Updated
Fact Checked
Nathan Alderman
Western Alliance Bank CD rates from the Raisin platform are some of the best that we've found. Western Alliance Bank CDs combine market-beating rates with $1 minimums, ideal for a wide range of investors opening short-term CDs. Read on for our review of Western Alliance Bank CDs to see if they might be a good fit for you.
Western Alliance Bank CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
Western Alliance Bank CD
Bottom Line
Western Alliance Bank offers some of the highest APYs we've seen across short-term CDs through the Raisin platform. Its CDs have low $1 minimums, and relatively low withdrawal penalties without any additional fees. But you will need to look elsewhere for terms longer than one year.
MINIMUM DEPOSIT $1
| 3 Mo. APY | 5 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY |
|---|---|---|---|---|
| 5.26% | 5.30% | 5.23% | 5.15% | 5.05% |
Compare Western Alliance Bank CD rates
Western Alliance Bank CDs from Raisin have some of the most competitive APYs of any bank on our radar. However, with certificate of deposit (or CD) rates changing frequently, it's always a smart idea to shop around for the best rate when you're ready to open an account.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
|
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Overview of Western Alliance Bank CD rates
Western Alliance Bank CD rates are some of the highest we've come across. They combine high rates with short terms and low minimums.
| Minimum Deposit | $1 |
|---|---|
| Range of Term Lengths | 3 months to 1 year |
| Compounding Schedule | Daily |
| Early Withdrawal Penalty | 90 days of interest at the CD's interest rate |
| Grace Period | 7 days |
Data source: Raisin.
Western Alliance Bank CD pros and cons
Opening a CD account with Western Alliance Bank through the Raisin platform has pros and cons. On one hand, rates are excellent and you can invest as little as $1. On the other hand, you can't open an account with a term longer than one year, and you only get your earnings once your CD term expires.
Pros
- High APYs
- FDIC insured
- $1 minimum deposit
Cons
- Limited withdrawal options
- Early withdrawal penalties
- Few terms available online
How much can you earn with a Western Alliance Bank CD?
Rates change frequently, but you can lock in high rates by opening a CD account with Western Alliance Bank through Raisin. Here's a table illustrating what potential earnings could look like if you deposited $1,000.00 into a Western Alliance Bank CD.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
| Term | APY | Earnings |
|---|---|---|
| 3 months | 5.26% | $13.24 |
| 5 months | 5.30% | $22.33 |
| 6 months | 5.23% | $26.49 |
| 9 months | 5.15% | $39.38 |
| 1 year | 5.05% | $51.79 |
Data source: Author's calculations.
Is a Western Alliance Bank CD safe?
Western Alliance Bank CDs from Raisin are FDIC insured up to $250,000 per depositor. That's about as safe as things get in the financial industry.
How to open a Western Alliance Bank CD
Opening a Western Alliance Bank CD is simple. Here's how.
1. Navigate to Western Alliance Bank CDs on the Raisin website
The first step is to begin the sign-up process online by opening an individual account. Even if you want to open a joint account, Raisin requires that you open an individual account first.
2. Select from a list of CD terms and rates
Raisin lists CD terms in order of duration (shortest to longest), along with their current rate of return.
3. Register your Raisin account
You'll need to provide your personal information, including your name, address, and Social Security number.
4. Accept the terms and conditions
You will need to accept both Raisin's and Western Alliance Bank's terms and conditions.
5. Link your bank account
This will most likely be your checking account. You can select from a list of banks and enter your login information, or you can manually provide your bank numbers.
5. Fund your CD account
You will need to fund your Western Alliance Bank CD with at least $1.
Who is a Western Alliance Bank CD right for?
A Western Alliance Bank CD is right for investors who want high rates for short-term CDs. Short-term CDs are great because they're low-commitment -- for even more flexibility, you can stagger them, a strategy known as CD laddering. These CDs are also perfect for low budget investors.
Other Western Alliance Bank CD accounts
Western Alliance Bank also offers the following CD accounts:
- Business CDs ranging from 30 days to 60 months
Bottom line: Western Alliance Bank CD rates
Western Alliance Bank CD
- 3 APY: 5.26%
- 5 APY: 5.30%
- 6 APY: 5.23%
- 9 APY: 5.15%
- 12 APY: 5.05%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Western Alliance Bank CD
3 Mo.
5 Mo.
6 Mo.
9 Mo.
1 Yr.
5.26%
5.30%
5.23%
5.15%
5.05%
Keep reading about Western Alliance Bank
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Review sources
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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$1 is the minimum deposit for a Western Alliance Bank CD.
-
There are no account opening fees. You pay an early withdrawal fee if you withdraw money from your account after the seven-day grace period and before the CD term expires.
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You can close a Western Alliance Bank CD early. If you close the account after the seven-day grace period, you must pay an early withdrawal fee.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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