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Western Alliance Bank Savings Account: What to Know Before Opening an Account

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Western Alliance Bank (Member FDIC) is primarily used for business banking, but it does offer competitive deposit accounts through the digital marketplace Raisin

Western Alliance CD Rates

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Western Alliance Savings Account Details

A Western Alliance Bank High Yield Savings Account is only available through Raisin, which is an online platform that connects you with high-interest accounts from partner banks. Many banks, including Western Alliance, offer products exclusively through Raisin rather than directly from their branches or websites.

Western Alliance Bank’s 5.26% APY is one of the highest savings rates out there. You only need $1 to open an account, and you’ll earn 5.26% APY on your entire balance. Interest compounds daily and is deposited into your account monthly.

Western Alliance Bank High Yield Savings Account

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.75/5

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Perks

Earn 5.26% Annual Percentage Yield (APY). $1 minimum deposit. FDIC Insured.


Fees

no monthly service fee


Annual Percentage Yield (APY)

5.26%


Minimum Deposit Amount

$1

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Accounts pay high interest rates
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Open accounts you might not be able access outside of Raisin
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Minimum opening requirements are often lower than if you opened an account directly with a bank
Cons

  • con icon Two crossed lines that form an ‘X’. No checking accounts or business accounts
  • con icon Two crossed lines that form an ‘X’. Only way to deposit or withdraw money is by connecting to an external account
  • con icon Two crossed lines that form an ‘X’. Can’t connect to third-party budgeting apps, like Mint


Product Details

  • Raisin is an online marketplace that partners with banks to offer competitive rates
  • Offers high-yield savings accounts, money market accounts, CDs, and no-penalty CDs
  • Filter your search by institution, or by type of institution (e.g., minority-led, family-owned, or supports small business)
  • Interest is compounded daily and paid monthly
  • Deposits are federally insured by the FDIC or NCUA

About Western Alliance Bank

Western Alliance Bank is a business bank based in Arizona, and it conducts business in a handful of other US states. It also has subsidiaries around the country such as Bank of Nevada, First Independent Bank, and AmeriHome Mortgages.

All of Western Alliance’s brands focus on business banking, banking for homeowner association management, or mortgages. The only personal bank accounts it offers are the Western Alliance Bank High Yield Savings Account and its 3-month CD, 6-month CD, 9-month CD, and 1-year CD — all available through Raisin.

Western Alliance Bank Rate Comparison

The Western Alliance Bank High Yield Savings Account pays a higher rate than almost any other savings account. But you still might prefer a different account if other features matter to you more than the rate. Here’s how Western Alliance Bank compares to popular national accounts:

Western Alliance Bank Savings vs. American Express Savings

The American Express® High Yield Savings Account pays 4.25% APY as of 8/18/23, which is significantly lower than what Western Alliance pays. But American Express Bank is a good option for people who already use the company’s credit cards — then you’ll qualify to open its rewards checking account, which pays interest and offers cash-back rewards.

American Express Savings Review

Western Alliance Bank Savings vs. Ally Savings

You’ll earn 4.25% APY with the Ally Savings Account. While this is much less than what Western Alliance pays, you still might like Ally Bank if you want to open multiple accounts with the same company. It offers checking, CD, and money market accounts along with savings. Its savings account also has buckets, so you can organize your savings goals and set timelines for reaching them.

Western Alliance Bank Savings vs. SoFi Checking and Savings

Because Western Alliance Bank doesn’t offer a personal checking account, SoFi could be a good alternative. You keep your spending and saving money all in one account, earn cash back, and organize savings goals with Vaults. You may even qualify for a bonus of up to $250. But it pays up to 4.50% APY, which is less than what you’ll earn with Western Alliance.

Sofi Banking Review

Western Alliance Bank and Raisin Partnership

Western Alliance Bank has partnered with Raisin, a digital marketplace that offers high-interest savings accounts, money market accounts, and CDs from partner institutions. You can’t open a Western Alliance Bank High Yield Savings Account directly through the bank — you have to go through Raisin.

Raisin is a reputable company that has been working in Europe and recently expanded to the US. It provides FDIC insurance for all of your accounts. This means that should Western Alliance shut down, your insured money would be safe.

Western Alliance Bank High Yield Savings Account

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.75/5

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Earn 5.26% Annual Percentage Yield (APY). $1 minimum deposit. FDIC Insured.


Fees

no monthly service fee


Annual Percentage Yield (APY)

5.26%


Minimum Deposit Amount

$1

Pros

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Accounts pay high interest rates
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Open accounts you might not be able access outside of Raisin
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Minimum opening requirements are often lower than if you opened an account directly with a bank
Cons

  • con icon Two crossed lines that form an ‘X’. No checking accounts or business accounts
  • con icon Two crossed lines that form an ‘X’. Only way to deposit or withdraw money is by connecting to an external account
  • con icon Two crossed lines that form an ‘X’. Can’t connect to third-party budgeting apps, like Mint


Product Details

  • Raisin is an online marketplace that partners with banks to offer competitive rates
  • Offers high-yield savings accounts, money market accounts, CDs, and no-penalty CDs
  • Filter your search by institution, or by type of institution (e.g., minority-led, family-owned, or supports small business)
  • Interest is compounded daily and paid monthly
  • Deposits are federally insured by the FDIC or NCUA

Western Alliance Bank FAQs

Yes, Western Alliance Bank is a Member FDIC bank. If you open a Western Alliance Bank High Yield Savings Account through the third-party platform Raisin, know that this account is also FDIC-insured.

Yes, Western Alliance Bank is a real, Member FDIC bank that was founded in 2003. Its headquarters is in Phoenix, Arizona, and it has subsidiary brands throughout the US.

Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank, Torrey Pines Bank, and Alliance Association Bank are under Western Alliance Bank. The lender AmeriHome Mortgage is also under Western Alliance.

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