Western Alliance Bank CD Rates of July 2024

Western Alliance Bank®, Member FDIC, typically a business-focused bank, has partnered with Raisin to offer customers personal certificates of deposit (CDs). You’ll have to go through the Raisin website to start your account, which may seem strange to new customers, but the application process is relatively simple and the rates on short-term CDs are very competitive. 

Account details and annual percentage yields (APYs) are accurate as of June 13, 2024.

About Western Alliance Bank CDs

Western Alliance Bank High-Yield certificates of deposit are offered through an online banking comparison platform called Raisin. It has banking offers that the banks may not be offering directly. It can seem a little weird to open a bank account through a third party, but Raisin is a legit company and these CDs are the real thing. 

The CDs are insured by the Federal Deposit Insurance Corporation (FDIC) through Western Alliance Bank for up to $250,000 per account, per owner. Raisin is SOC 2 certified which means they have met the cybersecurity requirements of the American Institute of Certified Public Accountants (AICPA) that ensures that all your personal data is secure. 

Western Alliance CDs via Raisin are available in terms between three months to 12 months, with rates between 4.75% to 5.05% APY — and you can get started for as little as $1. If you’re comfortable going through two organizations to get one certificate of deposit, there is little reason to not consider it. 

OVERVIEW
Minimum deposit	$1
Term lengths	3, 5, 6, 9 and 12 months
Compounding schedule	Daily
Early withdrawal penalty	90 days’ simple interest
Grace period for penalty-free withdrawals after maturity	7 days

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How much can you earn with a Western Alliance Bank CD

The details of a CD, including its yield, minimum deposit requirements, interest payment schedule, and fees, depend on the issuer and whether you purchase it new. The available yields are listed in the table below.

CD TERM	APY
3 months	5.05%
5 months	5.00%
6 months	4.95%
9 months	4.90%
12 months	4.75%

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With our CD calculator below, you can run the numbers to see how much you’d earn.

How to get a Western Alliance Bank CD 

Before you can open a CD at Western Alliance Bank, you will have to make a free account on Raisin. Raisin is an online banking platform that partnered with Western Alliance Bank, in addition to many other banks.  

Once you have selected a term length for your CD, you will create your account by sharing your name and email and creating a password. 

From there you will have to complete a form that asks for personal information such as your address, date of birth and Social Security number.  

Finally, you will digitally sign an agreement to receive electronic communications.

And you are ready to open your CD!

How Western Alliance Bank CD rates compare

Western Alliance Bank offers highly competitive rates, even when compared to other high-yield CDs (Marcus by Goldman Sachs High-Yield certificates of deposit, Sallie Mae certificates of deposit and Third Federal certificates of deposit). You can also compare these rates with the best CD rates here. 

TERM	WESTERN ALLIANCE BANK HIGH-YIELD CD RATES	MARCUS BY GOLDMAN SACHS HIGH-YIELD CD RATES	SALLIE MAE CD RATES	THIRD FEDERAL STANDARD CD RATES
6 months	4.95% APY	5.10% APY	4.80% APY	3.00% APY*
9 months	4.90% APY	5.00% APY	4.85% APY	N/A
12 months	4.75% APY	5.15% APY	5.15% APY	N/A APY*
24 months	N/A	4.40% APY	4.50% APY	1.50% APY*

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^{*Rates may differ depending on location. These rates were found using the ZIP code 78705.}

Other products Western Alliance Bank offers

Through Western Alliance Bank directly, there’s also the Western Alliance Bank High-Yield Savings Premier account. It has a 5.31% APY¹ and a $500 minimum opening deposit. 

You can also open a variety of business accounts with Western Alliance Bank, including:

• Business Checking & Savings.
• Business Credit Cards.
• Business Online banking.
• Commercial Loans & Credit.
• Small Business Loans.

As well as the following personal accounts at one of Western Alliance Bank’s regional division branches:

• Personal Checking & Savings.
• Personal Loans.
• Personal Credit Cards.

Western Alliance Bank review

Western Alliance Bank, the primary subsidiary of Western Alliance Bancorporation, offers accounts and financial tools to a variety of businesses. If you don’t live in a city where they physically operate, you can access most services through their website or app.

The app allows members to access their accounts readily on their phones. The reviews throughout the Google Play store are mixed, with an average of 3.3 out of 5 stars. Customers praise its ease of access while they complain about glitches in the app itself. 

The bank is known for its high rates and low minimum requirements (only $1 to open a High-Yield CD on Raisin and $500 minimum deposit to open a High-Yield Savings Premier account). American Banker and Bank Director even ranked it as a top U.S. Bank in 2022 and 2023.  

Frequently asked questions (FAQs)

^{¹5.31% annual percentage yield (APY) is accurate as of 07/11/2024 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.}