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Western Alliance Bank (Member FDIC) is primarily used for business banking, but it does offer a strong personal high-yield savings account through the digital marketplace Raisin. In fact, Western Alliance has one of the best high-yield savings accounts out there.
Western Alliance Savings Account Details
A Western Alliance Bank High Yield Savings Account – Product Name Only 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.
You only need Western Alliance Bank High Yield Savings Account – Minimum Deposit to open an account, and you’ll earn Western Alliance Bank High Yield Savings Account – APY APY on your entire balance. Interest compounds daily and is deposited into your account monthly.
The Western Alliance Bank High Yield Savings Account – APY APY is one of the highest savings rates out there. The only savings account paying more right now is the Betterment Cash Reserve Account – Product Name Only. It pays Betterment Cash Reserve Account – APY APY — but only to new customers, and only through the end of 2023. Then your rate would drop to its standard APY, which is lower than Western Alliance’s rate.
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 – Product Name Only.
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 – Product Name Only and its 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 – Product Name Only 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 – Product Name Only pays American Express® High Yield Savings Account – APY, 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 Ally Savings Account – APY APY with the Ally Savings Account – Product Name Only. 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 SoFi Checking and Savings – Ongoing Bonus. But it pays SoFi Checking and Savings – APY APY, which is less than what you’ll earn with Western Alliance.
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 – Product Name Only 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 FAQs
Is Western Alliance Bank FDIC-insured?
Yes, Western Alliance Bank is a Member FDIC bank. If you open a Western Alliance Bank High Yield Savings Account – Product Name Only through the third-party platform Raisin, know that this account is also FDIC-insured.
How stable is Western Alliance Bank?
Western Alliance Bank is stable overall. It is a Member FDIC bank, and a Q1 2023 report shows that deposits have steadily increased year-over-year. American Banker rated Western Alliance Bank as the top commercial bank with over $50 billion in assets in both 2021 and 2022.
Is Western Alliance Bank a real bank?
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.
What banks are under Western Alliance Bank?
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.