Western Alliance Bank Review: Pros, Cons, & Alternatives

Western Alliance Bank, Member FDIC offers a full lineup of banking solutions for consumers. Individuals can tap into Western Alliance Bank’s High-Yield Savings Premier account.

Access to high-quality banking products is critical for consumers. After all, everyone wants to get the most value out of managing their money.

Whether you are looking for a top annual percentage yield (APY) on your savings or a suite of banking tools, this Western Alliance Bank Review can help you decide if this bank is the right fit for your situation.

Western Alliance Bank is a subsidiary of Western Alliance Bancorporation which, in terms of assets, is the 37th largest bank in the United States.

The Phoenix-based bank is focused on supporting business owners. Their bank advisors understand a range of different industries, including manufacturing, professional services, technology and more. 

For the purposes of this review, we will take a look at Western Alliance Bank’s small business offerings, as well as its consumer high-yield savings account, which is one of the most competitive out there currently.

High-Yield Savings Account

Western Alliance Bank has a savings account for consumers with a 4.30% APY* called High-Yield Savings Premier. The account comes with FDIC insurance, a minimum opening deposit of $500, and no account activity or maintenance fees.

While this is one of the top APYs available, it’s not always the very best on the market. To explore other options, check out our favorite high-yield savings accounts. 

We love the Western Alliance High-Yield Savings account not just because of its high rate, but also because it’s one of the few online savings accounts that offers a joint account.

Certificates Of Deposit

In partnership with Raisin, Western Alliance Bank also has some compelling Certificates of Deposit (CDs). These accounts operate very similarly to the high-yield savings account described above.

You can open the account through Raisin’s platform, but your money is held at Western Alliance Bank. Check out the current offerings here >>

Business Checking Accounts

Western Alliance Bank offers several different small business checking accounts, making it easy to find one that fits your needs. Here’s a breakdown of the available accounts¹:

• Business Checking²: The basic checking account allows up to 200 items per statement cycle³ and requires a minimum opening deposit of $100. 
• Business Interest Checking²: This account is ideal for those who want to earn interest on their daily account balance. Like the basic account, it allows up to 200 items per statement cycle³ and a minimum opening deposit of $100. Unfortunately, the bank doesn’t indicate what interest rate you would earn on your funds. 
• Business Advantage Checking²: The Advantage checking account includes up to 500 items per statement cycle and requires a minimum opening deposit of $100. The upgraded account gives you access to customized accounts payables and receivables solutions. Plus, the fees are waived for the first $10,000 in monthly cash deposits. 
• Analyzed Business Checking²: This checking account offers consolidated monthly reporting of your banking activities to help you track banking costs and find ways to optimize. In addition, treasury management services are integrated into the account. 
• Specialty Checking Accounts²: Western Alliance Bank offers options for nonprofit accounts, political campaign accounts, and Interest on Lawyers Trust Accounts.

The right business checking account will depend on your specific business needs. But as you can see, you’ll have plenty of choices if you decide to sign up with Western Alliance Bank.

Business Savings Account

The final account we will cover is Western Alliance Bank’s Business Savings Account⁴, which requires a minimum opening balance of $1,000. Note that if you maintain this minimum balance on a monthly basis, Western Alliance will waive the service fee. 

The account includes access to online banking, where you can make up to 25 deposits per month. While the bank says it offers competitive interest rates, it doesn’t elaborate on what those interest rates are.

Many Western Alliance Bank accounts have fees attached. Below is a closer look at some of the fees you should expect:

• High-Yield Savings Premier: No monthly maintenance fees or account activity fees.
  Business Checking: Although there is a $16 monthly fee, you can have it waived if you maintain a minimum daily balance of $2,500. 
• Business Interest Checking: Monthly service fee can be waived by maintaining a minimum daily balance of $5,000; also waived for 501(c)(3) organizations.
• Business Advantage Checking: Monthly service fee waived when average collected monthly balance between all accounts meets or exceeds $50,000. 
• Analyzed Business Checking: The account advertises that this account is designed to help you reduce or eliminate your monthly fees. 

Western Alliance’s savings account APY of 4.30% is very competitive. And since the account is offered online, signing up is easy. However, Columbia Bank and American First Credit Union are both currently similar APYs to Western Alliance Bank. So if you want to get the most bang for your buck, you may want to consider what the competition has to offer.  

While Western Alliance Bank offers an impressive array of business checking account options, the bulk of these accounts seem geared toward specialized organizations or medium sized businesses. In other words, they might not be the best fit for a freelancer or solo entrepreneur.

If you are looking for a more tailored experience for your self-employed business venture, Found Business Banking might be a better fit.

If you are interested in the High-Yield Savings Premier account offered by Western Alliance Bank, you need to be a U.S. Citizen or permanent resident and be 18 years or older. Please have the following information available when you begin your application:

1. Social Security Number
2. Current U.S. residential address (P.O. Box is not acceptable)
3. Valid email address
4. Mobile number with SMS capabilities
5. Existing checking or savings account login information
6. Open with $500 to fund your new High-Yield Savings Premier account

If you are interested in the business checking products, you’ll sign up directly with Western Alliance Bank. Select the account you want to sign up for and be prepared to provide some basic information about your business. You’ll need your name, business name, EIN, and funding account information to get started. 

Western Alliance Bank is an FDIC Member institution. With that, your funds are protected for up to $250,000 per account type. The peace of mind provided by FDIC insurance is a key feature when choosing any kind of banking product. 

Need to get in contact with Western Alliance Bank about its High-Yield Savings Premier account? You can call 866-347-1476 Monday through Friday from 7 AM to 6 PM MST.