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Western Alliance Bank High-Yield Savings Premier Review: High Returns and Set-It-and-Forget-It Simplicity

Review Updated
Jake FitzGerald
Author: Jake FitzGerald
Jake FitzGerald
Jake FitzGerald
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Jake is a full-time Editorial Strategist for Motley Fool Money, focusing primarily on our content production and distribution channels. He specializes in all thing credit cards and wants to make sure each person has the best card for them. While spending the last decade editing financial content, he has the ability to spend an entire day tailgating, the inability to take himself too seriously, and lives with a putter he’s not currently speaking to.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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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. APY = Annual Percentage Yield.

With a jaw-dropping 4.25% APY, Western Alliance Bank High-Yield Savings Premier delivers the kind of returns you simply can't ignore. This account is a great choice for set-and-forget banking -- you can park your cash here, forget about it, and watch it grow.

However, you'll need to be okay with some trade-offs, like no ATM access or mobile app experience. Keep reading to see if this account is the right fit for you.

Western Alliance Bank High-Yield Savings Premier
Open Account for Western Alliance Bank High-Yield Savings Premier

On Western Alliance Bank's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Apr 11, 2025

Western Alliance Bank High-Yield Savings Premier

Open Account for Western Alliance Bank High-Yield Savings Premier

On Western Alliance Bank's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Western Alliance Bank High-Yield Savings Premier

On Western Alliance Bank's Secure Website.

APY
4.25% Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of March 20, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. To Earn APY
$500 to open, $0.01 for max APY
  • Competitive APY
  • No monthly account fee
  • Can open an individual or joint account
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured
  • Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
  • No ATM access
  • No wire transfers (inbound and outbound)
  • No branch access; online only

Western Alliance Bank offers a higher APY than most high-yield savings accounts. Plus, it's FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don't have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don't mind a bare-bones banking experience.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

What I like about the Western Alliance Bank High-Yield Savings Premier account

High APY

There's no doubt about it, the main reason to get this high-yield savings account is the sky-high APY. The 4.25% APY offered by Western Alliance Bank consistently puts it at the top of the high-yield savings game.

While rates do fluctuate, Western Alliance Bank typically lands on the higher end of the market. And the best part? There are no savings tiers -- while a minimum $500 deposit is required to open the account, even a $0.01 ongoing balance can earn that sweet, sweet interest.

No account fees

What's better than a high APY so your money grows for you? No fees to cut into that growth. You won't have to pay any fees to open or maintain your account -- period. While some other banks charge fees for maintaining your account, Western Alliance Bank won't.

No withdrawal limits

While other banks sometimes limit withdrawals from high-yield savings accounts to six per month, Western Alliance Bank High-Yield Savings Premier has no withdrawal limits. It's your money, and you can access it when you need it.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%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
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Downsides you should consider

High minimum to open an account

At $500, the minimum deposit required to open this account is a bit of a middle ground. Some accounts require less upfront but trade off for a lower APY, while others ask for more to earn slightly higher rates. If you're strapped for cash and can't meet the minimum, this isn't the account for you.

But for some people, $500 is totally doable, especially given the potential for big returns with just a small initial investment. And remember, even with $0.01 in your account, you'll still earn that 4.25% APY.

Online-only account with no ATM access

As a completely online account, Western Alliance Bank High-Yield Savings Premier doesn't offer in-person services or ATM access. This means no popping into a branch for face-to-face help or withdrawing cash at an ATM.

If you need ATM access on the regular or prefer branch access in your banking, you'll want to consider other options. But for those who are comfortable with digital banking and just need to park their savings, this shouldn't be a dealbreaker. Before making a decision, make sure to review how to choose the right savings account for your needs.

Cannot access this account through a mobile app

Here's a biggie: although Western Alliance Bank does have a mobile app, its high-yield savings account isn't available through it. You'll need to access the account via the website -- definitely a minus for those who prefer managing everything on their phones. If you like having everything at your fingertips in a slick app, this could be a sticking point.

Funding your account could take time

Funding your account isn't as seamless as other banks. You can only link one external bank account, and you can't use wire transfers or check deposits to fund your account. Plus, it takes up to five business days for your initial deposit to process.

Want to switch your linked bank account? That could take up to 30 business days while Western Alliance Bank reviews and approves the request.

Neither of these should be dealbreakers if you don't plan on making frequent changes, which is why it's great for set-and-forget banking. But if there's a chance any of these apply to you, it may not be the best place to park your money.

Customer service

Western Alliance Bank has a dedicated customer service line for its savings account, available Monday through Friday from 6 a.m. to 6 p.m. PDT at (866)-347-1476. However, compared to many competitors that offer 24/7 support via phone or chat, this limited availability may be a downside for some users.

Accessing your money

Accessibility is arguably the most important part of a high-yield savings account -- if you don't need to access these funds, a brokerage account might work just as well. But a high-yield savings account shines for growing your savings at a much higher rate than the national average, while also keeping the funds accessible.

So how does Western Alliance Bank High-Yield Savings Premier stack up? Accessibility isn't as great as other high-yield savings accounts out there, but again, you're trading off a high APY for that. As mentioned above, this account is online-only and doesn't offer a debit card or ATM access, so it's already less accessible than others on the market.

However, the unlimited withdrawals are a plus, giving you flexibility when you need it. If you're willing to trade some convenience for a higher return, this account could be a great choice.

Security and reliability

Security is one of the primary concerns most people have with putting a good amount of money in an online-only account. If things went south, you need to know your funds would be protected.

Rest assured that Western Alliance Bank is safe, as it's FDIC insured up to $250,000 per depositor. With fraud protection, SSL encryption, and automatic logouts, this account offers a reliable place to stash your savings.

If you're new to online banking, you might want to read more about whether online banks are safe.

Who will benefit from the Western Alliance Bank High-Yield Savings Premier account?

This account is ideal for:

  • Savers who can meet the $500 minimum deposit and want to lock in an excellent APY.
  • People who need access to their money on occasion, but don't mind using a website instead of an app or branch.
  • Those who prefer a "set-and-forget" banking experience -- just park your money and watch it grow with minimal effort.

If you can handle the occasional hiccups like limited accessibility, the Western Alliance High-Yield Savings Premier account is an excellent choice for maximizing your savings with minimal hassle.

Ready to jump in? Let your money work for you and open an account today Western Alliance Bank High-Yield Savings Premier

FAQs

  • No, there are no maintenance or service fees for the Western Alliance Bank High-Yield Savings Premier account, so your savings can grow without any deductions.

  • No, the Western Alliance Bank High-Yield Savings Premier account is not accessible through the bank's mobile app and can only be managed via the website.