Western Alliance Bank CD Rates: Earn up to 5.70% APY

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Western Alliance Bank (Member FDIC) mostly offers business bank accounts. It does offer some great personal accounts through digital marketplace Raisin, though — in fact, it pays some of the best CD rates out there.

Western Alliance CD Rates

Western Alliance offers a number of CD terms right now. Here are the CD rates:

Western Alliance CDs are available through Raisin, an online marketplace that connects you with high-interest accounts from partner banks. Typically, partner banks offer certain accounts exclusively through Raisin rather than directly through their websites or branches.

You only need $1 to open a Western Alliance CD. Interest compounds daily and is deposited into your account on the last calendar day of each month.

If you take out money before your term ends, you'll pay an early withdrawal penalty of 90 days of simple interest. Although this is a high penalty for a 3-month term, it's fairly standard for the other term lengths.

About Western Alliance Bank

Western Alliance Bank is a Member FDIC bank based in Arizona, and it offers business bank accounts. It has brands throughout the US, including Torrey Pines Bank, Bridge Bank, and AmeriHome Mortgages.

Western Alliance's brands focus on business banking, banking for homeowner association management, or mortgages. It also offers the Western Alliance savings account through its website and through Raisin. Its personal CD accounts are only available through Raisin.

Western Alliance's Partnership with Raisin

Western Alliance Bank has partnered with Raisin to offer high-interest CDs and one of the best high-yield savings accounts out there. You can't open any of these personal accounts directly through Western Alliance, since it's a business bank.

Raisin is an online marketplace that started in Europe, and it recently expanded to the US. Accounts opened through Raisin have FDIC insurance. This means that even if you open a Western Alliance account through Raisin and the bank shut down, your insured funds would be safe.

Western Alliance CD Rate Comparison

Western Alliance pays higher CD rates than most other banks. But you may prefer a different bank if you're interested in more term lengths or types of CDs. Here's how Western Alliance Bank compares to popular national accounts:

Western Alliance Bank CDs vs. Sallie Mae CDs

Sallie Mae CD rates range from 4.00% to 5.25% APY. Its rates are lower than Western Alliance's rates, and it doesn't offer a 3-month term at all. Sallie Mae CDs also require a $2,500 minimum deposit, while you'll only need $1 with Western Alliance.

However, Sallie Mae is a good option if you're looking for more CD term options. It has numerous term lengths going up to five years. Its rates are good overall, even if they're not as high as Western Alliance's rates.

It's worth noting that Sallie Mae also has some CD terms exclusively through Raisin. It has a 10-month CD paying 5.30% APY, 14-month CD paying 5.40% APY, and 14-month no-penalty CD paying 4.75% APY. And because it's through Raisin, you'll only need a  $1 minimum deposit. So if you're open to banking through Raisin, you could open different terms with both banks and earn some of the best rates available.

Western Alliance Bank CDs vs. Capital One 360 CDs

Capital One 360 pays 4.00% to 5.00% APY on CDs. Capital One CD rates are lower than Western Alliance's rates, and it doesn't offer a 3-month term.

But Capital One 360 has more terms to choose from than Western Alliance, with a $0 minimum deposit. It's also a good choice if you want to do all of your banking with the same company — Raisin doesn't offer checking accounts, but Capital One has one of the best checking accounts right now.

Western Alliance Bank CDs vs. Synchrony CDs

Synchrony Bank CD rates are lower than Western Alliance rates overall, but it has many more types of CDs. Its regular CDs have a variety of term lengths and pay 2.25% to 5.30% APY.

Synchrony has other types of CDs, too. The Synchrony No-Penalty CD has an 11-month term and pays 4.05% APY, making it one of the best no-penalty CDs. The Synchrony Bump-Up CD has a 2-year term paying 4.00% APY. With a bump-up CD, you can request a higher rate once during the term if Synchrony increases its rate on the CD.  

Western Alliance Bank CD Frequently Asked Questions

Yes, Western Alliance Bank offers 3-month, 5-month, 6-month, 9-month, and 12-month personal CDs through Raisin, a digital marketplace for high-yield bank accounts. You can also open business CDs directly with Western Alliance.

Western Alliance Bank pays 5.51% APY on its 3-month CD, 5.28% APY on its 5-month CD, 5.28% APY on the 6-month CD, 5.02% APY on the 9-month CD, and 4.76% APY on its 1-year CD.

Yes, money is safe with Western Alliance. It is a Member FDIC bank, so up to $250,000 is insured per account holder, per ownership category

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