Western Alliance Bank Savings Account Review 2024

Learn about the Western Alliance Bank savings account in this review of the account's interest rates and fees. Compare to other online savings accounts.
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Written by Rebecca Lake
Financial Expert
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Managing Editor
A woman uses her computer to manage her savings account online

Savings accounts can help you grow your money safely and securely. The best savings accounts offer competitive interest rates with minimal fees.

Western Alliance Bank is one option you might consider if you plan to open a new savings account.

The bank offers personal savings accounts aimed at helping its customers reach their goals.

Western Alliance Bank Savings At-a-Glance

The personal savings account from Western Alliance Bank is an FDIC-insured interest-bearing account.

There are two options for opening a savings account with this bank. You can visit a branch to open your account in person or open a Western Alliance Bank savings account online through Raisin.

Which one you choose can determine the rates you earn on savings and the fees you pay.

Find the Best Savings Account Rates

Finding the bank with the best savings account to meet your needs is as simple as using our search tool. Try it now and find your high-interest savings account.

Compare to Other Savings Accounts

Western Alliance Bank is just one option for saving money. Other banks can offer personal savings accounts with competitive rates, low fees, and convenient access to funds.

Here are three other possibilities when choosing where to keep your savings.

Marcus by Goldman Sachs Savings Account

Marcus by Goldman Sachs offers a high-yield savings account that you can open online in minutes.

While there are no branches or ATMs, you may be okay with that, considering the APY you can earn.

There are no monthly fees for this account and no minimum deposit requirements. You can also open CD accounts to save with Marcus.

Read our full Marcus savings account review

Barclays Bank Savings Account

Barclays Bank offers one of the highest APYs for an online savings account.

You can open an account online with a low minimum deposit requirement. You can manage your account through online or mobile banking without monthly fees.

Barclays also offers several high-yield CD options for savers.

Read our full Barclays Bank savings account review

Citi Accelerate Savings Account

Citi is a brick-and-mortar bank, so you might expect savings account rates to be low, but the Accelerate account is an exception.

This savings account offers above-average rates to savers with the convenience of branch or ATM access. Opening your account online and earning interest on your savings is easy.

Read our full Citi savings account review

Who Is Western Alliance Bank For?

Western Alliance Bank may be a better fit for some savers than others. You might choose this savings option if you:

  • Are you looking for a basic savings account with traditional banking features?
  • Want the option to earn a higher APY by saving online
  • You don’t necessarily need ATM access to make withdrawals from savings.
  • Want the reassurance of saving with an FDIC-member bank

When comparing any savings account option, it’s essential to consider the rates you could earn, the fees you might pay, and how you’ll be able to manage your money.

Top Features of Western Alliance Bank Savings Accounts

Western Alliance Bank allows you to set up a personal savings account at a branch.

You can also open a high-yield savings option through Raisin. The features are similar, but there are a few differences to note.

Rates

Interest rates are always an essential consideration when choosing a savings account. If you opt for the traditional personal savings account Western Alliance Bank offers, you’ll get standard savings rates, which aren’t spectacular.

However, opening your Western Alliance Bank account through Raisin could get a much higher APY.

The trade-off is that this is an online-only account and can’t be managed at a branch. That may not matter much if getting the best interest rate on your money is your primary goal.

Fees

Again, where you open your account can determine the fees you pay. There’s a $3 monthly maintenance fee if you go the branch route. You can avoid that by maintaining a $250 daily balance or being a minor under 18.

You’ll pay no fees if you save with Western Alliance Bank through Raisin.

ATMs

One upside of saving with Western Alliance Bank at a branch is getting an ATM or debit card. You can select which one you’d like to have and use your card to withdraw cash at MoneyPass ATMs.

If you get the Raisin version of this account, you won’t get a debit card or ATM card.

Minimum Deposit

You’ll need at least $100 to open a personal savings account at a Western Alliance Bank branch.

If you open your accounts with Raisin, the minimum deposit is just $1. That could make it more appealing if you’re just getting started with saving.

Access

If you open your accounts at a Western Alliance Bank branch, you can manage them in person. You can also log in to online banking or withdraw using your ATM or debit card.

