Western Alliance Bank Assessment: A Comparison of its Standard and Premium Banking Offerings
Western Alliance Bank offers a range of financial products that can help you make your money work harder. Their High-Yield Savings Account offers one of the highest rates among their top picks, and with their other solid offerings, you can manage all your banking needs in one place.
Western Alliance Bank Review
Western Alliance Checking Accounts
Both Western Alliance Personal Checking Account and Western Alliance Personal Interest Checking Account come with similar features, including the option to avoid monthly service fees by maintaining a minimum daily balance.
Although a no-fee checking account is less desirable, Western Alliance's high-yield savings account is one of the best available. If you opt for Western Alliance for your savings, you may find it convenient to maintain a minimum balance, as your checking and savings accounts are both digital. Additionally, the Personal Interest Checking account allows you to earn interest on your balance, which is always a welcome feature.
Here's how these checking accounts compare:
Personal Checking Account
- $100 opening deposit requirement
- The monthly service fee of $5 can be waived by maintaining a daily balance of at least $500 or a monthly recurring direct deposit.
- Does not earn interest
Personal Interest Checking Account
- $100 opening deposit requirement
- The monthly service fee of $10 can be waived if a daily balance of at least $1,500 is maintained or if the account holder is 55 or older.
- Tiered interest rates (contact institution for details)
Western Alliance Savings Accounts
Western Alliance provides both a traditional and high-yield savings account, with the APY for the Personal Savings Account obtainable upon account opening.
The Western Alliance High-Yield Savings Account, available through Raisin's online savings platform, offers one of the highest rates on the market. There is no limit on the balance that earns the APY, and you can make unlimited withdrawals.
The account has no fees, including overdraft and monthly maintenance fees, and requires only a minimum deposit of $1 to open.
Raisin is a savings platform that manages your deposits, withdrawals, bank statements, and customer service. Your funds are FDIC-insured, and Raisin uses encryption and multi-factor authentication to protect your money.
Western Alliance Certificates of Deposit
Raisin also offers Western Alliance High-Yield CDs with terms ranging from three months to one year and high APYs. This makes the bank a good option for short-term goals. All of the bank's CDs require a minimum opening deposit of $1 and impose an early withdrawal penalty of 90 days simple interest.
Other products offered
Western Alliance provides a variety of products, including personal accounts, small business, and commercial options.
- Personal IRA Savings
- Personal Money Market
- Small Business Checking & Savings
- Small Business Credit Cards
- Small Business Loans
- Fraud Protection
- Mobile & Online Banking
- Business Checking & Savings
How does Western Alliance Bank compare
While Western Alliance Bank is known for its extensive banking options, it may not be suitable for everyone. Other banks also provide a wide range of banking services, with unique features to consider.
The LendingClub Rewards Checking Account provides 1% unlimited cash back on qualified purchases with a debit card, while the LendingClub High-Yield Savings Account offers a high APY with a $100 opening deposit requirement and no monthly fees. Both accounts have no overdraft or maintenance fees and require a minimum opening deposit of only $25. The LendingClub Rewards Checking Account offers 0.10% APY for balances between $2,500.00 and $99,999.99, and 0.15% APY for balances of $100,000.00 or more, while the LendingClub High-Yield Savings Account offers 0.15% APY for all balances.
SoFi Bank offers a checking and savings account that is worth considering, especially if you already have monthly direct deposits of $5,000 or more. With direct deposit set up, you can earn a high APY on savings and some interest on your checking balance. New account holders or current account holders without direct deposit set up may also qualify for a bonus of up to $300 by meeting specific direct deposit requirements. To receive the full $300 bonus, you must direct deposit at least $5,000 within 25 days of your initial direct deposit. Even depositing between $1,000 and $4,999.99 earns you a $50 bonus.
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