Yahoo Finance Western Alliance Bank Review April 2024: Checking, savings, CDs, MMAs, and more
Western Alliance Bank, a subsidiary of Western Alliance Bancorporation, is one of the largest banks in the U.S. and is renowned for its commercial banking solutions. The bank added more personal products in April to help you optimize your savings. In addition to the previous high-yield savings account via Raisin, certificates of deposit (CDs) via Raisin, and a money market account (MMA), you have more personal savings and checking account options for daily transactions, allowing you to keep all your money in one place.
While Western Alliance Bank is headquartered in Phoenix and has branches in California, Nevada, and Ohio, its products can be accessed online from anywhere.
All rates and fees below are current as of April 18, 2024, and are subject to change.
Western Alliance Bank rates and products
Western Alliance Bank offers several banking products directly and via the digital platform Raisin. These account options will help you complete day-to-day transactions and maximize your money. While its checking accounts aren’t free and don’t offer the checking account bonuses that some banks do, their savings accounts and CDs offer higher APYs and, sometimes, standard interest.
Rates are not displayed | |
Up to 5.36% | |
Up to 5.26% | |
Tiered APY, variable according to balance deposited |
Checking accounts
Western Alliance Bank offers two personal checking accounts with benefits and features, including bill payments, online banking, mobile banking, and unlimited transactions. Each account requires a minimum opening deposit of $100, and the interest checking account requires a minimum balance of a cent to earn interest.
Personal checking account
Monthly service fee | $5 (waived for accounts with a $500 daily balance or monthly recurring deposits) |
Interest | None |
Personal interest checking account
Monthly service fee | $10 (waived for accounts with a $1,500 daily balance or customers above 55) |
Interest | Tiered interest rates; contact institution for details |
Savings accounts
Western Alliance Bank provides customers with two personal savings account options, one on their own platform and a high-yield option via Raisin.
Personal savings account
Minimum daily balance | $0.01 ($0 if you're a minor) |
Monthly service fee | $3 monthly unless you maintain a minimum balance of $250 ($0 if you're a minor) |
APY | 5.36% |
Personal savings account via Raisin
Minimum to open | $1 |
Monthly service fee | $0 |
Interest | Compounded daily and credited to your account at the end of the month |
APY | 5.36% |
Western Alliance Bank savings rates compared to current top rates*
While Western Alliance Bank is a great option for individuals and small businesses, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
View this interactive chart on Fortune.com
Money market accounts
Western Alliance Bank offers its customers a tiered MMA option, so your interest increases with a higher balance. You’ll also enjoy check-writing capabilities and online banking benefits, but you must maintain a daily minimum balance of at least a penny to earn interest.
Western Alliance Bank money market account features
Minimum opening deposit | $100 |
Monthly service fee | $10—waived for accounts with a daily balance of $2,500 or more |
Certificates of deposit
Western Alliance Bank allows customers to earn more on their savings by offering CDs with terms between 30 days and 60 months. However, there’s an early withdrawal penalty for taking your money out prematurely. Also, if you don’t withdraw upon maturity, the CD will renew on the same term.
Western Alliance Bank CD features
Minimum opening deposit | $1,000 |
Available term lengths | 30 days to 60 months |
Top APY | 5.26% |
Early withdrawal penalty | Yes, 90 days simple interest on the principle |
Western Alliance Bank Personal CD rates
You can also create a CD with Western Alliance Bank via Raisin. This account allows you to open a CD with $1 so you can earn interest and APY on your preferred CD. Contact the institution for details on more term lengths not listed here.
View this interactive chart on Fortune.com
Other services Western Alliance Bank offers
Western Alliance Bank provides customers with other banking services, including:
Small business solutions: Western Alliance offers business loans, credit cards, checking accounts, savings accounts, MMAs, and CDs to help small businesses optimize their finances.
IRAs: The bank allows customers to open an individual retirement account with $100 at no monthly service charge.
Online banking
Western Alliance Bank provides online banking to enable customers to manage their money on their own time. You’ll gain real-time access to your accounts to pay bills and transfer funds. You can also customize your account, personalize alerts and reminders, view account balances and history, and stop unwanted payments from your device.
Compare Western Alliance Bank alternatives
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|---|---|---|
Savings APY | Savings APY | Savings APY |
5.36% | 5.10% | 5.15% |
Checking APY | Checking APY | Checking APY |
Available (Contact institution for details) | None to 0.01% | 0.45% |
Top CDs APY | Top CDs APY | Top CDs APY |
5.26% | 5.15% | 5.05% |
MMAs APY | MMAs APY | MMAs APY |
Available (uses a tiered APY system) | N/A | Up to 4.3%% |
Is Western Alliance Bank right for you?
Western Alliance offers a complete package, with a range of products that are sometimes missing from other popular banking options. Its savings and CD APYs are above the national average, and you’ll earn standard interest on your money, making the bank suitable for anyone looking to optimize their finances.
Some Western Alliance products are only available via a third-party platform, Raisin, with some fees and rates unpublished. There are also monthly service fees for failing to meet specific requirements. If you want to avoid opening another account or contacting support to get your account running, consider another bank.
Frequently asked questions
Which banks are linked to Western Alliance Bank?
Western Alliance Bank provides financial solutions through regional branches and divisions nationwide, including Bridge Bank, Alliance Bank of Arizona, First Independent Bank, Bank of Nevada, Torrey Pines Bank, Alliance Association Bank, and AmeriHome Mortgage.
Is Western Alliance Bank safe to use?
Yes, Western Alliance is safe. The bank uses encryption technology, advanced firewalls, and other security measures, such as secured access and password lockout, to keep your personal and account information private. It’s also Federal Deposit Insurance Corp. (FDIC)-insured, keeping your funds safe, up to $250,000 in case of a bank failure.
Is Western Alliance Bank's relationship with Raisin legit?
Yes, Western Alliance Bank is a nationally chartered bank regulated by the Office of the Comptroller of the Currency.
This story was originally featured on Fortune.com
