Western Alliance Bank Review: Earn a High APY on Savings

Western Alliance Bank Review

western alliance logo

Product Name: Western Alliance Premier High-Yield Savings

Product Description: Western Alliance Bank, Member FDIC, is a subsidiary of Western Alliance Bancorporation. It offers a mix of small business, commercial, and personal banking products.


Western Alliance Bank, Member FDIC, is a subsidiary of Western Alliance Bancorporation. It’s known for its small business and commercial banking products and services but also offers personal banking accounts, including its Premier High-Yield Savings Account. 


  • Competitive interest rates
  • No account fees or ongoing balance requirements
  • FDIC-insured up to $250,000
  • Unlimited transactions
  • Available nationwide


  • Minimum $500 opening deposit
  • Can only link one external checking or savings account
  • Cannot deposit funds by check or wire transfer
  • No physical branches
  • Individual accounts only (joint and trust accounts are in the works)

Western Alliance Bank, Member FDIC, is a subsidiary of Western Alliance Bancorporation. It’s known for its small business and commercial banking products and services but also offers personal banking accounts.

Its Premier High-Yield Savings account offers one of the highest APYs on the market, but the $500 minimum opening deposit might deter some. We explore this account’s key features and a few Western Alliance alternatives.

At A Glance

  • High Savings APY of 5.36% APY
  • Earn interest on the full balance
  • No monthly fee or transaction limits
  • A $500 deposit is required for account opening
  • Wire transfers, P2P payment apps not currently supported

Who Should Use Western Alliance Bank?

If you have at least $500 to deposit and are looking for a place to park your short-term cash, you’ll want to consider Western Alliance Bank’s High-Yield Savings Premier account. There are no monthly or transaction fees, and you’ll earn a high APY on the full balance. Your account will also be covered by the FDIC for up to $250,000.

If you’re looking for a joint account or wish to move funds into Western Alliance from multiple external accounts, it might not be the right account for you. Only individual accounts are currently supported, and you can only link one external bank account via ACH transfer.

Get Started With Western Alliance

Western Alliance Bank Alternatives

barclays logo
Savings APY 4.50% APY 4.35% APY 4.20% APY
Monthly Fees $0 $0 $0
Min. Deposit $100 $0 $0
Learn More Learn More Learn More

Phoenix-based Western Alliance Bank, Member FDIC (FDIC Cert# 57512) is an online-only bank with over $70 billion in assets. Its High-Yield Savings Premier account offers one of the nation’s most competitive interest rates. 

You can earn 5.36% APY on your full balance.

There are no monthly fees; however, there is a $500 opening deposit requirement. Unlike many online banks that limit high-yield savings accounts to five monthly withdrawals, transactions are unlimited.

Western Alliance also offers business banking products, including small business checking and savings accounts. It is also planning to issue personal certificates of deposit (CDs), checking, and money market accounts. As a result, you may consider using this platform for your personal and business banking needs.  

Western Alliance Premier High-Yield Savings Features

Here’s a closer look at the key features of Western Alliance’s Premier High-Yield Savings account.

High Savings APY

Western Alliance consistently offers one of the industry’s best savings account interest rates. It may not always be the highest APY as rates vary, but it earns notably more than traditional savings accounts. 

Interest compounds daily and is paid monthly. Deposits start earning interest the day the transaction clears. Unlike other HYSA accounts, there are no balance tiers, so you earn the full APY on your entire account balance.

No Monthly Maintenance Fees

Western Alliance doesn’t charge monthly maintenance fees on its HYSA account. While most online savings accounts don’t charge a fee, it’s a good practice to check potential fees when comparing banks.  

No Minimum Balance Requirements 

You won’t have to maintain an average daily balance or complete other monthly activities to earn the highest interest rate. It’s not uncommon for some banks to implement ongoing balance requirements or deposit activity to gain the best rates from their highest-earning savings accounts. 

Your Deposit Is FDIC-Insured

Western Alliance deposits are covered with up to $250,000 of FDIC insurance benefits per account holder, the standard coverage limit per bank. 

If you have over $250,000 in cash reserves, consider spreading your assets across other FDIC-insured banks to qualify for more insured deposits.  

Unlimited Transactions

You can link to an external bank account to move funds in or out of your Western Alliance savings account. It’s possible to schedule unlimited transactions each month.

Only linking to one checking or savings account can be frustrating when you have multiple interest-bearing accounts with a lower yield. However, it allows Western Alliance to process higher-limit ACH transfers than most competitors. 

