Western Alliance Bank Savings Account Rate: Earn Up to 4.65%
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The High-Yield Savings Premier savings account from Western Alliance Bank offers a 4.65% APY, which is one of the highest available rates.
This high-yield savings account is only available through the Raisin platform.
Western Alliance Bank and Raisin do not charge any fees and offer opening deposit and minimum balance requirements of just $1.
The High-Yield Savings Premier account is administered entirely online.
SUMMARY
If you’re searching for a high-yield savings account with an excellent interest rate, the one offered by Western Alliance Bank is a strong contender. The bank’s High-Yield Savings Premier account has a high annual percentage yield (APY), no fees and easy online administration.
Like any savings account, the Western Alliance product has specific requirements and terms.
To help you make an informed decision, we’re diving into all the critical factors, including:
The interest rate for a Western Alliance Bank high-yield savings account
How the account compares to other high-yield savings products
How to open and use a Western Alliance savings account
Is the Western Alliance Bank savings account right for me?
A high-yield savings account with Western Alliance Bank may be a good choice if your primary goal is to earn interest on the money you keep in savings. With its high interest rate and easy access, this account enables you to maximize earnings while still keeping your money liquid. You might use this account to hold your emergency fund or to round out your portfolio — it offers a strong 4.65% interest rate without the risk of a standard investment account.
Here’s something to keep in mind: Western Alliance Bank offers its High-Yield Savings Premier account through Raisin, a digital platform that provides access to savings products from a variety of institutions. Your money is held with Western Alliance Bank, but you’ll use the Raisin dashboard to set up and manage the account. The platform makes it easy to deposit and transfer money. Plus, you can use the same Raisin account to open accounts with additional banks.
If you’re planning to use this account for large sums of money, note that Raisin has an upper limit for balances. You can keep up to $250,000 in an individual account and $500,000 in a joint account — including interest. These amounts are based on the Federal Deposit Insurance Corporation (FDIC) coverage limits; they ensure that your full balance is protected.
Keep these pros and cons in mind when deciding whether or not this is the best savings account option for you.
Western Alliance Bank Savings Account Pros and Cons
High APY of 4.65%
$1 minimum opening deposit
$1 minimum balance requirement
Easy management and access via secure Raisin platform
Western Alliance Bank high-yield savings account interest rate
When it comes to earning potential, it’s hard to do better than the Western Alliance Bank High-Yield Savings Premier account with its impressive 4.65% APY.
Western Alliance does not charge any monthly service fees, but you’ll need to deposit at least $1 to open an account.
If you need to take money out for an emergency car repair or medical bill, your account will remain in good standing and continue to earn interest as long as you don’t fall below that level. Since there’s no upper limit for withdrawals, you can always access as much as you need.
Here’s an overview of the account basics.
Western Alliance High-Yield Savings Premier Account
APY
Monthly fee
Minimum opening deposit
4.65%
$0
$1
Figures are correct as of October 2024.
Additional account details
It’s an online savings account.
It’s available to U.S. citizens and permanent residents 18 years or older.
Interest is compounded daily and credited monthly.
How much can I earn with a Western Alliance Bank savings account?
The amount of interest you earn with the high-yield savings account from Western Alliance Bank depends on the amount of your initial deposit, any subsequent deposits and how long you leave the money in the bank.
If you deposit $5,000 into the account and leave it there for five years, your balance will be $6,503.63 — you’d earn $1,503.63 in interest. Keep in mind that the bank can also change the interest rate at any time before or after you open the account, which can also impact your earnings.
Western Alliance Bank compounds interest daily. On the last day of the month, it credits the full amount to your account.
How do regular contributions impact your earnings? Let’s take a look at what would happen if you open a savings account with $5,000 and deposit an additional $50 per month for five years.
