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Western Alliance Bank, a subsidiary of Western Alliance Bancorporation, is an FDIC-insured bank headquartered in Phoenix. It offers small business, commercial, and personal banking products and services across several divisions.
Western Alliance currently offers the following banking products:
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Personal checking: This is a standard checking account option with a minimum opening deposit of $100 and a monthly service fee of $5. It’s possible to get the fee waived if you have one monthly recurring direct deposit, or if you maintain a daily balance of $500. This account also offers access to the Moneypass ATM network and a debit card.
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Personal interest checking: This interest-bearing checking account has a minimum opening deposit of $100 and a monthly service charge of $10. However, Western Alliance Bank waives this for customers age 55 and older, as well as customers who maintain a daily balance of at least $1,500.
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Personal savings account: Western Alliance’s most basic savings account can be opened with a minimum deposit of $100. This account does charge a monthly service fee of $3, but it can be waived if you maintain a minimum daily balance of $250 or if you’re a minor under 18 years of age. This account also comes with a debit card and ATM access.
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High-yield savings premier: This account currently boasts 4.81% APY — more than 10 times the national average. To open this account, customers need a minimum opening deposit of $500. There are no fees associated with this account, but it does not come with a debit card or checks. To make withdrawals, you’ll need to log in to your online portal and transfer funds into a linked bank account.
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Personal money market account: Western Alliance’s money market account requires a minimum opening deposit of $100 and a minimum daily balance of $0.01 to earn the advertised rate. This is a tiered-rate account, so your APY depends on how much money you keep in your account. There is a $10 monthly service fee that can be waived by maintaining a daily balance of $2,500.
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Personal certificates of deposit (CDs): CDs require a minimum opening deposit of $1,000. Accounts automatically renew for the same CD term length if you don’t withdraw your funds once your CD matures. For more information on rates and fees, contact your local branch.
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Personal IRA savings: Western Alliance customers can save pre-tax dollars for the future by opening an IRA with as little as $100. There is no monthly service charge for these accounts. To earn interest on your balance, you must maintain a balance of at least $50.
Read more: 10 best high-yield savings accounts available today
Here’s a closer look at the typical account fees Western Alliance Bank charges (note: exact fees are dependent on your branch):
There are a few major pros and cons to consider before becoming a Western Alliance Bank customer.
Pros:
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Offers a variety of products and services: In addition to its small business and commercial banking products, Western Alliance Bank offers a variety of personal banking products that make it easy for customers to keep all of their accounts in one place.
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Competitive high-yield savings account rate: The high-yield savings account earns an impressive 4.81% APY, which is 10 times the national average.
Cons:
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Monthly fees for most deposit accounts: Western Alliance Bank’s deposit accounts come with monthly service fees, which can eat into your interest earnings and account balance. However, these fees can be waived if you meet certain requirements.
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Low mobile app rating: The bank’s mobile apps have low user ratings on the App Store and Google Play. Many customers have complained about having issues logging into their accounts on the mobile app.
Read more: 10 best mobile banking apps of 2024
Customer support specialists are available via phone Monday through Friday from 6 a.m. to 6 p.m. PST and Saturdays from 8 a.m. to 2 p.m. PST. Customers can also reach out via email.
Those who prefer to bank via mobile app can download Western Alliance Bank’s mobile app on the App Store and Google Play. The app has a rating of 1.4 and 2.5 stars, respectively. Customers can use the app to check account balances, transfer funds between accounts, deposit checks, pay bills, and find nearby branches.
In its most recent corporate responsibility report, Western Alliance Bank highlights the strides it’s made toward reducing its negative environmental impact. The bank has committed to eliminating single-use water bottles among its more than 3,000 employees, promoting energy efficiency in office spaces through use of LED and motion detector lighting and high-efficiency HVAC units, encouraging recycling and separation of waste in its offices, and more.
Read more: What is sustainable banking?
Yes. Western Alliance Bank is an FDIC-insured bank, which means your deposits are protected up to $250,000 per depositor for each account ownership category.
Yes. Western Alliance Bank offers a mobile app available for download on the App Store and Google Play.
No. Western Alliance’s personal customer support team is available Monday through Friday from 6 a.m. to 6 p.m. PST and Saturdays from 8 a.m. to 2 p.m. PST.