Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
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 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 $1 to open an account, and you'll earn 5.25% APY on your entire balance. Interest compounds daily and is deposited into your account monthly.
The 5.25% APY is one of the highest savings rates out there. The only savings account paying more right now is the Betterment Cash Reserve Account. It pays 5.50% 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.
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 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 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 pays 4.25% APY as of 8/18/23, 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 4.25% APY with the Ally Savings Account. 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 up to $250. But it pays up to 4.50% 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 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
Yes, Western Alliance Bank is a Member FDIC bank. If you open a Western Alliance Bank High Yield Savings Account through the third-party platform Raisin, know that this account is also FDIC-insured.
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.
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.
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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.