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Updated: Jan 10, 2024

Western Alliance Bank Savings Account 2024 Review

Our review of the Western Alliance Bank Savings Account looks at the debit card rewards program, account fees, and ways to access the account.
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Editor's Rating
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Online savings accounts can help you grow your money faster if you're earning a competitive rate. 

Western Alliance Bank offers high-yield savings accounts through a partnership with SaveBetter.com. When you open one of these savings accounts, you can earn one of the highest APYs available anywhere. 

Our Verdict

Opening a Western Alliance Bank savings account through SaveBetter.com could be worth considering if you're looking for an outstanding rate. You might consider opening one of these accounts if you:

  • Are focused on getting the best savings rates possible
  • Don't mind opening your account through SaveBetter vs. directly through Western Alliance Bank
  • Would be comfortable managing your savings account online only

Are there better savings accounts out there? Possibly, though it's hard to beat the rates that SaveBetter offers. Of course, you might prefer a different savings account if you want more options for managing your money. 

Overall, we'd recommend Western Alliance Bank's high-yield savings account to anyone who wants to earn one of the highest rates with the lowest minimum deposit requirements when choosing any savings account.

Western Alliance Bank Savings Account Pros & Cons

Pros
  • Earn an amazing interest rate on your balance
  • No monthly maintenance fees
  • FDIC-insured up to the eligible limits
Cons
  • Must open account through SaveBetter.com
  • No ATM card or branch access

Compare Savings Options

Be sure to check out these savings accounts worth considering:

Savings
Checking
CDs

Compare to Other Savings Accounts

Marcus

Marcus is the online banking division of Goldman Sachs. You can open a high-yield savings account here and earn an APY that's solid, though not as high as what you could get with Western Alliance Bank. 

There are no monthly fees and no minimum deposit requirements to meet. Marcus lets you make same-day transfers of $100,000 or less to and from other banks. You can make unlimited withdrawals from savings with no excess withdrawal fees. 

You can manage your Marcus savings account online or through the Marcus mobile app. There's no ATM card, unfortunately. Customer service is available 24/7 if you have questions or need help. 

Synchrony Bank

Synchrony has some of the best rates for high-yield savings accounts, CDs, IRA CDs, and money market accounts. The rates are on par with what you could get through Western Alliance and SaveBetter. 

There are no minimum balance requirements to open an account, which beginning savers might appreciate. You won't pay any monthly maintenance fees either. 

You'll get an ATM card with this savings account, which is a bonus if you ever need to withdraw cash at an ATM. And you can open more than one savings account or CD account to work toward different financial goals. 

CIT Bank

CIT Bank offers multiple savings account options, including the Platinum Savings account. This account earns an exceptional APY when you maintain a minimum balance of $5,000. 

The CIT Platinum Savings account has no monthly maintenance fees and requires a $100 minimum opening deposit. Banking access is available online and through the CIT mobile app.

Compared to Western Alliance Bank, CIT offers more ways to manage money, including checking accounts, money market accounts, and CDs. However, the higher minimum deposit requirements might be too steep for some savers to meet. 

Interest Rates

Online savings accounts can pay much higher rates than traditional savings accounts at big banks or community banks. That's good to know if you're concerned about getting the best APY for your money. 

Western Alliance Bank can offer an impressive rate on its savings account thanks to its partnership with SaveBetter. It's one of the highest APYs that you'll find with any online savings option. 

The catch is that you must open your account through SaveBetter.com to get a higher rate.

Fees

Banks can charge different fees for savings accounts, including monthly maintenance fees and excess withdrawal fees. 

If you're paying out a lot in fees each month, that can cancel out some or all of the interest you're earning on balances. 

Luckily, the Western Alliance Bank account offered through SaveBetter is fee-friendly--there are no fees.

Why are there no fees at all?

That's one of the benefits of opening a savings account with SaveBetter. This savings marketplace platform aims to keep banking fees as low as possible. 

Now, what if you were to open a savings account or another bank account through Western Alliance Bank directly? 

In that case, your account would be subject to a monthly maintenance fee. More importantly, you'd earn a rate that's much lower than what you could get through SaveBetter. 

Account Access

Western Alliance Bank doesn't offer an ATM card with this savings account. Neither does SaveBetter. 

That means no ATM fees to worry about. Now, what about excess withdrawal fees?

Banks can charge those fees when you exceed a certain number of withdrawals from savings each month. A typical withdrawal limit is six transactions before a fee kicks in. 

SaveBetter doesn't charge any fees at all, including excess withdrawal fees. So you won't be penalized if you need to withdraw money from your Western Alliance Bank savings account. 

Access

Western Alliance offers its high-yield savings option through SaveBetter. That means you'll need to go through the SaveBetter website to open your account and to manage it. 

Here's what you'll need to get started:

  • Date of birth
  • Social Security number
  • Residential address
  • Phone number
  • Email address

You'll also need to tell SaveBetter where your opening deposit is coming from. During the account opening process, you'll be prompted to enter your account number and the bank's routing number. 

The minimum deposit to open an account is $1. Accounts are FDIC-insured up to $250,000. 

Once your account is open, you can manage it through the SaveBetter.com website. 

Can you manage this account through Western Alliance Bank's website? No, and there's no SaveBetter mobile app either. You also won't get an ATM card to access savings. 

Whether those are deal breakers for you can depend on how you prefer to manage your bank accounts.