If you’re saving through Raisin, you can manage your accounts online.

How to Get Started

You’ll first need to decide which account option you’d prefer: basic personal savings or the high-yield version offered through Raisin.

You can visit a Western Alliance Bank branch to open your account if you’re going with the basic savings account. You’ll need to share some personal information, including your:

  • Name
  • Date of birth
  • Social Security number
  • Phone number and email address
  • Physical address

You must also provide a government-issued photo ID and your minimum deposit. Again, you’ll need at least $100 to get started, and you can deposit in cash or by check.

Register your personal information with the site if you’re applying for a high-yield savings account through Raisin.

You can then choose the Western Alliance Bank savings account and enter your bank account information to make your initial deposit.

Rating the Features

Our Western Alliance Bank savings account review wouldn’t be complete without deeper diving into the features.

Here’s a closer look at how these savings accounts work and what you can expect if you decide to open one.

User Experience

Western Alliance Bank has a fairly basic website with minimal frills. Again, if you’d like to open a savings account here, you’ll must visit a branch.

You can save time by opening your savings account through Raisin, and it won’t matter if you live near a branch or not, as these accounts are available nationwide.

The signup process is pretty simple, though you must know your bank account and routing number to make your initial deposit.

Fees

Western Alliance doesn’t charge many fees for its personal savings accounts. The monthly payment is lower than other banks charge for traditional savings accounts.

You can avoid the fee by choosing the Raisin option instead.

Rates

As mentioned, interest rates matter when choosing a savings account. You’ll likely want to select a Westernyou’llnce Bank account offered through Raisin to get the best rates for your money.

The APY for these accounts is substantially higher than you could get by opening your account at a branch. It’s one of the highest rates offered it’sany online savings account.

Variety

Western Alliance Bank offers a variety of personal banking products and services. You can open a checking, savings, money market, or CD account.

You can also apply for home or personal loans and set up an IRA to save for retirement.

Note that Raisin doesn’t offer these options; you’ll ondoesn’tble to choose a high-yyou’llavings account.

Customer Support

Western Alliance Bank offers customer support by email or by phone. You can call 888-274-0610 with questions Monday through Friday, from 6:00 am to 6:00 pm.

Help is also available on Saturdays from 8:00 am to 2:00 pm. Note that the bank is headquartered in Arizona, so you must account for any time zoyou’llferences when making a call.

There is no live chat support at this time.

Access

You can get an ATM or debit card with a personal savings account from Western Alliance Bank. Your card can be used to withdraw cash at MoneyPass ATMs. You can also manage your money through online banking or at a branch.

If you’re opening your account through Rayou’reyou can only manage it online.

Pros & Cons of Western Alliance Bank Savings Accounts

No savings account is perfect and it helps to weigh the pros and cons before choosing where to bank. Here are some of the main advantages and disadvantages of saving with Western Alliance Bank.

When comparing pros and cons, the biggest question you must answer is where to open your account.

Opening your account at a branch means you’ll be able to get a debit card or you’llr withdrawing cash, but it also means paying a monthly fee if you’re not able to waive it.

On the otyou’rend, you could get higher rates with Raisin. But you’ll miss out on some of the conveniyou’llof local banking.

Bottom Line

Western Alliance Bank is one possibility to consider if you’re looking for a new savings accouyou’reion.

When you’re ready to start, you can either you’reo a branch near you or open your account through Raisin. Remember that you must meet minimum deposit reyou’llents to start saving with Western Alliance.

Frequently Asked Questions (FAQs)

Is Western Alliance Bank legit?

Yes, Western Alliance Bank is a legitimate bank. Headquartered in Arizona, it’s an FDIC-member bank that offers its customers pit’snal, small business and corporate banking services.

What kind of bank is Western Alliance?

Western Alliance Bank is a full-service bank that offers personal, business, and commercial banking services. It’s a brick-and-mortar bank that operIt’s out of Arizona. Western Alliance also offers high-yield savings accounts online in partnership with Raisin.

Is Western Alliance Bank FDIC insured?

When you deposit money at Western Alliance Bank, your accounts are FDIC-insured. The current FDIC coverage limit is $250,000 per depositor, per account ownership type, and per financial institution.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.