Western Alliance Bank Review: High-Yield Savings Accounts With Low Minimums
Written by
Allison Hache
Edited by
Kristen Mae
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Western Alliance Bank
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APYs
5.0
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Fees
5.0
-
Benefits
3.0
-
Ease of use
3.0
Pros
- High APY
- No fees
- Customer service available via phone
- FDIC protection
Cons
- $500 opening deposit
- Must link to an external account for deposits and withdrawals
Western Alliance Bank High-Yield Savings Account Overview
Western Alliance Bank is a full-service bank headquartered in Arizona, with a footprint extending to Nevada and California. Its high-yield savings account is a fee-free account that pays a competitive APY on balances greater than $0.01. As an independent account, you’ll need to link it to a separate savings or checking account to deposit and withdraw money.
Key Features
The high APY is just one reason to consider opening a high-yield savings account at Western Alliance Bank. In addition to a competitive rate, you’ll also enjoy a no-fee banking experience and the convenience of managing your account from home. Let’s take a closer look at a few important features of this account.
APY
Western Alliance Bank offers an impressive APY, a rate significantly higher than the national average. Although this rate can change as interest rates shift, it’s consistently more than what you’ll find at other banks. A higher rate means you can reach your financial goals more quickly, whether you’re saving for a down payment or building an emergency fund.
Fees
Like many other high-yield savings accounts, Western Alliance Bank charges no fees, including monthly maintenance, low balance, and excessive transaction fees. This gives you more flexibility so you can maximize your savings without worrying about unnecessary costs. This fee-free structure allows you to grow your balance with ease and financial control, ensuring that more of your money works for you.
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Benefits
Western Alliance Bank is a member of the FDIC, and your balance up to $250,000 is protected by FDIC insurance. Interest accrues daily and is credited to your account each month. There is no limit to the number of deposits or withdrawals you make each month. When you need help with your account, you can call the dedicated customer service line during regular business hours to speak with a representative.
Ease of Use
You can access your high-yield savings account at any time through Western Alliance Bank’s online or mobile banking, although the mobile app has mixed reviews. The account does not come with an ATM or debit card, so you have to transfer money through your linked account. You’re limited to one linked account, and ACH transfers can take up to five days to process.
How Western Alliance Bank High-Yield Savings Account Stands Out
The Western Alliance Bank High-Yield Savings account shines with its impressive APY, offering one of the highest returns available. In addition to earning a competitive rate on all balances, the account provides easy access to your funds once your linked account is set up, giving you the flexibility to manage your savings without restrictions.
Comparable High-Yield Savings Account Options
When choosing a high-yield savings account, it’s helpful to consider more than the APY. Features like account access and customer service also play a key role in convenience, but fees can chip away at your balance. Here’s how Western Alliance Bank’s account compares to similar accounts at other banks.
BMO Alto Online Savings Account
BMO Alto’s Online Savings Account pays a higher-than-average APY. You can open an account with $0, but it must be funded within 90 days. There are no fees associated with this account, and you can transfer money in and out of the account through the mobile app or website.
Marcus by Goldman Sachs Online Savings Account
Marcus by Goldman Sachs has an online savings account with a competitive APY, currently . No minimum deposit or balance is required to open and maintain the account, and you enjoy same-day transfers for deposits less than $100,000. You can manage your account through the bank’s website and mobile app.
How To Apply
To open an account at Western Alliance Bank, you must be at least 18 years old and have a valid Social Security number. The application is available on the bank’s website, where you’ll be prompted to enter your personal information. When you apply, you’ll also need the routing and account number for the checking or savings account you want to link. Be prepared to fund the account immediately to complete the process.
Who the Western Alliance Bank High-Yield Savings Account Is Best For
Western Alliance Bank’s High-Yield Savings account is best for someone with a short- or medium-term savings goal who wants to maximize their savings. The APY is comparable to what you can earn on a certificate of deposit, but you can access your money without penalty if you need to use it sooner than you planned. However, the fluctuating interest rate makes it a riskier choice for long-term savings goals.
Final Take
If you’re saving for a down payment, vacation, or wedding, the Western Alliance Bank High-Yield savings account is a good choice. The high APY and fee-free structure can help you reach your savings goal sooner, and you’ll have convenient access to your money if you need to tap into your savings for an emergency. The minimum deposit to open the account is higher than you’ll find at similar banks, but it may be worth the price if you want the higher interest rate.
FAQ
- Is Western Alliance Bank a good high-yield savings account?
- If you're looking for a high-yield savings account with a higher-than-average APY, the Western Alliance Bank account is a good choice. You can transfer funds to and from your linked account, so you have access to the cash when you need. This account doesn't come with an ATM card, but this can reduce the temptation to withdraw cash for non-emergency spending.
- Which bank has the best high-yield savings account?
- The best high-yield savings account is the one that can help you reach your financial goals. If a high APY is most important to you, look for the bank that pays the most. For example, as of Sept. 27, 2024, Pibank pays 5.50% for its savings account and Forbright bank pays 5.30%. If you want quick access to your money, find a bank that offers an ATM or debit card or same-day transfers. Other features to consider when choosing the best bank are fees, transfer time, access to customer service, and banking products.
- Can I trust Western Alliance Bank?
- Ultimately, the decision to trust any bank is a personal one based on the bank's reputation. Western Alliance Bank is a member of the FDIC, which means your deposits (up to $250,000) are protected. The bank has earned several notable industry awards (including Top-Performing Large Bank from American Banker) and manages more than $80 billion in assets.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 27, 2024.
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