Additionally, only having one linked account enhances data security by preventing unauthorized transactions or logins.  

Who Can Join Western Alliance Bank?

To open a High-Yield Savings Premier account, you must be at least 18 years old and either a U.S. citizen or permanent resident. Additionally, applicants must list a physical residential address instead of a P.O. Box and a valid email address when applying.

These are standard requirements and similar to those of traditional and online banks. Note that Western Alliance only offers individual accounts now, yet it intends to roll out joint and trust vesting soon.

To fund the account, you must link another savings or checking account. All transfers occur via ACH which can take several business days, but no fees are charged. According to Western Alliance, the account opening process can be completed in as little as five minutes.

Wire transfers and other money-transfer methods like Zelle or peer-to-peer (P2P) payment apps will eventually be available.      

Is Western Alliance Bank Safe?   

As mentioned, each account holder is eligible for up to $250,000 in FDIC insurance through the Western Alliance High-Yield Premier Savings account. The bank also utilizes several digital security measures to prevent cyberattacks and account breaches.

Further, customers can only link one external account, making monitoring withdrawals and minimizing your digital footprint easier.

Get Started With Western Alliance

Western Alliance Bank vs. Alternatives

Before opening a savings account with Western Alliance, we recommend comparing similar offerings from other online banks or financial technology companies. Here are a few Western Alliance Bank alternatives worth considering.


Quontic is an online bank that offers checking, savings, money market accounts, and CDs. The bank’s claim to fame is that the checking account comes with wearable ring that allows you to make purchases with a tap.

The high-yield savings account earns 4.50% APY with no monthly fees. At $100, it does have a larger minimum deposit to open than Western Alliance.

Get Started With Quontic

Barclays Bank

Barclay’s is a global financial institution that has existed for hundreds of years. However, its online banking division is headquartered in Wilmington, Delaware.

Barclays offers an online savings account that pays a high APY and doesn’t require a minimum initial or ongoing balance. All balances earn 4.35% APY, and there are also no monthly maintenance fees.

To learn more, read our full Barclays Bank review

Get Started With Barclays

Ally Bank

Ally Bank offers a wide range of personal banking products, including spending, savings, money market accounts, CDs, credit cards, and even robo advisor and self-directed trading platforms.

Its high-yield savings account offers 4.20% APY on all balance tiers with no monthly fees or minimum opening deposit.

Ally also offers a unique “buckets” savings feature to help you plan for specific savings goals. Its Surprise Savings feature can also analyze a linked checking account to calculate your “safe to save” amount to increase your savings rate.

To learn more, read our full Ally Bank review.

Get Started With Ally


Is Western Alliance a good savings account?

The Western Alliance High-Yield Savings Premier offers a competitive interest rate higher than most online competitors and brick-and-mortar banks. There are no account fees or ongoing balance requirements, and you can make unlimited transactions. However, you can only link one external account for transfers, and the $500 minimum initial deposit is a minor frustration.

Is Western Alliance Bank FDIC insured?

Western Alliance provides up to $250,000 in FDIC Insurance per account holder. The bank’s FDIC certificate number is 57512.

What are the Western Alliance Bank customer service options?

For new and existing High-Yield Savings Premier customers, phone support is available Monday through Friday during standard business hours. Email support is available 24/7. 

Get Started With Western Alliance


Western Alliance Bank offers an attractive APY on its Premier High-Yield Savings account. While the $500 minimum deposit is high, securing such an attractive interest rate is certainly worth it. We also like that there are no monthly fees or transaction limits. Unfortunately, some helpful features are missing. Until further notice, you can only transfer funds into your Western Alliance account via ACH from a single external account. Wire transfers and P2P payment apps are not yet supported. We hope to see those features added in the near future.


*APY=Annual Percentage Yield1.  5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
2.  Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 2/20/2024. See the FDIC website for more information 

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About Josh Patoka

After graduating in $50k with student loans in May 2008 from Virginia Military Institute with a B.A. International Studies and Political Science with a minor in Spanish (he studied abroad in Sevilla, Spain for 3 months), Josh decided to sell his soul for seven years by working in the transportation industry to get out of debt ASAP and focus on doing something else with a better work-life balance.

He is a father of three and has been writing about (almost) everything personal finance since 2015. You can also find him at his own blog Money Buffalo where he shares his personal experience of becoming debt-free (twice) and taking a 50%+ pay cut when he changed careers.

Today, Josh relishes the flexibility of being self-employed and debt-free and encourages others to pursue their dreams. Josh enjoys spending his free time reading books and spending time with his wife and three children.

Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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