Western Alliance Bank Review: High-Yield Savings Accounts With Low Minimums
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
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Earn a high APY and manage savings without restrictions with Western Alliance Bank's fee-free savings account.
Western Alliance Bank is a full-service bank headquartered in Arizona with a footprint extending to Nevada and California. Its High-Yield Savings account is fee-free and pays a competitive APY on balances over $0.01. GOBankingRates has ranked it among the Best Banks of 2025 in the category of Best High Yield Savings Accounts.
The Western Alliance Bank High Yield Savings account is an attractive option if you’re looking for a place to store funds you don’t need soon. With an APY higher than most other HYSAs, your money can grow faster, making it easier to meet your goals sooner.
Western Alliance Bank Checking Accounts
Western Alliance Bank offers two checking accounts. The Personal Checking account requires a $100 opening deposit, and you must maintain a monthly daily balance of $500 to waive the $5 service fee. The Personal Interest Checking also requires a $100 deposit, and the $10 service fee is waived if you are 55 or older or maintain a daily balance of at least $1,500.
- Both checking accounts require a $100 opening deposit.
- Unlimited number of checking transactions with both accounts.
- Personal Interest Checking earns interest.
- FDIC insured.
- Both accounts have monthly maintenance fees but are waivable if you meet the requirements.
Best For
High-Yield Savings Accounts
No Account Fees
Great APYs
Investment Services
Enjoy Unlimited Transactions
Western Alliance Bank’s checking accounts offer low minimum deposits and waivable fees, making them a good option for those who meet the balance requirements.
Fees
$5 to $10 monthly
APY
Up to
Min Opening
$100
Pros
- Low minimum deposit
- Low monthly maintenance fees
- FDIC insured
Cons
- High minimum balance requirements to waive fees
- Limited physical presence
Why We Like Western Alliance Bank
Western Alliance Bank offers two checking account options with higher minimum daily balance requirements to waive fees. Both accounts provide unlimited transactions and FDIC insurance.
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Western Alliance Savings Accounts
Western Alliance Bank has two savings accounts: Personal Savings and High-Yield Savings Accounts. The Western Alliance Bank High-Yield Savings account shines with its impressive APY. In addition to earning a competitive rate on all balances, the account provides easy access to your funds once your linked account is set up, giving you the flexibility to manage your savings without restrictions.
GOBankingRates has ranked it among the Best Banks of 2025 as a Best High-Yield Savings Account.
- Minimum deposit of $500.
- A minimum daily balance of $0.01 is required to earn interest.
- Interest is paid out monthly.
- Option to open an individual or joint account.
Best For
High-Yield Savings Accounts
No Account Fees
Great APYs
Investment Services
Earn High Returns With a Low Minimum Deposit
The Western Alliance Bank High-Yield Savings Account offers one of the highest APYs available, with no minimum balance required to earn interest.
Fees
No monthly service fee
APY
Min Opening
$500
Pros
- High APY
- There is a low minimum deposit to open and no minimum balance to maintain
- FDIC insured for $250,000 for a single account, $500,000 for a joint account
Cons
- Little to no branch access
- Have to open an account on a third-party platform
- Fee schedules and other account disclosures are not published online
Why We Like Western Alliance Bank
Western Alliance Bank provides a high-yield savings option with standout rates and no monthly fees. While the account is primarily online, the combination of strong returns and low barriers to entry makes it worth considering.
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Western Alliance Money Market Accounts
Western Alliance Bank has a single money market account. It requires a $100 deposit and a minimal daily balance of $0.01. A monthly service charge is associated with the account but can be waived.
- Minimum deposit of $100.
- A monthly service charge of $10 if your daily balance is less than $2,500.
- The Personal Money Market account has a tiered-rate.
- FDIC insured.
- Online banking is available.
Best For
High-Yield Savings Accounts
No Account Fees
Great APYs
Investment Services
Low Minimum Deposit to Start Earning Interest
Western Alliance Bank’s Personal Money Market account offers a low $100 deposit requirement and allows you to earn interest with a minimal balance. However, a higher daily balance of $2,500 is needed to avoid monthly service fees.
Fees
$10 waivable monthly fee
APY
Up to
Min Opening
$100
Pros
- Low minimum deposit
- Low minimum daily balance to earn interest
- FDIC insured
Cons
- Rates are not easily found online
- Limited physical presence
- Having a daily balance of $2,500 may be too high for some for a fee waiver
Why We Like Western Alliance Bank
Although Western Alliance Bank offers a money market option, customers may find the $2,500 daily monthly balance too high to waive the fees. In addition, customers may find it frustrating to determine if this account is a good fit since APYs and interest rates are hard to find on the site.
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Banking Experience
You can contact customer service by calling 1-888-995-2265 Monday through Friday from 6 a.m. to 6 p.m. PST or Saturday from 8 a.m. to 2 p.m. PST. You can also reach out via email for customer service.
You can download Western Alliance Bank’s app on the App Store or Google Play. On Google Play, Western Alliance scored 2.5 out of 5 stars. In the App Store, it was rated 1.5 out of 5 stars.
Comparable Banks
When choosing a high-yield savings account, it’s helpful to consider more than the APY. Features like account access and customer service also play a key role in convenience, but fees can chip away at your balance. Here’s how Western Alliance Bank’s account compares to similar accounts at other banks.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
None
No monthly service fee
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$500
$0
$0
Western Alliance Bank vs. BMO Alto
BMO Alto’s Online Savings Account pays a higher-than-average APY. You can open an account with $0, but it must be funded within 90 days. No fees are associated with this account, and you can transfer money in and out of the account through the mobile app or website.
Western Alliance Bank vs. Marcus by Goldman Sachs
Marcus by Goldman Sachs has an online savings account with a competitive APY, currently . No minimum deposit or balance is required to open and maintain the account, and you enjoy same-day transfers for deposits less than $100,000. You can manage your account through the bank’s website and mobile app.
Western Alliance Bank vs. SoFi®
SoFi is an exclusive online bank with fee-free checking and a high-yield savings account with other financial products, including loans and investment tools. Western Alliance Bank is a traditional financial institution offering a range of personal and business banking services, including checking, savings, loans and money market accounts, with the option for in-person support at regional branches.
Final Take
If you’re saving for a down payment, vacation or wedding, the Western Alliance Bank High-Yield Savings account is a good choice. The high APY and fee-free structure can help you reach your savings goal sooner, and you’ll have convenient access to your money if you need to tap into your savings for an emergency. The minimum deposit to open the account is higher than you’ll find at similar banks, but it may be worth the price if you want the higher interest rate.
Western Alliance Bank FAQ
- Does Western Alliance Bank use Zelle?
- Yes, Western Alliance Bank offers Zelle on its digital platform.
- Is Western Alliance Bank only for business?
- No. Western Alliance has personal banking products, including checking, savings, money market accounts and CDs.
- Does Western Alliance Bank charge fees?
- Western Alliance does have monthly maintenance fees for its checking, savings and checking accounts, but these can be waived if you meet specific requirements.
- Is my money safe at Western Alliance Bank?
- Yes, at Western Alliance Bank funds are FDIC insured. Funds are insured up to $250,000 per depositor, per category.
Allison Hache contributed to the reporting for this article” above disclaimers if there is a contributor author.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024.
To determine rankings GOBankingRates looked at the following factors from all banks: (1) minimum deposit to open an account; (2) monthly savings fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn APY; (4) savings APY; and (5) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (2) and (3) weighed 1.5 times, factor (4) weighed 4 times; and factor (5) weighed 0.5 times. To be considered for the HYSA, the product offered had to have an APY above 0.45%. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024.
