Access to high-quality banking products is critical for small business owners and individuals alike. After all, everyone wants to get the most value out of managing their money.

Western Alliance Bank offers a full lineup of small-business banking solutions. But individuals can also tap into a high-yield savings account backed by Western Alliance Bank, available through Raisin.

Whether you are looking for a top APY on your savings or a suite of business banking tools, this Western Alliance Bank Review can help you decide if this bank is the right fit for your situation.

What Is Western Alliance Bank?

Western Alliance Bank is a subsidiary of Western Alliance Bancorporation which, in terms of assets, is the 37th largest bank in the United States.

The Phoenix-based bank is focused on supporting business owners. Their bank advisors understand a range of different industries, including gaming, manufacturing and more.

What Does It Offer?

For the purposes of this review, we will take a look at Western Alliance Bank's small business offerings, as well as its high-yield savings account, which is available through the bank's partnership with Raisin.

High-Yield Savings Account

There is no mention of personal banking products on Western Alliance Bank’s website. But the bank recently partnered with Raisin, which is a platform filled with high-yield savings account opportunities for individuals.

Raisin advertises a Western Alliance Bank savings account with a APY. The account comes with FDIC insurance, a minimum deposit of $1, and no monthly fees.

While this is one of the top APYs available, it’s not the very best on the market. To explore other options, check out our favorite high-yield savings accounts.

Business Checking Accounts

Western Alliance Bank offers several different small business checking accounts, making it easy to find one that fits your needs. Here’s a breakdown of the available accounts:

• Business Checking: The basic checking account allows up to 200 transactions per statement cycle and requires a minimum opening deposit of $100.
• Business Interest Checking: This account is ideal for those who want to earn interest on their daily account balance. Like the basic account, it allows up to 200 transactions per statement cycle and a minimum opening deposit of $100. Unfortunately, the bank doesn’t indicate what interest rate you would earn on your funds.
• Business Advantage Checking: The Advantage checking account includes up to 500 transactions per statement cycle and requires a minimum opening deposit of $100. The upgraded account gives you access to customized accounts payables and receivables solutions. Plus, the fees are waived for the first $10,000 in monthly cash deposits.
• Analyzed Business Checking: This checking account offers consolidated monthly reporting of your banking activities to help you track banking costs and find ways to optimize. In addition, treasury management services are integrated into the account.
• Specialty Checking Accounts: Western Alliance Bank offers options for nonprofit accounts, political campaign accounts, and Interest on Lawyers Trust Accounts.

The right business checking account will depend on your specific business needs. But as you can see, you'll have plenty of choices if you decide to sign up with Western Alliance Bank.

Business Savings Account

The final account we will cover is Western Alliance Bank’s Business Savings account, which requires a minimum opening balance of $1,000. Note that if you maintain this minimum balance on a monthly basis, Western Alliance will waive the service fee.

The account includes access to online banking, where you can make up to 25 deposits per month. While the bank says it offers competitive interest rates, it doesn’t elaborate on what those interest rates are.

Are There Any Fees?

Many Western Alliance Bank accounts have fees attached. Below is a closer look at some of the fees you should expect:

• High-yield savings account: No monthly fees attached.
  Business Checking: Although there is a $16 monthly fee, you can have it waived if you maintain a minimum daily balance of $2,500.
  
• Business Interest Checking: The bank indicates that you can avoid the monthly fee by maintaining a daily balance. But it doesn’t say what the monthly fee is or what the minimum balance requirement is.
  
• Business Advantage Checking: The monthly service fee is waived with your monthly balance of $50,000 or higher.
  
• Analyzed Business Checking: The account advertises that this account is designed to help you reduce or eliminate your monthly fees.

How Does Western Alliance Bank Compare?

As of writing, Western Alliance's savings account APY of over 5% is very competitive. And since the account is offered with the help of Raisin, signing up is easy. However, Columbia Bank and American First Credit Union are both currently similar APYs to Western Alliance Bank. So if you want to get the most bang for your buck, you may want to consider what the competition has to offer.

While Western Alliance Bank offers an impressive array of business checking account options. But the bulk of these accounts seem geared toward specialized organizations or medium sized businesses. In other words, they might not be the best fit for a freelancer or solo entrepreneur. If you are looking for a more tailored experience for your self-employed business venture, Found Business Banking might be a better fit.

How Do I Open An Account?

If you are interested in the high-yield savings account offered by Western Alliance Bank, you’ll sign up through the Raisin platform. Move forward by clicking the ‘Save Now’ button. In order to finalize your account, be ready to provide an email, password, full name, Social Security Number, and funding account information.

If you are interested in the business checking products, you’ll sign up directly with Western Alliance Bank. Select the account you want to sign up for and be prepared to provide some basic information about your business. You’ll need your name, business name, EIN, and funding account information to get started.

Is It Safe And Secure?

Western Alliance Bank is an FDIC Member institution. With that, your funds are protected for up to $250,000 per account type. The peace of mind provided by FDIC insurance is a key feature when choosing any kind of banking product.

How Do I Contact Western Alliance Bank?

Need to get in contact with Western Alliance Bank? As a business banking customer, you can call 888-995-2265 Monday through Friday from 6 AM to 6 PM PST and Saturday from 8 AM to 2 PM PST.

You can also email [email protected]

Is It Worth It?

Western Alliance Bank Features