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Western Alliance Bank CD Rates for 2024

Review Updated
Cole Tretheway
Author: Cole Tretheway
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Western Alliance Bank CD rates from the Raisin platform are some of the best that we've found. Western Alliance Bank CDs combine market-beating rates with $1 minimums, ideal for a wide range of investors opening short-term CDs. Read on for our review of Western Alliance Bank CDs to see if they might be a good fit for you.

Western Alliance Bank CD rates for 2024

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Western Alliance Bank CD
Western Alliance Bank CD
Bottom Line

Western Alliance Bank offers some of the highest APYs we've seen across short-term CDs through the Raisin platform. Its CDs have low $1 minimums, and relatively low withdrawal penalties without any additional fees. But you will need to look elsewhere for terms longer than one year.

MINIMUM DEPOSIT $1
Read Review
3 Mo. APY 5 Mo. APY 6 Mo. APY 9 Mo. APY 1 Yr. APY
4.50% 4.40% 4.40% 4.35% 4.25%

Is a high-yield savings account a better option for you?

A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Compare Western Alliance Bank CD rates

Western Alliance Bank CDs from Raisin have some of the most competitive APYs of any bank on our radar. However, with certificate of deposit (or CD) rates changing frequently, it's always a smart idea to shop around for the best rate when you're ready to open an account.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Overview of Western Alliance Bank CD rates

Western Alliance Bank CD rates are some of the highest we've come across. They combine high rates with short terms and low minimums.

Minimum Deposit $1
Range of Term Lengths 3 months to 1 year
Compounding Schedule Daily
Early Withdrawal Penalty 90 days of interest at the CD's interest rate
Grace Period 7 days
Data source: Raisin.

Western Alliance Bank CD pros and cons

Opening a CD account with Western Alliance Bank through the Raisin platform has pros and cons. On one hand, rates are excellent and you can invest as little as $1. On the other hand, you can't open an account with a term longer than one year, and you only get your earnings once your CD term expires.

Pros

  • High APYs
  • FDIC insured
  • $1 minimum deposit

Cons

  • Limited withdrawal options
  • Early withdrawal penalties
  • Few terms available online

How much can you earn with a Western Alliance Bank CD?

Rates change frequently, but you can lock in high rates by opening a CD account with Western Alliance Bank through Raisin. Here's a table illustrating what potential earnings could look like if you deposited $1,000 into a Western Alliance Bank CD.

The numbers in the table below may not be accurate to current APYs and are for example purposes only.

Term APY Earnings
3 months 5.21% $13.08
5 months 5.16% $21.69
6 months 5.13% $25.93
9 months 5.10% $38.91
1 year 5.05% $51.79
Data source: Author's calculations.

Is a Western Alliance Bank CD safe?

Western Alliance Bank CDs from Raisin are FDIC insured up to $250,000 per depositor. That's about as safe as things get in the financial industry.

How to open a Western Alliance Bank CD

Opening a Western Alliance Bank CD is simple. Here's how.

1. Navigate to Western Alliance Bank CDs on the Raisin website

The first step is to begin the sign-up process online by opening an individual account. Even if you want to open a joint account, Raisin requires that you open an individual account first.

2. Select from a list of CD terms and rates

Raisin lists CD terms in order of duration (shortest to longest), along with their current rate of return.

3. Register your Raisin account

You'll need to provide your personal information, including your name, address, and Social Security number.

4. Accept the terms and conditions

You will need to accept both Raisin's and Western Alliance Bank's terms and conditions.

This will most likely be your checking account. You can select from a list of banks and enter your login information, or you can manually provide your bank account and routing numbers.

5. Fund your CD account

You will need to fund your Western Alliance Bank CD with at least $1.

Who is a Western Alliance Bank CD right for?

A Western Alliance Bank CD is right for investors who want high rates for short-term CDs. Short-term CDs are great because they're low-commitment -- for even more flexibility, you can open more than one with varying terms, a strategy known as CD laddering. These CDs are also perfect for low-budget investors.

Other Western Alliance Bank CD accounts

Western Alliance Bank also offers the following CD accounts:

  • Business CDs ranging from 30 days to 60 months

Bottom line: Western Alliance Bank CD rates

Western Alliance Bank CD
  • 3 APY: 4.50%
  • 5 APY: 4.40%
  • 6 APY: 4.40%
  • 9 APY: 4.35%
  • 12 APY: 4.25%
Show All Rates [+] Hide All Rates [-]
Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Term
Western Alliance Bank CD
3 Mo.
5 Mo.
6 Mo.
9 Mo.
1 Yr.
4.50%
4.40%
4.40%
4.35%
4.25%

Keep reading about Western Alliance Bank

Our CDs methodology

At Motley Fool Money, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • $1 is the minimum deposit for a Western Alliance Bank CD through the Raisin platform.

  • There are no account opening fees. You pay an early withdrawal fee if you withdraw money from your account after the seven-day grace period and before the CD term expires.

  • You're allowed to close a Western Alliance Bank CD early. If you close the account after the seven-day grace period, you must pay an early withdrawal fee equal to 90 days' simple interest.