Western Alliance Bank is headquartered in PHOENIX and is the 2nd largest bank in the state of Arizona. It is also the 37th largest bank in the nation. It was established in 2003 and as of September of 2024, it had grown to 3,478 employees at 37 locations. Western Alliance Bank's savings rates are 8X the national average, and it has an A health rating.
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Western Alliance Offers 5.36% APY HYSA
I am a customer of Western Alliance. For those interested, here is a link to their current HYSA. It is ACH in and out only. No wire transfers. So, if your child is kidnapped, and you need to pay the ransom pronto, this ain't for you. Otherwise, enjoy the yield.
https://www.westernalliancebancorporation.com/personal-banking/high-yield-savings-account
Fast Deposit Transfer
I opened a high yield savings with W.A. through Savebetter.
Transfer was visible and deposited in 2 days, still awaiting for available funds (it has only been 2 business days). The website stated no transfer limitations, I called Wester Alliance, they transferred me to the Savebetter dept, and they verified they do not have a daily/monthly limit for external transfer withdrawals. currently @ 4.23%
Edit. Available funds took 3 business days.
2/10/23 - up to 4.35% I did an external withdrawal transfer and it was deposited into my bank account in 2 days
On Some Banks To Watch Out Lists
Western Alliance probably will pull through. Please note in the banking/finance/investing blogs some people seem to believe it could follow down the 2 bad California banks of this year so far. I hope not.
Not As Advertised
Western Alliance Bank -- Here are some fun facts not presented explicitly during the process of making a deposit. You are not making a deposit to your newly created WAB account. You are moving funds to a SaveBetter.com account with no routing or account numbers, only some internal identification number. WAB does not allow new accounts to be created online, but only at the physical branches. WAB claims that this is being done with their knowledge and apparent consent. Regardless of the actual or perceived safety of this arrangement, I will not trust any organization that encourages the movement of large sums of money without making all of the most important information plainly, explicitly obvious to all users. If they will engage in slight of hand tricks with one thing, they will most assuredly take similar liberties with other things, perhaps even your balance. The high rate is a pretty lure, but the hook is questionable. I have initiated a transfer back to the originating account. Soon we will see how deeply the hook was set.
Data as of Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57512 |
| Year Established | 2003 |
| Employees | 3478 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.95% |
| Return on Equity - YTD | 11.24% |
| Annual Interest Income | $3.4B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $79.94B$70.54B |
| Loans | Q3 2024vs Q3 2023 | $55.65B$51B |
| Deposits | Q3 2024vs Q3 2023 | $68.36B$54.29B |
| Equity Capital | Q3 2024vs Q3 2023 | $6.88B$6.06B |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $356.5MM$327.4MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $355.9MM$237.5MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $8.5MM$8.4MM |
