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Western Alliance Bank Review

Western Alliance Bank High-Yield Savings Premier
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Michael Graw
Mar. 28, 2024
3 min read
Michael Graw
Western Alliance Bank High-Yield Savings Premier Summary
Western Alliance Bank is a Phoenix-based bank founded in 2003. Its High-Yield Savings Premier account offers 5.36%¹ annual percentage yield (APY) on deposits up to the maximum limit allowed of $250,000. You can open a new account with as little as $500. However, Western Alliance Bank has no branch access for this account type and doesn’t offer ATMs. So, it’s best for individuals who want to earn the best interest rate on their savings.

Pros

  • Earn 5.36% APY on deposits
  • No account activity or maintenance fees
  • Fast online account opening

Cons

  • Doesn’t accept ATM deposits
  • No branch access for savings accounts

Western Alliance Bank High-Yield Savings Premier at a glance

9.4
Editorial score

Fees?

No account activity or maintenance fees
10.0

Security

FDIC-insured up to $250,000 per single deposit account holder
10.0

Customer service

Phone support during normal work hours plus dedicated fraud team available Saturdays
9.0

Online experience

User-friendly website with fast account creation and transparent rates
10.0

Mobile experience

Free mobile app is not applicable to savings accounts
8.0

Western Alliance Bank High-Yield Savings Premier Western Alliance Bank High-Yield Savings Premier Visit Site

Advantages Over Traditional Banks

Western Alliance Bank’s High-Yield Savings Premier account offers 5.36% APY on all deposits. That’s more than 10 times the national average savings account interest rate in February 2024².

On top of that, the savings account has no fees. You’ll need a minimum deposit of $500 to open an account, but a minimum balance of $0.01 is required to earn the advertised APY.

Cutting-Edge Banking Services

Western Alliance Bank’s High-Yield Savings Premier account is designed to hold your funds while they earn high-yield interest. It’s not a cutting-edge bank account with tons of features.

You can make online transfers in and out of the account from a single external bank account, but you cannot connect multiple accounts or make cash or wire deposits. In addition, there’s no support for online bill pay and no way to categorize transactions in your account.

Traditional Banking Services

Western Alliance Bank has a limited range of personal banking services. The High-Yield Savings Premier account does not include a debit card or checks. You can open personal checking accounts, personal loans, and credit cards with Western Alliance Bank at one of its regional division branches.

Western Alliance Bank has more services for small businesses, including business checking and savings accounts, business certificates of deposit (CDs), and business money market accounts. The bank offers business loans, equipment financing, and business credit cards. Western Alliance Bank also supports credit card processing for business payments.

Interest Rates and Fees

The High-Yield Savings Premier account offers 5.36% APY on unlimited deposits without account activity or maintenance fees. You can open an account with a minimum deposit of $500. After that, you must maintain a minimum balance of $0.01 to earn the advertised APY. Interest accrues daily and is paid to you monthly.

Account Activity/Maintenance FeesInterest RateMinimum Opening Deposit
None5.36% APY$500

Customer Service and Online Experience

Western Alliance Bank offers customer support by phone for the High-Yield Savings Premier account. Customer support for new account inquiries is available 7am to 6pm MST, Monday through Friday; for existing accounts customer support is available from 9am to 5pm EST Monday through Friday.

You can open a new account online in less than five minutes. You’ll need to provide your email, address, phone number, and Social Security number. You’ll also need to connect an external bank account to make the minimum $500 initial deposit. Overall, the process is fast and easy.

Western Alliance Bank’s website doesn’t have a detailed online knowledge base. However, there are helpful FAQs explaining how the High-Yield Savings Premier account works.

Security

Western Alliance Bank is the primary subsidiary of Western Alliance Bancorporation, a publicly traded bank with more than $70 billion in assets. American Banker and Bank Director rated it as a top U.S. bank in 2022 and 2023.

Western Alliance Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The High-Yield Savings Premier account is FDIC-insured for up to $250,000 per single deposit account holder. This insurance means that in the unlikely event that Western Alliance Bank fails or goes out of business suddenly, you would still be able to get up to $250,000 of your money out of the bank.

In addition, Western Alliance Bank allows you to connect to only one external bank account. This condition is beneficial for security since it limits the number of potential access points to your savings account.

Western Alliance Bank also has a dedicated fraud team available by phone with extended hours, from 6 a.m. to  6 p.m. PT on Monday to Friday and from 8 a.m. to 2 p.m. PT on Saturdays.

Summary

Western Alliance Bank’s High-Yield Savings Premier account offers 5.36% APY with no account activity or maintenance fees. The account is highly secure and FDIC-insured. You can open a Western Alliance Bank account online in minutes with a $500 minimum deposit. 

Overall, the High-Yield Savings Premier account is an excellent choice if you want to earn as much interest as possible on your savings and don’t need additional banking services.

Western Alliance Bank High-Yield Savings Premier Western Alliance Bank High-Yield Savings Premier Visit Site

Methodology

This review is based on information available on the Western Alliance Bank website.

Disclaimers

1. 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 03/18/2024. See the FDIC website for more information.

Western Alliance Bank, Member FDIC.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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