Updated
Fact Checked
Nathan Alderman
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.
Western Alliance Bank CD Rates for 2024
Rates as of April 25, 2024
APY = Annual Percentage Yield
Western Alliance Bank CD
Bottom Line
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.
MINIMUM DEPOSIT $1
| 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% |
Compare Western Alliance Bank CD rates
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.
Rates as of April 25, 2024
| 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 |
Details of Western Alliance Bank CDs
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.
Pros and cons of Western Alliance Bank CDs
Pros
- High APYs
- FDIC insured
- $1 minimum deposits
Cons
- Limited withdrawal options
- Early withdrawal penalties
- Few terms available online
Western Alliance Bank CD review
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.
Who is a Western Alliance Bank CD right for?
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.
Other Western Alliance Bank CD accounts
Western Alliance Bank also offers the following CD accounts:
- Business CDs ranging from 30 days to 60 months
Bottom line: Western Alliance Bank CD rates
Western Alliance Bank CD
- 3 APY: 5.26%
- 5 APY: 5.30%
- 6 APY: 5.23%
- 9 APY: 5.15%
- 12 APY: 5.05%
Rates as of April 25, 2024
APY = Annual Percentage Yield
Term
Western Alliance Bank CD
3 Mo.
5 Mo.
6 Mo.
9 Mo.
1 Yr.
5.26%
5.30%
5.23%
5.15%
5.05%
Keep reading about Western Alliance Bank
Our CDs methodology
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.
FAQs
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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.
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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.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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