-based customer service support is available from 9 a.m. to 5 p.m. EST Monday - Friday.

Western Alliance Bank was founded in 2003, has over $70 billion in assets and is consistently ranked among the top banks.

They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022 and 2023.

See Western Alliance Bank's Secure Site For More Details.

 High APY 

Western Alliance Bank Savings Account Logo

5.36% APY

Rating:

On Western Alliance Bank's
Secure Site, Member FDIC

Best For: High APY Interest Rates

Western Alliance Bank offers 5.36% APY on their High-Yield Savings Premier account.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.

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

The minimum deposit required to open an account is $500 & a minimum balance of $0.01 is required to earn the advertised APY.

U.S.-based customer service support is available from 9 a.m. to 5 p.m. EST Monday - Friday.

Western Alliance Bank was founded in 2003, has over $70 billion in assets and is consistently ranked among the top banks.

They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022 and 2023.

See Western Alliance Bank's Secure Site For More Details.

 

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

Competitive APY:

Western Alliance Bank offers 5.36% APY on their High-Yield Savings Premier account.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.

Low minimum balance requirement:

You can open this savings account online with Western Alliance Bank for as little as $500. 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 charges $0 account activity or maintenance fees.

High-Yield Savings Premier Customer service: 

Western Alliance Bank has a supportive, accessible, responsive U.S.-based customer service team available from 9 a.m. to 5 p.m. EST Monday – Friday.

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.

Strong Track Record:

Western Alliance Bank was founded in 2003, has over $70 billion in assets and is consistently ranked among the top banks.

Award Winning: 

They were ranked #1 Top-Performing Large Bank with Assets $50 billion and Above in 2021, 2022, & 2023 by American Banker. They were ranked again by American Banker and Bank Director as a top U.S. bank in 2022 and 2023.

Received #1 rankings on Institutional Investor’s 2023-2024 All-America Executive Team Midcap for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team.

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

 High APY 

Western Alliance Bank Savings Account Logo

Rating:

APY

5.36%

  • High-Yield Savings Account
  • 5.36% APY
  • Min. Opening Deposit: $500
  • Min. to Earn APY: $0.01
  • No Account Activity or Maintenance Fees
  • Interest Accrues Daily and is Paid Monthly
  • FDIC Insured up to $250,000
  • U.S.-based Customer Service Available from 9 a.m. to 5 p.m. EST Monday – Friday
  • Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
  • See Site for Details

On Western Alliance Bank's
Secure Site, Member FDIC

 High APY 

Western Alliance Bank Savings Account Logo

Rating:

APY

5.36%

  • High-Yield Savings Account
  • 5.36% APY
  • Min. Opening Deposit: $500
  • Min. to Earn APY: $0.01
  • No Account Activity or Maintenance Fees
  • Interest Accrues Daily and is Paid Monthly
  • FDIC Insured up to $250,000
  • U.S.-based Customer Service Available from 9 a.m. to 5 p.m. EST Monday – Friday
  • Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
  • See Site for Details

On Western Alliance Bank's
Secure Site, Member FDIC

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

Opening an account

To open a High-Yield Savings Premier account with Western Alliance Bank, you need to be a U.S. citizen or permanent resident and be 18 years or older. Please have the following information available when you begin your application:

1)  Social Security Number
2)  Current U.S. residential address (P.O. Box is not accepted)
3)  Valid email address
4)  Mobile phone with SMS capabilities
5)  Existing checking or savings account login information
6)  Open with $500 to fund your new High-Yield Savings Premier account

Funding your account or moving money

When opening your High-Yield Savings Premier account, you will link it to an existing checking or savings account from another bank. You may fund your High-Yield Savings Premier account from the linked account through online account transfers*. Funds received by ACH transfer initiated from the designated linked account to your account will generally be available five (5) business days for withdrawal after you initiate the ACH transfer. Only one linked account is allowed. Checks and wires are not accepted.

Withdrawing from your account

You can withdraw from your High-Yield Savings Premier account by logging in to your portal and transferring the funds back into your linked account.

Compounded interest

The interest for the High-Yield Savings Premier account accrues daily and is paid to you monthly. Interest calculations start on the first business day your funds are received. Closed accounts may forfeit unearned interest.

