Western Alliance Bank Review: Savings
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Overall institution rating
3.5
Western Alliance Bank is headquartered in Phoenix. It is a member of the Federal Deposit Insurance Corp. and your bank account balances at this institution are protected by FDIC insurance up to a certain amount.
The bank mainly offers commercial and small-business banking products and services, but it does have personal banking products, though only its high-yield savings account is available to open online. The online savings account offers a highly competitive rate, but unlike other high-yield online accounts from other institutions, customer service for the account is available on weekdays only, for limited hours.
We rated only Western Alliance's high-yield savings account because its other personal banking products can only be opened either in person or over the phone or, in the case of certificates of deposits, online but through a third-party broker rather than directly through Western Alliance Bank.
Best for: Savers who want a high-yield online savings account with a very competitive interest rate and who already have an account at another financial institution.
» Want more options? See NerdWallet’s picks for the best savings accounts
Pros
- No monthly fees on some savings accounts.
- Competitive rate on some savings accounts.
- Low minimum opening deposit on some savings accounts.
Cons
- No cash deposit or withdrawals.
- Limited branch access.
- Must already have another bank account to fund your account.
- Cannot open some accounts online.
- Limited customer support phone hours.
Full review
Savings
Savings
Member FDIC
4.5
/5 NerdWallet ratingat Western Alliance Bank
Western Alliance Bank’s High-Yield Savings Premier account is a high-yield online savings account that earns a super competitive 5.31% annual percentage yield. You’ll need to open the account with at least $500, but there are no monthly fees. However, in order to make deposits and withdrawals, you will need to link an external bank account. There’s no way to make cash deposits or withdrawals to this account or even deposit checks.
» COMPARE: See NerdWallet’s picks for the best high-yield online savings accounts
Customer experience
3.0
NerdWallet ratingThe high-yield account is tricky to find on the bank’s website. You have to go to the search bar and type in “HYSA” or “high-yield savings” to see it, though this may be temporary while the bank is building its consumer business, and the page may later become available directly through the navigation menu on the site, according to Alisa Bal, senior marketing director at the bank. But once your High-Yield Savings Premier is open, you can log into it directly from the bank website.
Customer support for the High-Yield Savings Premier account is available by secure messaging and email, and by phone on weekdays for new account inquiries from 6 a.m. to 6 p.m. MST and for existing accounts from 9 a.m. to 5 p.m. EST. Other institutions that offer high-yield online savings accounts offer more expansive hours, including 24/7 customer service. The bank also offers mobile apps for iOS and Android devices, but neither receives good user ratings.
How does Western Alliance Bank compare?
Current Product
 Member FDIC |  Member FDIC | |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 5.31% With $0.01 min. balance for APY | APY 4.60% With $0 min. balance for APY | APY 5.00% With $5,000 min. balance for APY |
Bonus N/A | Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at Western Alliance Bank | Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. How we rate banks, credit unions and other financial service providers.