Review
Updated
Fact Checked
Nathan Alderman
Savings accounts exist to keep your money safe from market risks, but what if I told you that you could have the security of a savings product plus an uber-high annual percentage yield (APY)?
That, in a nutshell, is what you get with the Western Alliance Bank High-Yield Savings Premier account. If you're looking for high interest on your savings, read on to see if this account is right for you.
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Ratings Methodology
Rates as
of Apr 26, 2024
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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APY
5.36%
Rate info
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.
Min. To Earn APY
$0.01
- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
- No ATM access
- No wire transfers (inbound and outbound)
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Just know, this isn’t a typical savings account. Western Alliance is FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don’t have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don’t mind a bare-bones banking experience.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Western Alliance Bank High-Yield Savings Premier interest rate
| Account | APY | Minimum Balance to Earn APY |
|---|---|---|
| Western Alliance Bank High-Yield Savings Premier | 5.36% | $0.01 |
Data source: Western Alliance Bank.
This savings account offers one of the highest APYs we've seen. You only need to maintain a minimum balance of just $0.01 in the account once it's open, too -- but of course, the more you keep in it, the more you'll earn in interest.
Full Western Alliance Bank High-Yield Savings Premier review
The Western Alliance Bank High-Yield Savings Premier combines security with a jaw-dropping interest rate to give you a savings account that can potentially outpace annual inflation. With that in mind, let's take a look at its strengths and weaknesses.
Top perks
Competitive APY: The 5.36% annual percentage yield (APY) is one of the highest we've seen, much higher than most national banks. With the national savings deposit rate at 0.46, that means Western Alliance Bank's savings account rate is more than 11X higher than the national average.*
Low minimum balance to earn APY: Many high-yield savings accounts require minimum balances, which could range from $100 to $5,000 or more. While it takes $500 to open a new account, earning this account's APY of 5.36% only requires you to keep $0.01 in your savings account at all times.
No account activity or maintenance fees: You don't have to pay fees to open or maintain an account.
No federal cap on withdrawals. Most high-yield savings accounts are capped at six withdrawals per month, after which you'll pay a fee to withdraw again. But when you get a Western Alliance Bank High-Yield Savings Premier account, there's no withdrawal cap.
Deposit insurance: Money saved at Western Alliance Bank is FDIC insured. This covers each depositor up to $250,000.
What could be improved
No ATM access. A Western Alliance Bank High-Yield Savings Premier doesn't give you a debit card or access to ATMs. The only way to access money is to transfer it online into an external account.
Minimum deposit required to open. You need at least $500 to open this account. Once you meet that opening threshold, you only need $0.01 to keep earning at the advertised APY.
You can link only one external account. Changing this linked external account can take up to 30 business days. This could pose a problem if you have multiple bank accounts and are trying to transfer money into one high-yield savings account.
How to access your money
Here's how you can deposit and withdraw money from your Western Alliance Bank High-Yield Savings Premier account.
Deposit options
Currently, your deposit options are limited to electronic transfers from your linked bank account. That differs from other savings accounts, which may allow you to deposit funds through checks and wire transfers.
Withdrawal options
You can withdraw money through an electronic transfer into an external account, which could take one to three business days. You can only connect one external account at a time, and changing which external account you link to can take up to 30 business days.
The Western Alliance Bank High-Yield Savings Premier is right for you if:
- You want to earn the most APY without paying account activity or maintenance fees or maintaining a minimum balance greater than $0.01.
- You don't need immediate access to your savings and can wait a few business days for money to transfer out of your account.
- You're comfortable leaving your money with an online bank and don't need brick-and-mortar services or ATM access.
To find a savings account that's right for you, check out our list of the best high-yield savings accounts.
Keep reading about Western Alliance Bank
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Yes, Western Alliance is a safe place to deposit your money. The bank has over $70 billion in assets, ranking it among top banks. Depositors also have up to $250,000 in FDIC insurance.
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No, this savings account is available through Western Alliance Bank, not the financial platform Raisin.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
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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*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 3/19/2024. See the FDIC website for more information. https://www.fdic.gov/resources/bankers/national-rates/index.html
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