Overview

Western Alliance is a Phoenix-based bank that offers personal and commercial banking solutions. The High-Yield Savings Premier account is one of its standout products, offering a stellar APY of 4.25%.

You can open a new account online in 5 minutes and with as little as $500. There are no account fees, plus the account is FDIC insured, safeguarding your cash up to $250,000.

Western Alliance at a Glance

Suitable For?

The Western Alliance High-Yield Savings Premier account is ideal for people who want to maximize their savings returns. Its annual percentage yield of 4.25% (APY) is among the highest in the market. Additionally, you don’t have to worry about fees depleting your savings, as there are no monthly maintenance or service charges.

Features/Highlights

Advantages over traditional banks

The Western Alliance High-Yield Savings Premier account’s APY of 4.25% is over 10x the national average. So, you can expect a significantly higher return on your money than you’d get with a traditional savings account. What’s more, there are no account activity and maintenance fees.

That said, you’ll need a deposit of at least $500 to open the Western Alliance High-Yield Savings Premier account. But once it’s active, you only have to maintain a balance of $0.01 to get the advertised APY.

Additionally, opening an account does not require lengthy applications or in-person visits. You can complete the entire process online in only a few minutes.

Cutting-edge banking services

The Western Alliance High-Yield Savings Premier account focuses on helping you get the most out of your savings. So, it doesn’t offer as many cutting-edge banking features—like bill pay or mobile check deposits—as some of its peers. However, Western Alliance allows you to link an external account and make unlimited transfers to and from it via ACH.

Traditional banking services

Western Alliance offers a range of other personal financial products besides high-yield savings accounts. These include checking accounts, money market accounts, certificates of deposits (CDs), individual retirement accounts (IRAs), mortgages, and personal loans.

The bank also serves small and medium-sized businesses, offering products such as business checking and savings accounts, business credit cards, business loans, and merchant services.

However, the account lacks some features commonly found in traditional savings accounts. For example, it doesn’t come with a debit card or allow check writing, deposits, or wire transfers.

If you need to withdraw cash from your account, you’ll need to transfer it to your linked bank account—which can be a checking or savings account. The linked account is also what you use to transfer cash into your high-yield savings account. Keep in mind that Western Alliance only lets you link 1 external account.

Any cash transferred into your high-yield savings account is generally available for use and withdrawal 5 business days after you initiate the transfer.

Interest rates and fees

The Western Alliance High-Yield Savings Premier account offers a competitive APY of 4.25%. You’ll earn this rate for any balance between the minimum threshold of $0.01 and the maximum allowed limit of $250,000.

Interest accrues daily; funds are deposited into your account starting the business day. It compounds monthly, with the bank crediting it into your account on the first business day of each month.

You’ll need to deposit $500 to open a new account. However, there are no account fees.

Customer service and online experience

Western Alliance provides dedicated customer service for the High-Yield Savings Premier account.

All account inquiries (new and existing customers) can contact 866-347-1476, Monday-Friday between 5am-5pm PST.

The bank’s website features a concise FAQ section that answers common questions about the account’s features and benefits.

Overall, the bank’s website offers a user-friendly experience. You can open a new account in 5 minutes or less on any web-enabled device.

Mobile app

Western Alliance offers a mobile app to manage many of its banking products. Unfortunately, the High-Yield Savings Premier account is not accessible via this app. You can only access and manage it by logging in through the bank’s website.

Security

Western Alliance Bank is part of the Western Alliance Bank Corporation, a large, publicly traded financial institution in the US with assets of over $80 billion. Bank Director and American Banker ranked Western Alliance Bank among the top US banks in 2022 through 2024, solidifying its position as a reputable bank.

The bank is also FDIC-insured. That means your cash deposits, including those in the High-Yield Savings Premier account, are safe up to $250,000 in the unlikely event of the bank going under.

For cash transfer purposes, Western Alliance only allows you to link 1 external account at a time. For additional security, changing linked accounts requires a one-month waiting period.

Western Alliance uses Secure Sockets Layer (SSL) encryption and other security measures like advanced firewalls to keep your online account and transactions safe. All account inquiries (new and existing customers) can contact 866-347-1476, Monday-Friday between 5am-5pm PST.

Finally, the bank’s website features a comprehensive privacy policy that outlines how it collects, stores, and uses your information.

Application Process

Applying for the Western Bank’s Premier High-Yield Savings Premier account is a breeze. It takes only a few minutes, and you can complete it entirely online. Here are the steps to follow:

• Visit the Western Alliance Bank website
• Click on “Personal” on the main menu
• Choose the “High-Yield Savings Premier” option
• On the account login page, select the sign-up option
• Follow the prompts to complete your application

You need to be at least 18 years old and a US citizen or permanent resident to be eligible for the account. As part of the application, the bank will require you to provide the following information so have it on hand to expedite the process:

• Social security number
• Current address
• Valid email address
• Cell phone number with text capabilities
• Existing checking or savings account (to transfer the required $500 opening deposit)

Once Western Alliance approves your application, you’ll receive a confirmation email. Then, you can start saving.

Summary

The Western Alliance Bank High-Yield Savings Premier account is for people who want a simple online banking product that can help them get the best possible returns from their savings. Its 4.25% APY is one of the highest in the market.

There’s an opening deposit requirement of $500, but after that, you only need to maintain a minimum balance of $0.01 to enjoy the high APY. The account has no fees, and it’s FDIC insured, which keeps your deposits safe up to $250,000.

Physical Address

1 East Washington Street Phoenix, AZ 85004

2701 E. Camelback Road Ste. 110. Phoenix, AZ 85016. United States

Disclaimer

1. *The annual percentage yield (APY) is accurate as of September 4, 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.

2. Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of August 18, 2025. See the FDIC website for more information.

Western Alliance Bank, Member FDIC.