Western Alliance Bank review 2024: High-yield rates via Raisin, but mixed offerings overall

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Western Alliance Bank focuses primarily on business banking but also offers personal banking products. Its savings and CD accounts, especially those offered through Raisin, provide competitive yields and have varying account terms.

Some come with high minimum deposit requirements and monthly maintenance fees. Western Alliance Bank does offer in-person banking options in several states, which may be appealing if you prefer branch access. 
 

About Western Alliance Bank

Western Alliance Bank operates multiple banking divisions under various brand names, primarily focusing on commercial banking, serving industries such as aerospace, defense, and commercial real estate.

However, the financial institution has also been expanding its consumer banking services, providing accounts you can open directly through the Western Alliance website and accounts exclusively offered through Raisin.

Raisin, previously known as SaveBetter, is a no-fee service for opening accounts at multiple banks. It partners with FDIC-insured banks and credit unions, but instead of opening accounts with each of them separately, you open them through Raisin, and you can easily keep track of your funds.

Western Alliance Bank accounts

Western Alliance offers multiple personal banking products, including checking accounts, savings accounts, money market accounts, and CDs. The bank's best offers are exclusively sold through Raisin, although the company advertises some personal banking products on its own websites.

Rates are accurate as of September 2024.

Checking accounts

Western Alliance offers two checking accounts: Personal Checking and Personal Interest Checking. Both provide unlimited debits, credits, and deposits each month.

Unfortunately, both also come with monthly service fees, although the amounts differ. The interest-bearing account costs $10 monthly, and the basic account charges $5 monthly.

To waive the fee, the Personal Checking account requires a monthly recurring balance of $500 or a monthly recurring direct deposit. The Personal Interest account requires a $1,500 minimum daily balance to waive the fee unless you are 55 and over, in which case no fee applies.

Western Alliance's Personal Checking account pays no interest, while the Personal Interest checking account offers tiered interest rates depending on your account balance. Here are the APY tiers as of September 2024:

• $0 to $9,999.99: 0.25%
• $10,000 to $99,999.99: 0.30%
• $100,000 to $249,999.99: 0.45%
• $250,000 - $499,999.99: 0.55%
• $500,000: 0.65%

Savings account

Western Alliance offers three savings accounts: a Personal Savings account, a High-Yield Premier Savings account, and a high-yield savings account exclusively through Raisin.

The Personal Savings account offers ATM access with a low $100 minimum deposit but charges a $3 monthly fee unless you're under 18 or maintain a $250 minimum daily balance. It also pays a low APY of 0.05%, so most people will find other accounts more worthwhile.

Instead, the Western Alliance savings account powered by Raisin is the best option for those looking for high rates and favorable terms. It offers a highly competitive 5.22% APY, has just a $1 minimum deposit requirement, and charges no maintenance fees.

Western Alliance's High-Yield Savings Premier offers an even higher rate at 5.31% APY as of September 2024. This account requires a $500 minimum deposit to open but does not charge monthly fees.

Money market account

Western Alliance offers a money market account that provides check-writing capabilities and online banking with bill pay. To open the account, you must deposit a minimum of $100 and maintain a minimum daily balance of $2,500 to avoid a $10 monthly service fee.

Western Alliance offers a tiered rate on its money market account, with customers who maintain the highest balances earning the best rate. Here's the APY you can expect to earn as of September 2024:

• $0 to $9,999.99: 0.55%
• $10,000 to $99,999.99: 0.55%
• $100,000 - $249,999.99: 0.55%
• $250,000 - $999,999.99: 0.65%
• $1,000,000 – $4,999,999.99: 1.00%
• $5,000,000 - $9,999,999.99: 1.20%
• $10,000,000 and up: 1.40%

CDs

Western Alliance advertises personal CDs through its website with a $1,000 minimum deposit requirement and APYs ranging from 0.90% to 1.26%. With such a high minimum deposit and low rates, you’ll likely find better options elsewhere.

However, Western Alliance also offers high-yield CDs through Raisin, with some of the most competitive rates in the industry and a $1 minimum deposit requirement. These products are well worth considering. Here are the APYs available from Western Alliance through Raisin.

Other Western Alliance Bank products and services

In addition to these financial products, Western Alliance also offers Individual Retirement Accounts (IRAs). An IRA is a tax-advantaged retirement savings plan that you can access penalty-free after age 59 ½.

These IRA accounts come with no monthly service charge, and you can open one with as little as a $100 deposit. You can choose from a traditional, SEP, or Roth IRA and will earn interest on funds held within your account as long as you maintain a minimum daily balance of at least $50.