Interest Earned on $5,000 Initial Deposit and Additional Deposit of $50 per Month
Year
Principal
Interest Earned
Total Balance
Year 1
$5,600
$284.67
$5,884.67
Year 2
$6,200
$334.75
$6,534.75
Year 3
$6,800
$367.14
$7,167.14
Year 4
$7,400
$399.54
$7,799.54
Year 5
$8,000
$431.93
$8,431.93
Figures are correct as of October 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.
To learn more about how much you could earn with a Western Alliance Bank savings account, try using our savings calculator.
Compound Interest Calculator With Monthly Contributions - Western Alliance
Estimated Future Balance
0
Important Note: The savings estimates provided on this platform are meant for general information purposes only and should not be considered financial advice. We strongly encourage you to check with the specific financial institution for an accurate estimate before applying for any financial product.
How the Western Alliance Bank savings account interest rate compares
The Western Alliance Bank high-yield savings account interest rate more than 11 times higher than the national average of 0.46%, according to the FDIC. Judging by the Western Alliance Bank APY alone, it’s one of the best high-yield savings accounts on the market today.
Let’s take a look at how the Western Alliance Bank savings account interest rate compares to the rates offered by other financial institutions.
Western Alliance Savings Account Interest Rate vs. Other Banks
0.01% (Savings rate) 0.05% to 1.50% (Performance First rate)
Western Alliance
4.65%
*Rates are correct as of October 2024. Rates may vary by location. Chase APYs are for California.
**New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms atsofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Looking for the best savings account interest rates? Check out these guides:
Western Alliance Bank savings account vs. American Express® savings account
Both Western Alliance Bank and American Express National Bank offer FDIC-insured, high yield savings accounts that have no opening balance requirements and no monthly fees. Neither bank offers physical service locations for its high-yield consumer products, so all customer service is provided online or over the phone. Western Alliance Bank offers one key advantage: its 4.65% APY is considerably higher than the American Express® savings account rate of 4.00%. If you already have an American Express credit card, however, opening a savings account may be faster and more convenient.
Western Alliance Bank savings account vs. SoFi checking and savings account
[SoFi’s high-yield savings account]*(http://arstechnica.netblogpro.com/compare-deals/banking/savings/sofi-savings-account-rates) offers a competitive interest rate of 4.20%—not as high as the Western Alliance Bank savings rate, but not as low as many other options. However, to get the highest SoFi rate, you must either set up a monthly direct deposit or put a minimum of $5,000 in savings every month. If you can’t do either, your APY will be just 1.20%. In terms of earning potential and ease of qualifying for the highest rate, Western Alliance comes out ahead.
SoFi has the advantage over Western Alliance Bank when it comes to access. Since the SoFi product is actually a combination of a checking and savings account, it also includes a debit card. To access money from savings, you can transfer it to checking and withdraw or use it in minutes. Western Alliance Bank requires an external funds transfer, which can take several days. If you don’t need instant access, however, the Western Alliance high-yield savings account is the better choice.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Western Alliance savings account vs. Ally Bank savings account
Ally’s high-yield savings account comes with an APY of 4.00%—a rate that can significantly impact your interest earnings compared to the Western Alliance Bank APY. Both banks have zero monthly fees. However, Ally charges $25 per hour for “account research” into your past transactions. Both offer online-only account management, and neither accepts cash deposits.
If you want to manage multiple financial products through one platform, Ally could still be a good option. While Western Alliance Bank offers only one high-yield account through Raisin, Ally offers credit cards, investment accounts, checking accounts and more.
How to open a Western Alliance Bank high-yield savings account
Unlike some other savings accounts, opening an account with Western Alliance Bank takes place entirely on the Raisin platform.
Here’s an overview of the process:
1
Choose the Western Alliance product.
On the Raisin website, click on the Products tab and choose “Savings Account.” Select the Western Alliance Bank high-yield savings account and click “Save Now.”
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2
Create a Raisin account.
Enter your name and email, and create a password for Raisin. If you’re already a user, simply log into your account.
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3
Complete your personal information.
Fill out the Raisin enrollment form, which requires your name, date of birth, Social Security Number and contact information. In some cases, you may need to provide your driver’s license or other form of identification.
