Western Alliance Bank Savings Account Review

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Western Alliance Bank (Member FDIC) is primarily used for business banking, but it does offer one of the best savings account rates through the digital marketplace Raisin. 

Today’s Western Alliance Deposit Rates

Western Alliance Savings Account Details

A Western Alliance Bank High Yield Savings Account is 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 through Raisin rather than directly from their branches.

Western Alliance Bank’s 5.26% APY is one of the highest savings rates out there. You only need $1 to open an account, and you’ll earn 5.26% APY on your entire balance. Interest compounds daily and is deposited into your account monthly.

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. Western Alliane’s personal accounts must be opened 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 (Member FDIC) pays 4.30% (as of 9/27/23), 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 4.60% APY, which is less than what you’ll earn with Western Alliance.

Sofi 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 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