Things to know before opening an account

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Western Alliance Bank (Member FDIC) is primarily used for business banking, but it also offers a robust personal high-yield savings account through digital marketplace Raisin. In fact, Western Alliance has one of the best high-yield savings accounts.

Western Alliance Savings Account Details

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

You only need $1 to open an account and you’ll earn 5.25% APY on your entire balance. Interest is compounded daily and credited to your account monthly.

5.25% APY is one of the highest savings rates. Right now the only savings account that pays more is the Betterment Cash Reserve Account. It pays 5.50% APY — but only for new customers, and only through the end of 2023. Then your rate will drop to APY, which is lower than Western Alliance’s rate.

About Western Alliance Bank

Western Alliance Bank is a commercial bank based in Arizona and conducts business in several states of the United States. It has subsidiaries across the country such as Bank of Nevada, First Independent Bank and AmeriHome Mortgage.

All of Western Alliance’s brands focus on business banking, banking for managing homeowner associations, or mortgages. It offers only personal bank accounts Western Alliance Bank High Yield Savings Account and its 6-month CD, 9-month CD, and 1-year CD – all available through Resin.

Western Alliance Bank Rate Comparison

The Western Alliance Bank High Yield Savings Account Pays higher rates than almost any other savings account. But you may still prefer a different account if other features are more important to you than rate. Here’s how Western Alliance Bank compares with popular national accounts:

Western Alliance Bank Savings vs. American Express Savings

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

American Express savings review

Western Alliance Bank Savings vs. Alley Savings

You’ll earn 4.25% APY with the Ally Savings Account. Although it is much less than Western Alliance, if you want to open multiple accounts with the same company, you may prefer Ally Bank. It offers checking, CD and money market accounts with savings. Its savings account also has buckets, so you can organize your savings goals and set deadlines to reach them.

Western Alliance Bank Savings vs. SoFi Checking and Savings

Since Western Alliance Bank does not offer a personal checking account, SoFi may be a better option. You keep all your spending and savings in one account, earn cash back and organize savings goals with Vault You may even qualify for a bonus of up to $250. But it pays up to 4.50% APY, which is lower than what you’ll earn with Western Alliance.

Sophie 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 one Western Alliance Bank High Yield Savings Account Directly through the bank — you have to go through Raizin.

Raisin is a reputable company operating in Europe and has recently expanded to the United States. It provides FDIC insurance for all your accounts. This means that if Western Alliance closes, your insured money will be safe.

Western Alliance Bank FAQs