Debit card or checks

The High-Yield Savings Premier account does not include a debit card or checks.

Note: The “How to Open a High-Yield Savings Premier Account with Western Alliance Bank” content was provided by Western Alliance Bank based on our request.

Open Your New Account with Western Alliance Now

 

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

Western Alliance Bank Powered by Raisin

Rating:

APY

5.26%

3 Month Term

  • High-Yield CD
  • Min. initial deposit: $1
  • Term: 3 Months
  • 5.26% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
  • Exclusive Offer Powered by The Raisin Platform
  • 3.2x the National Avg. APY
  • See Site for Details

On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured

Western Alliance Bank Powered by Raisin

Rating:

APY

5.23%

6 Month Term

  • High-Yield CD
  • Min. initial deposit: $1
  • Term: 6 Months
  • 5.23% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
  • Exclusive Offer Powered by The Raisin Platform
  • 3.4x the National Avg. APY
  • See Site for Details

On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured

Western Alliance Bank Powered by Raisin

Rating:

APY

5.05%

12 Month Term

  • High-Yield CD
  • Min. initial deposit: $1
  • Term: 12 Months
  • 5.05% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
  • Exclusive Offer Powered by The Raisin Platform
  • 2.6x the National Avg. APY
  • See Site for Details

On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured

To recap our recommendations.

Best Savings Accounts from Western Alliance Bank

Western Alliance Bank® High-Yield CD: 5.26% APY - 3 Month Term

Western Alliance Bank® High-Yield CD: 5.23% APY - 6 Month Term

Western Alliance Bank® High-Yield CD: 5.05% APY - 12 Month Term

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

While Western Alliance Bank’s High-Yield Savings Premier 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.

Discover Bank Logo

Rating:

APY

4.25%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

American Express High Yield Savings Account Logo

Rating:

APY

4.25%

Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $1
  • Min. Initial Deposit: $0
  • 4.25% APY
  • APY as of May 17, 2024
  • Interest Compounded Daily
  • $0 Monthly Fees
  • 24/7 Customer Service
  • FDIC Insured up to $250,000
  • Backed by the Service & Reliability of American Express
  • Terms Apply
  • See Site for Details

 On American Express National Bank's Secure Site, Member FDIC

Rating:

APY

4.25%

  • Money Market Account
  • Up to 4.25% APY
  • Rate available for new Elite Money Market Account clients
  • Min. initial deposit: $100
  • 4.25% APY Min. Balance: $25,000
  • Avoid maintence fees with $10,000+ avg. daily balance
  • Best for branch access with over 2,000 branches nationwide
  • See Site for Details

On U.S. Bank National Association's Secure Site, Member FDIC

Western Alliance Bank High-Yield Savings Premier 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: You to easily access and manage your account online.
  4. Low minimum balance requirement: The minimum deposit required to open an account is $500 & a minimum balance of $0.01 is required to earn the advertised APY.
  5. Easy to use: The platform is user-friendly and easy to navigate.

    Western Alliance Bank High-Yield Savings Premier Cons:

    Cons:

    1. No ATM access: With this online savings account, you do not have access to ATMs for withdrawals and deposits.
    2. No check-writing capabilities: With this online savings account, you are not be able to write checks.

      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 online 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.

        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 than $70 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 Premier account is FDIC insured up to $250,000 per depositor.

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

        Western Alliance Bank Near You:

        Western Alliance Bank is headquartered in Phoenix, Arizona and has regional divisions and subsidiary brands throughout the United States. The bank has branches and ATMs to provide 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

        Western Alliance Bank High-Yield CDs, Powered by Raisin

        Western Alliance Bank uses the secure Raisin platform to offer savings products like their high-yield CD savings account to savers nationwide. Customers open accounts at Raisin.com, and the platform manages all aspects of the CD 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 CD 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.

        How to Open a High-Yield CD Account with Western Alliance Bank through The Raisin Platform

        The process of opening a high-yield CD account with Western Alliance Bank through Raisin 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 CD 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 account you wish to open 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.

        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

         

        Western Alliance Bank FAQ

        Is Western Alliance Bank FDIC Insured?

        Yes, deposits in Western Alliance Bank’s High-Yield Savings Premier account are FDIC Insured up to $250,000 per single deposit account holder.

