Looking for a place to store your short-term savings takes some research. You want to ensure that you’re growing your funds with a high interest rate and have protection on your deposits. Luckily, Western Alliance Bank’s high-yield savings account offers both and much more.
Western Alliance Bank offers a range of commercial and personal financial products, including a high-yield savings account that boasts 0% (annual percentage yield.)
Learn more about how their high-yield savings account can help you reach your financial goals.
About Western Alliance Bank
Founded in 1194, Western Alliance Bank is a national bank based out of Phoenix, Arizona.
They offer a wide range of financial products and services, but they are primarily known for their commercial banking products, including commercial checking and small business loans.
Western Alliance Bank is consistently ranked one of the best banks in the country. They have earned recognition by:
- American Banker as the No. 1 Top-Performing Large Bank with Assets $50 Billion and Above
- S&P Global Market Intelligence 2021 as the No. 2 Best-Performing of the 50 Largest Public U.S. Banks
Western Alliance Bank High-Yield Savings Features
Western Alliance’s savings account was managed through a third party called Raisin.com.
Accountholders open their savings account through the Raisin.com platform, and the site manages all aspects of the account, including withdrawals, statements, and customer service.
The Western Alliance Bank High-Yield Savings Account offers many notable features that make it a top choice among online savings accounts. These are our top picks for Western Alliance’s stand-out features.
High-Interest Rates
When researching which high-yield savings bank account to open, account rates are a top consideration. A high-interest rate can help offset the effects of inflation on short-term savings and help your deposits work for you.
Western Alliance’s high-yield savings account offered high yield on account balances over 5% APY, which is more than 20 times higher than the 0.25% national average of savings account interest rates.
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No Fees
Monthly maintenance fees and minimum balance requirement fees can eat away at your hard-earned savings. Western Alliance Bank doesn’t charge any fees for their high-yield savings account, which can help you build your short-term savings.
Minimum Opening Deposit
Some high-yield savings accounts require a minimum open deposit in order to open an account. Western Alliance has a minimum opening deposit requirement of only $1. This means that anyone can take advantage of their savings rates no matter how much you have saved.
Customer Service
Western Alliance Bank is partnered with Raisin.com to manage their savings account, which means you can take advantage of Raisin.com’s world-class customer service. You can access your account and their responsive, New York-based support team 24/7.
How to Open a Western Alliance Bank High-Yield Savings Account
Opening a Western Alliance Bank High-Yield Savings Account is easy because you can do it from the comfort of your home computer.
Because Western Alliance uses Raisin.com to manage their high-yield savings accounts, you can sign up for and fund your account online.
To get started, you must register for an account with Raisin.com. This will likely involve providing personal information, such as your name, date of birth, physical address, email address, social security number, and phone number.
Once you have registered, you can select the Western Alliance Bank High-Yield Savings Account and open it. You will need to connect an existing account to make the minimum $1 opening minimum deposit.
Pros and Cons of Western Alliance Bank High-Yield Savings
Pros
- High-interest rate: Western Alliance Bank’s interest rate is more than 20 times the national average rate for savings accounts.
- Low minimum deposit: You only need to deposit $1 to open a new account with Western Alliance Bank.
- No monthly fees: You won’t be subject to any monthly fees, such as maintenance fees or minimum account balance penalty fees.
Cons
- No checking account: While Western Alliance offers business checking accounts through their main branches, they do not offer any personal checking accounts through their branches or Raisin.com.
- Third-party managed: Western Alliance Bank outsources the issuance, account management, and customer service of their high-yield savings accounts to Raisin.com, which can be an issue for people who want in-person support.
- No ATM access: Like many high-yield online savings accounts, you will be unable to access your account balance through ATMs.
Alternatives to Western Alliance Bank High-Yield Savings
Western Alliance Bank’s high-yield savings account may not be the best option for everyone. But there are plenty of other high-yield accounts to consider placing your short-term savings in.
Here are a few of our picks for the best savings account alternatives to Western Alliance Bank’s account.
- Mission Valley Bank: 5.12% APY on your entire balance
- GreenState Credit Union: 5.16% APY on your entire balance
Frequently Asked Questions
Is Western Alliance Bank member FDIC?
Yes, Western Alliance Bank is member FDIC. This means that all savings accounts are federally insured up to $250,000 per person by the Federal Deposit Insurance Corporation, an independent U.S. government agency that protects depositors against the loss of FDIC-insured deposits.
Does Western Alliance Bank offer a signup bonus?
No, Western Alliance Bank does not offer a signup bonus to customers who open a savings account.
What do you need to be eligible for a Western Alliance Bank High-Yield Savings Account?
Western Alliance Bank’s savings account is available nationwide to residents of all 50 states. To open an account, you must provide your driver’s license or other photo identification, proof of citizenship, proof of identity, U.S. tax identification number, Social Security number, and employer identification number.
Is a Western Alliance Bank High-Yield Savings Account Best for You?
Western Alliance Bank’s High-Yield Savings Account is an excellent option if you want to earn a competitive interest rate on your short-term savings.
You can benefit from their exceptional rate, convenient online banking platform, and low minimum opening deposit. But this account may not be ideal for you if you prefer an in-person banking experience.
Ultimately, weighing the pros and cons of Western Alliance Bank’s High-Yield Savings Account will help you determine if it aligns with your financial goals.
