Western Alliance Bank®, Member FDIC, typically a business-focused bank, has partnered with Raisin to offer customers personal certificates of deposit (CDs). You’ll have to go through the Raisin website to start your account, which may seem strange to new customers, but the application process is relatively simple and the rates on short-term CDs are very competitive.
Account details and annual percentage yields (APYs) are accurate as of March 20, 2024.
About Western Alliance Bank CDs
Western Alliance Bank High-Yield certificates of deposit are offered through an online banking comparison platform called Raisin. It has banking offers that the banks may not be offering directly. It can seem a little weird to open a bank account through a third party, but Raisin is a legit company and these CDs are the real thing.
The CDs are insured by the Federal Deposit Insurance Corporation (FDIC) through Western Alliance Bank for up to $250,000 per account, per owner. Raisin is SOC 2 certified which means they have met the cybersecurity requirements of the American Institute of Certified Public Accountants (AICPA) that ensures that all your personal data is secure.
Western Alliance CDs via Raisin are available in terms between three months to 12 months, with rates between 4.85% to 5.36% APY — and you can get started for as little as $1. If you’re comfortable going through two banks to get one certificate of deposit, there is little reason to not consider it.
How much can you earn with a Western Alliance Bank CD
Here’s how much you could earn in interest on a Western Alliance High-Yield CD, assuming a $10,000 deposit.
How to get a Western Alliance Bank CD
Before you can open a CD at Western Alliance Bank, you will have to make a free account on Raisin. Raisin is an online banking platform that partnered with Western Alliance Bank, in addition to many other banks.
Once you have selected a term length for your CD, you will create your account by sharing your name and email and creating a password.
From there you will have to complete a form that asks for personal information such as your address, date of birth and Social Security number.
Finally, you will digitally sign an agreement to receive electronic communications.
And you are ready to open your CD!
How Western Alliance Bank CD rates compare
Western Alliance Bank offers highly competitive rates, even when compared to other high-yield CDs (Marcus by Goldman Sachs High-Yield certificates of deposit, Sallie Mae certificates of deposit and Third Federal certificates of deposit). You can also compare these rates with the best CD rates here.
*Rates may differ depending on location. These rates were found using the ZIP code 78705.
Other products Western Alliance Bank offers
Through Western Alliance Bank directly, there’s also the Western Alliance Bank High-Yield Savings Premier account. It has a 5.36% APY¹ and a $500 minimum opening deposit.
You can also open a variety of business accounts with Western Alliance Bank, including:
- Business Checking & Savings.
- Business Credit Cards.
- Business Online banking.
- Commercial Loans & Credit.
- Small Business Loans.
As well as the following personal accounts at one of Western Alliance Bank’s regional division branches:
- Personal Checking & Savings.
- Personal Loans.
- Personal Credit Cards.
Western Alliance Bank review
Western Alliance Bank, the primary subsidiary of Western Alliance Bancorporation, offers accounts and financial tools to a variety of businesses. If you don’t live in a city where they physically operate, you can access most services through their website or app.
The app allows members to access their accounts readily on their phones. The reviews throughout the Google Play store are mixed, with an average of 3.3 out of 5 stars. Customers praise its ease of access while they complain about glitches in the app itself.
The bank is known for its high rates and low minimum requirements (only $1 to open a High-Yield CD on Raisin and $500 minimum deposit to open a High-Yield Savings Premier account). American Banker and Bank Director even ranked it as a top U.S. Bank in 2022 and 2023.
Frequently asked questions (FAQs)
High-Yield CDs at Western Alliance Bank range between 4.85% to 5.36% APY if you sign up via Raisin.
Yes, Western Alliance Bank is FDIC insured.
Western Alliance Bank is the primary subsidiary of Western Alliance Bancorporation.
Western Alliance Bank offers very competitive CD rates.
¹5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 to open and a minimum balance of $0.01 is required to earn the advertised APY.