While this is the extent of the personal banking products Western Alliance offers, the company is primarily a commercial bank that works with businesses and offers a wide range of financial services to businesses of all sizes.

Products targeted to its business customers include asset-based lending, commercial credit cards, commercial loans and lines of credit, equipment financing, specialized mortgage services, venture lending, business checking and savings accounts, and treasury management.

Western Alliance Bank could be ideal for customers who run a large or small business and want to keep their personal and business accounts with the same financial institution.

Western Alliance Bank fees

Western Alliance Bank charges higher fees for many accounts compared to some competitors. For example, Western Alliance charges a $10 daily overdraft fee, though some customers can avoid this by establishing a line of credit.

Western Alliance also charges monthly maintenance fees on many accounts, and waiving them can require maintaining a high minimum balance or being under or over a certain age.

Here are some common fees you can expect with Western Alliance.

• Monthly maintenance fees: $0 to $10, depending on the account
• Stop payment fee (in branch): $30
• Stop payment fee (online): $20
• Incoming domestic wire: $14
• Outgoing domestic wire: $35
• NSF fee: $35
• Overdraft fee: $10 per day beginning on the second day after the account becomes overdrawn

Western Alliance Bank banking experience

Western Alliance Bank's website is challenging to navigate, and it doesn't clearly explain how to open many of its accounts online. Its apps are also low-rated, and many customers experience problems with mobile banking services.

Online and mobile banking platform

Western Alliance's website lacks information on opening most accounts, including personal checking accounts and CDs.

However, after opening your account, you can enroll in online banking on the company website to access services such as viewing account balances, setting up online bill pay, transferring funds between accounts, and viewing electronic statements. Unfortunately, online chat is not available, a feature that many banks offer these days.

The bank's apps receive low marks on both the Google Play and Apple App Store. Google Play store customers give Western Alliance's app 2.8 out of 5 stars, citing problems with logging in and accessing the app. Apple users awarded the app just 1.5 out of 5 stars, describing the app as "useless" and "too limited" in its features.

If you’re looking for a robust online banking experience, you’re better off looking elsewhere.

Customer service

Western Alliance provides telephone support Monday through Friday from 6:00 a.m. to 6:00 p.m. PST and Saturday from 8:00 p.m. to 2:00 p.m. PST.

You can get in-person support at branches in California, Nevada, and Arizona. These locations are generally available during regular business banking hours. Visiting a branch in person is one of the main benefits of a traditional bank account vs. an online bank account.

Account security

Western Alliance Bank is a member of the FDIC and provides detailed information online about its privacy policies and how it keeps your information safe, including the information the bank shares with partners.

How Western Alliance Bank stacks up

Some Western Alliance products offered through Raisin are very competitive with others in the industry, including some of the best online banks. Other products the bank advertised on its website can be expensive and difficult to sign up for. Let’s see how Western Alliance compares to other banks.

Interest rates

Western Alliance Bank’s interest rates vary significantly depending on the account. The savings and CD products offered through Raisin are the most competitive, with some of the highest yields available in the current market. For example, Western Alliance’s 6-month CD through Raisin currently offers a 5.30% APY, among the industry's highest.

However, the APYs on the bank’s own branded savings and money market accounts are generally lower than many competitors.

Fees

Similar to the interest rates, Western Alliance Bank’s fee structure is mixed. The accounts available through the Raisin partnership tend to have low or no monthly maintenance fees and minimal other charges.

Western Alliance’s consumer banking products have higher monthly fees that can be difficult to waive. The bank’s personal checking accounts have $5 to $10 monthly fees unless customers meet certain balance or direct deposit requirements.

Minimum deposits

The minimum deposit requirements vary greatly between Western Alliance's Raisin-offered products and its branded accounts. The Raisin savings and CD accounts can be opened with as little as $1, making them highly accessible.

However, Western Alliance's personal banking accounts, such as the money market account, require initial deposits of $100 or more, with ongoing balance thresholds to avoid monthly fees. Many online banks offer accounts with low or no minimum balance requirements, so you may be better off with a different account if none of the Raisin options appeal to you.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

Here are some of the factors that influenced this bank’s overall score:

The bottom line

Western Alliance Bank's products offered on its website have high fees, low APRs, and monthly maintenance fees that can be difficult to waive. However, many online bank accounts provide better terms.

However, Western Alliance Bank's products exclusively offered through Raisin have some of the most competitive rates in the industry, with no minimum deposits and low fees. If you want to do business with Western Alliance Bank, the CD and high-yield savings accounts offered through Raisin are great options.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.