Western Alliance Bank Savings Account Interest Rate 2024

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 5.24% 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

Learn more about the Western Alliance Savings Account

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 — it has an impressive 5.24% APY. 

Don’t worry if you don’t have a large amount to start with because you can open an account with as little as $1. The bank doesn’t charge monthly service fees.

Western Alliance Bank has a minimum balance requirement for its High-Yield Savings Premier account, but it’s just $1. 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.

We’ve put together a high-level overview of the account basics.

Western Alliance High-Yield Savings Premier Account

Further account details

• Is an online savings account
• Available to US 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 $6,510.52 — you’d earn $1,510.52 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

To calculate how much you could earn with a Western Alliance Bank savings rate, try using our savings calculator. Read our complete guide on savings calculator.

How the Western Alliance Bank savings account interest rate compares

The Western Alliance Bank high-yield savings account interest rate is over 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

Rates are accurate as of April 2024.

Western Alliance Bank savings account vs. American Express savings account

Both Western Alliance Bank and American Express 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 5.24% APY is considerably higher than the American Express savings account rate of 4.30%. 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 offers a competitive interest rate of 4.6% — 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 direct deposit or put a minimum of $5,000 in savings every month. If you can’t do either, your APY will be 1.2%. 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 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.

Western Alliance savings account vs. Ally Bank savings account

Ally’s high-yield savings account comes with an APY of 4.20% — 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:

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 the 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; 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. Expect a $100 minimum opening deposit requirement and a monthly fee of $3 that’s waived when your daily balance is $250 or more. This account includes a debit card for easy withdrawals.

Other savings options through Raisin include: