Pros
- Savings accounts with no account fees
- Accounts that offer highly competitive interest rates
- Savings options that require only $500 to get started
Cons
- Cash deposits and withdrawals are not supported
- Physical branch locations are limited
- Some account types are not available for online enrolment
About Western Alliance Bank
Western Alliance Bank provides a range of financial services tailored to small businesses as well as commercial and corporate clients. Its offerings include business savings and checking accounts, along with access to small business loans and credit cards. For individuals, the bank also features a high-yield savings account. While Western Alliance Bank has physical branch locations in Arizona, California, Nevada, and Utah, its parent company manages additional financial brands that serve major markets throughout the United States.
Banking Services
Checking Accounts
Western Alliance Bank offers two personal checking account options that are both user-friendly and budget-conscious. Each account includes access to online banking, bill payment services, and electronic statements.
- Personal Checking
This account is ideal for individuals seeking a straightforward, no-fuss checking option. It carries a $5 monthly fee, which can be avoided by maintaining a daily balance of at least $500 or setting up a recurring direct deposit. The account allows unlimited transactions, including debits, credits, and deposits.
- Personal Interest Checking
Designed for customers who keep a moderate balance or are age 55 and older, this account lets you earn interest on your funds. The monthly fee is $10, but it can be waived by keeping a daily balance of $1,500 or simply by being 55 or older. Like the standard option, it also includes unlimited transactions.
High-Yield Savings
Among its personal savings offerings is the High-Yield Savings Premier, a high-interest account designed to help customers grow their savings.
A key advantage of this account is the absence of monthly maintenance fees, which can make it appealing for those looking to avoid extra banking costs. The account earns interest daily, meaning your balance can steadily grow depending on how much you keep deposited. Another benefit is the flexibility to withdraw funds at any time, without the common restriction of six withdrawals per month that many other savings accounts impose.
However, the High-Yield Savings Premier is relatively simple and lacks additional tools like budgeting features or the ability to create savings goals or buckets.
Additionally, you’re limited to transferring money only to the single external account you initially linked when setting up the account. Wire transfers aren’t supported, and you can’t add multiple linked accounts for withdrawals. If you’re seeking a more feature-packed savings account, you may want to explore other options.
Certificates of Deposit
Personal Certificates of Deposit (CDs) function as conventional savings instruments where your funds are deposited for a predetermined duration, earning a fixed interest rate until the CD reaches its maturity date. Typically, committing to a longer term will result in a more favorable interest rate.
Key features of these Personal CDs include:
- A minimum initial deposit of $1,000 is needed to open an account.
- All deposited funds earn a competitive interest rate that is guaranteed for the term.
- The initial deposit requirement is relatively modest.
- Upon reaching maturity, if the funds are not taken out, the CD will automatically renew
for an identical term. - A penalty for early withdrawal will be incurred if funds are taken out within six days of either opening the account or making any subsequent withdrawal.
Business Checking Accounts
The Business Checking account from Western Alliance Bank is a practical option for businesses that handle a low to moderate number of transactions each month. It includes a variety of tools to help manage your company’s cash flow efficiently.
Key Features and Benefits:
- Allows up to 200 transactions per statement cycle, including deposits, withdrawals, and payments.
- A $16 monthly fee applies, but it can be avoided by maintaining a daily balance of at least $2,500.
- Includes online banking access, bill payment services, and eStatements
- Additional services such as mobile banking and overdraft protection are available if needed.
- Requires a minimum opening deposit of $100
- If you’re looking to earn interest on your account balance while enjoying the same features, the Business Interest Checking account offers that added benefit.
How to Open an Account?
To create a personal savings account at Western Alliance Bank, individuals must hold U.S. citizenship or be permanent residents possessing a valid physical U.S. address. The bank’s official online platform indicates that a Social Security number is a mandatory piece of information for applicants. Consequently, individuals lacking a Social Security number may encounter difficulties in opening an account, suggesting that this financial institution might not be the most suitable option for immigrants. Furthermore, applicants are required to have an existing checking or savings account to facilitate the initial deposit into their new Western Alliance Bank account.
The procedure for opening a savings account involves visiting the Western Alliance Bank website and initiating an application. During this process, prospective clients will need to supply the required personal details. Additionally, they must connect a pre-existing checking or savings account to their new Western Alliance Bank account for the purpose of making the initial deposit. A minimum deposit of $500 is necessary to activate the new account, so it is important to select a funding account with an adequate balance. This linked account will also serve as the destination for funds when withdrawals are made from the Western Alliance Bank High-Yield Savings Premier account.
Customer Support
The High-Yield Savings Premier account from Western Alliance Bank is fully digital, meaning you won’t be able to visit a branch for in-person assistance. Instead, you can manage your account anytime using the bank’s website. It’s worth noting, though, that the app has received relatively low user ratings on both the Apple App Store and Google Play.
While customer service isn’t available around the clock, U.S.-based customer support is offered by phone Monday through Friday from 6:00 a.m. to 6:00 p.m. PT. We strongly discourage customers sending unsecured emails. You can either call during business hours or send a secure message in the OLB customer portal.
Bottomline
Western Alliance Bank presents a solid option for individuals seeking an attractive interest rate on their savings from a digital-first financial institution that also caters to business banking needs.
However, it’s worth noting that several other online banks and credit unions currently offer higher returns on high-yield savings accounts. Additionally, if a broader range of distinctive savings account functionalities or a more comprehensive suite of banking products and services is a priority, alternative top-tier banks might prove to be a more advantageous choice than Western Alliance Bank.
