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 protecting your deposits. Luckily, Western Alliance Bank’s High-Yield Savings Premier account offers both.
Western Alliance Bank offers a range of commercial and personal financial products, including a high-yield savings account that boasts a 5.36% APY (annual percentage yield.)
Learn more about how their high-yield savings account can help you reach your financial goals in this Western Alliance Bank High-Yield Savings Premier review.
Western Alliance Bank High-Yield Savings Premier: Features
The Western Alliance Bank High-Yield Savings Premier offers many notable features, making it a top choice among online savings accounts.
High Interest Rates
When researching which high-yield savings bank account to open, account rates should be one of your top considerations. 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 offers over a 5% APY, which is more than 10 times the national average.²
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Minimum Opening Deposit
Most high-yield savings accounts require a minimum deposit to open an account. The Western Alliance Bank High-Yield Saving Premier account is no different. In order to open an account, you must have a minimum opening deposit of $500.
Fees
Monthly maintenance and minimum balance requirement fees can eat away at your hard-earned savings. Western Alliance Bank doesn’t charge any account activity or maintenance fees for their high-yield savings account, which can help you build your short-term savings.
Getting Started
You can easily open a High-Yield Savings Premier account from home. To be eligible for an account, you must be a U.S. citizen or permanent resident and be at least 18 years old. When you apply, you should have the following information on hand:
- Valid email address
- Social Security number
- U.S. residential address (no P.O. Boxes)
When you open your account, you’ll need to link it to a current checking or savings account from another bank. You can fund your account using an online transfer, but checks and wires aren’t accepted.
Once you fund your account, you’ll start earning interest on your entire account balance.
Promotions
Unfortunately, Western Alliance doesn’t have any promotions running currently. However, they continually change their offerings, and we always track the latest promotions, so check back frequently to see if there is one available.
Security
Western Alliance Bank places a high emphasis on security. The account is linked to a single checking or savings account that allows you to securely make larger ACH transfers.
The account is also FDIC insured, and Western Alliance has several cybersecurity measures in place to protect your data.
Customer Service
Western Alliance Bank has a U.S.-based customer service team that’s available between 9 a.m. and 5 p.m. EST Monday – Friday, and you can access your account 24/7.
There aren’t a lot of customer reviews of Western Alliance Bank online; however, its Alliance Association Bank division has an “A” rating from the Better Business Bureau and a positive average rating from customers on Google.
Pros and Cons
Pros
- High interest rate: Western Alliance Bank’s interest rate is significantly higher than the national average rate for savings accounts.
- Low minimum deposit: You will need to deposit $500 to open a new account with Western Alliance Bank.
- No monthly fees: You won’t be subject to monthly fees, such as account activity or maintenance fees.
Cons
- No ATM access: Like many high-yield online savings accounts, you cannot access your account balance through ATMs.
- Limited customer service: Western Alliance’s customer service team can only be reached during business hours on Monday through Friday.
Alternatives
Western Alliance Bank’s high-yield account may not be the best option for everyone. There are plenty of other high-yield savings 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.
Is The Western Alliance Bank High-Yield Savings Premier Best for You?
Western Alliance Bank’s High-Yield Savings Premier 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. However, this account may not be ideal for you if you prefer an in-person banking experience.
Ultimately, weighing the pros and cons in this Western Alliance Bank High-Yield Savings Premier review will help you determine if it aligns with your financial goals.
¹5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank’s discretion. The minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
² Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 04/15/2024. See the FDIC website for more information.
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