        Is Western Alliance a Good Bank?

        Yes, Western Alliance Bank is consistently ranked highly.

        Western Alliance Bank has been ranked as a top U.S. bank in 2022 and 2023 by American Banker and Bank Director.

        Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above for 2023 by American Banker.

        Received #1 rankings on Institutional Investor’s 2023-2024 All-America Executive Team Midcap for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team.

        Additionally, because Western Alliance Bank is a publicly traded company they are held to higher standards and provide more transparency to their customers than non-public banks are required to do.

        What Makes Western Alliance Bank Unique?

        Western Alliance Bank is currently offering one of the highest APYs with its High-Yield Savings Premier account.

        Savers can earn substainally more on their money vs. the national average when they open a high-yield savings account online with Western Alliance Bank.

        Is Western Alliance Bank Legit?

        Yes, Western Alliance Bank is a publicly traded company.

        Major accolades include being ranked as a top U.S. bank in 2022 and 2023 by American Banker and Bank Director.

        Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above for 2023 by American Banker.

        Received #1 rankings on Institutional Investor’s 2023-2024 All-America Executive Team Midcap for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team.

        Is Western Alliance Bank a real bank?

        Yes, Western Alliance Bank is a real bank. It is a primary subsidiary of the bank holding company Western Alliance Bancorporation and has more than $70 billion in assets.

        The bank provides a full spectrum of banking services tailored to the needs of individual customers, small business owners and commercial clients across the country.

        Western Alliance Bank is a member of the Federal Deposit Insurance Corporation (FDIC).

        Western Alliance Bank has been ranked as a top U.S. bank in 2022 and 2023 by American Banker and Bank Director.

        Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above for 2023 by American Banker.

        Received #1 rankings on Institutional Investor’s 2023-2024 All-America Executive Team Midcap for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team.

        So, if you’re looking for a bank with a solid reputation, offering a full spectrum of tailored solutions, outstanding customer service and a commitment to service their community, then Western Alliance Bank could be a great choice for you.

        What does Western Alliance Bancorporation do?

        Western Alliance Bancorporation is a top-performing bank holding company with a total of $70 billion in assets.

        It offers a full range of banking and financial services tailored to individual needs and the needs of small-to-medium sized businesses, including business banking, commercial lending, mortgage banking, real estate finance, private banking, trust services, wealth management, asset management and capital markets services.

        Western Alliance Bancorporation has also been ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above for 2023 by American Banker.

        Who owns Western Alliance Bancorporation?

        Western Alliance Bancorporation is a publicly traded company on the NYSE that has approximately $70 billion in assets and is one of the country’s top-performing banking companies. It was ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above for 2023 by American Banker.

        The primary subsidiary of Western Alliance Bancorporation is Western Alliance Bank, Member FDIC. The company is owned by a variety of shareholders including institutional and individual investors.

        How big is Western Alliance Bancorp?

        Western Alliance Bancorp is a top-performing business bank in the USA, with more than $70 billion in assets. It was recently ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above for 2023 by American Banker.

        The bank serves clients throughout the United States, covering banking operations and full-service investments, mortgage lending, and a full spectrum of business services as well as its online High-Yield Savings Premier account for consumers.

        Western Alliance Bancorp also added to its capabilities with the acquisition of AmeriHome Mortgage, a leading national business-to-business mortgage platform.

        Is Western Alliance Bank the same as Bridge Bank?

        Bridge Bank is regional division of Western Alliance Bank. Alliance Bank of Arizona, Bank of Nevada, First Independent Bank, Torrey Pines Bank, and Alliance Association Bank are also regional divisions.

        Is the High-Yield Savings Premier account from Western Alliance Bank Safe?

        Yes. A high yield savings account from Western Alliance bank is safe for many reasons. First and foremost, your deposits are insured by the FDIC up to $250,000 per single deposit account holder.

        The Western Alliance Bank High-Yield Savings Premier is available at a $250,000 maximum per single deposit account holder. Please visit www.fdic.gov for current deposit insurance limits. Your deposits are insured by the FDIC up to the maximum limits allowed by law. Western Alliance Bank employs a robust data protection and information security program to protect your account, keep your money secure and ensure that all data is protected with the highest level of security.

        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.