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Western Alliance Bank CD Rates are some of the best in the industry. These CDs offer a variety of terms and can be opened online without a ton of money. Read on for our review of Western Alliance Bank CDs to see if they might be a good fit for you.
APY = Annual Percentage Yield
Western Alliance offers some of the highest APYs we've seen across short-term CDs, low $1 minimums, and relatively low withdrawal penalties without any additional fees. But you will need to look elsewhere for terms longer than one year.
3 Mo. APY | 5 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY |
---|---|---|---|---|
5.26% | 5.30% | 5.23% | 5.15% | 5.05% |
Western Alliance Bank CDs have some of the most competitive APYs of any bank on our radar. However, with certificate of deposit (or CD) rates changing frequently, it's always a smart idea to shop around for the best rate when you're ready to open an account.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
If you're in the market to open a CD account, Western Alliance Bank CDs have high yields and some other attractive features. However, like all financial accounts, they aren't a great fit for everyone. Here's a rundown of the pros and cons of Western Alliance CDs so you can decide if opening one might be a smart move for you.
Western Alliance Bank CDs are excellent options for people looking to maximize the yield from their cash. The bank offers some of the most competitive APYs in the industry. Its CDs are FDIC insured to a maximum of $250,000 per depositor, and can be opened online via the Raisin platform with as little as $1.
There are a few drawbacks, however. There are only four CD terms that are currently available to be opened online -- 3, 6, 9, and 12 months -- so it might not be a great choice for CD laddering. There is an early withdrawal penalty equal to 90 days of interest at the CD's interest rate, which is quite standard for CDs but is still important to know. And unlike some CDs that allow you to have interest paid directly to you as it is credited, Western Alliance only allows for a one-time full withdrawal of the CD. So, if you want monthly or quarterly income from your CDs, this might not be the best choice.
Western Alliance Bank CDs are ideal for people who want to maximize the yield from their cash, but don't want to keep it tied up for several years. The bank's CDs can be a good choice for people without a ton of money to get started, as the bank allows CDs to be opened with a minimum deposit of just $1.
Western Alliance Bank also offers the following CD accounts:
APY = Annual Percentage Yield
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
Western Alliance Bank CDs can allow you to maximize the yield on your cash, with a high APY that is locked in for the entire duration. They can be opened easily online, and have a minimum deposit requirement of just $1.
Whether a Western Alliance Bank CD is worth it to you or not depends on a few factors. Specifically, if you're looking for a CD with a term length of one year or less, want to leave interest in the account to compound, and are reasonably sure you won't need to withdraw the money early, a Western Alliance Bank CD can be a great fit.
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