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4
Agree to disclosures and terms.
Read the documents carefully, and click the boxes to indicate that you agree.
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5
Connect an external account.
You can log into the bank’s online system via the Raisin platform or enter your account and routing numbers.
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The initial process is quick and easy. However, if Raisin needs to run additional verification steps, it can take several days or longer. Once you’re approved by both Raisin and Western Alliance Bank, you can make your first deposit from a connected bank account.
How to access money from a Western Alliance savings account
Since the High-Yield Savings Premier account is only offered through Raisin, you won’t be able to visit a Western Alliance Bank location to withdraw money. Instead, you’ll manage all deposits and transfers using the Raisin platform.
Deposit options
To deposit money into your Western Alliance savings account via Raisin, you must set up an electronic transfer from another bank account. Unlike savings accounts at some other banks, you can’t deposit cash or checks.
Withdrawal options
The Western Alliance Bank savings account only allows you to withdraw money using an electronic transfer on the Raisin platform—a process that can take one to three days. Raisin only allows you to connect a single external account at one time, but you can change to a different account 60 days after you make the initial deposit.
Other savings options at Western Alliance Bank
In addition to the Raisin-powered High-Yield Savings Premier, the bank offers a basic, fee-free personal savings account. You can open this account through Western Alliance Bank itself. This account requires a $100 minimum opening deposit and has a monthly fee of $3 that’s waived if your daily balance is $250 or more. This account includes a debit card for easy withdrawals.
Other savings options through Raisin include:
1
Money market deposit account
Similar to a high-yield savings account, a money market deposit account (MMDA) provides the features of a traditional savings account but typically offers higher returns. With its adjustable interest rates, this savings option allows you to earn interest on your funds with flexibility for withdrawals.
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2
High-yield certificate of deposit
This certificate of deposit (CD) allows you to earn a guaranteed rate for funds held in your account, up to 5.26% APY. Funds are held for a fixed term until they reach maturity, with terms ranging from three to 12 months. When the CD reaches maturity you can withdraw your earnings or let them automatically renew for an additional term. A minimum opening deposit of $1 is required. This account boasts no fees and 24/7 online access.
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Our top picks for savings accounts
FAQ: Western Alliance Bank savings account
Is the Western Alliance Bank savings account a high-yield account?
Western Alliance Bank has one high-yield savings account: the High-Yield Savings Premier. With an APY of 4.65%, it’s one of the highest-yield options you can find.
Is Western Alliance Bank FDIC insured?
Yes, Western Alliance Bank is FDIC insured. Your money is protected up to $250,000 as a single account holder and $500,000 if you have a jointly held account.
Is Western Alliance Bank safe?
Yes, as it is FDIC insured, your money is safe with Western Alliance Bank.
Does the Western Alliance savings account have fees?
Western Alliance Bank’s High-Yield Savings Premier savings account, which is administered only through the Raisin platform, has no fees.
Does the Western Alliance savings account have a minimum balance requirement?
You must maintain a minimum balance of $1 with the Western Alliance Bank high-yield savings account. This is much lower than most accounts with a minimum balance requirement.
Is the Western Alliance high-yield savings account worth it?
With its competitive interest rate, fee-free structure and low balance minimum, Western Alliance Bank’s high-yield savings account is certainly worth considering. Keep in mind that the entire process of opening and managing the account takes place online. If you prefer to work with an account manager in person, you may be happier with a different solution.
Imogen Sharma is an experienced writer, specializing in business, culture, and financial guidance for young adults. She has contributed to articles for Varo Bank, Lendzi, MoneyTips and Indeed, providing invaluable insights into budgeting, financial planning, and lines of credit.
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Prior to her writing career, Imogen honed her financial acumen in management roles, excelling in P&L analysis, budgeting and HR. During her tenure at Smith & Wollensky in London, her strategic contributions contributed to a 2% increase in EBITDA over a year, demonstrating her ability to drive financial performance and organizational success.
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