Long considered a safe tool for prudent savers, certificate of deposits (CDs) provide a secure, low risk option for growing cash with fixed returns and terms, which means no market swings to stress about. While you can find different types of CDs available at almost any bank and credit union, Western Alliance Bank offers some of the best interest rates and terms on low commitment, high yield CDs you’ll find through their partnership with the secure Raisin platform. We’ll walk you through the different maturity dates, associated annual percentage yields (APYs), account details and more to help you decide if opening a high yield CD from Western Alliance Bank is smart for your short-term savings strategy.
| Highlights |
|---|
| Earn up to 4.31% on a 4 month term |
| High yield CD with excellent rates |
| No monthly maintenance fees |
| $1 minimum deposit |
| 24/7 online access |
About Western Alliance Bank
Ranked as a top U.S. bank by American Banker and Bank Director since 2016, Western Alliance is a national leader known for their tailored banking solutions, personalized service and deep expertise across dozens of industries.
Through their partnership with the secure Raisin platform, Western Alliance Bank is able to offer some of the most attractive terms and flexible maturity options to even more customers across the country. In addition to being able to choose from a range of CD terms to match your savings goals, opening a Western Alliance high yield CD through Raisin comes with exclusive benefits, like ultra-low minimum deposits and no account management fees.
Plus, your deposits are FDIC insured (up to applicable limits), so your money is protected while it earns a higher return than many traditional savings options.
| Pros | Cons |
|---|---|
| Very low minimum deposit—starting at only $1 | CD rates are fixed, so you won’t benefit if rates rise after opening |
| Competitive high yield APYs across all maturity dates | Requires linking and transferring funds from an external bank account |
| Shorter, more flexible terms ranging from three to 12 months | |
| Fixed rate provides predictable, guaranteed returns | |
| FDIC insured through Western Alliance Bank up to $250,000 | |
| No monthly maintenance fees | |
| Ability to compare other CD offers on Raisin in one place | |
| Streamlined, fully online application process | |
| Centralized Raisin dashboard for easy account management | |
| Potential access to promotional cash bonuses through Raisin |
Western Alliance Bank High Yield CD Highlights
Whether you’re planning for a trip, down payment or special occasion, a high yield CD from Western Alliance Bank through Raisin is a hands-off, secure way to quickly grow your cash in the short term.
Highly attractive to risk-adverse savers who want fixed returns on a set amount of cash, CDs allow you to lock in a competitive rate in exchange for losing access to those funds for a predetermined amount of time. This makes it critical to carefully consider the maturity date when choosing a CD, since early withdrawal penalties often apply for accessing funds before the CD has fully matured.
Typically, CDs can range anywhere from a few months to a few years, with minimum deposits often starting in the several thousands to secure the best rates.
Through their partnership with the Raisin platform, Western Alliance Bank extends their traditional CD offerings to also include exclusive, high yield CDs that make this smart investment option more accessible with terms like:
- Shorter maturity dates ranging from 3 months to a year
- Industry-leading APYs up to 4.00%
- As low as $1 minimum deposit
- No account opening or management fees
- FDIC-insured up to $250,000
- 24/7 access and insights on your savings
- Potential cash incentives just for opening an account
Opening a High Yield CD with Western Alliance Bank
Opening a Western Alliance Bank high yield savings account through Raisin involves a smooth, intuitive experience designed to help you put your money to work quickly.
The signup process is straightforward, making it easy to get set up and earning interest in just a few minutes.
-
Choose your preferred savings product
Visit the Raisin platform and select a Western Alliance Bank high yield CD with a term and rate that fit your savings goals. -
Create and verify your Raisin account
Set up a free Raisin account and complete a quick identity verification to allow Raisin to securely open and manage your CD on your behalf. -
Fund your CD and start earning
Link an external bank account and transfer funds to open your CD. Once funded, your rate is locked in for the full term, and your savings begin earning interest right away.
Once your account is open, Raisin serves as a central hub where you can handle everything related to your Western Alliance high yield CD. You can move money in and out, review account activity and statements and contact support—all from one dashboard. Even though the account is opened through Raisin, you’re fully established as a Western Alliance Bank customer automatically, with no additional paperwork required.
As an added benefit, Raisin frequently offers platform-only cash incentives for new accounts, providing a welcome boost to your returns from day one.
Customer Support
Raisin’s U.S.-based customer support team is available live to handle any issues or concerns Monday through Friday from 8 a.m. to 8 p.m. EST. You can also reach them through email.
Raisin Mobile App
Download the free Raisin app from the Google Play Store and Apple App store to manage and monitor your account anytime, anywhere. With the app, you can easily:
- Open new savings accounts
- Browse and compare the latest rates
- Track your savings
- View balances
- Access important tax documents
How Western Alliance Bank Compares to the Competition
Western Alliance Bank vs. Marcus by Goldman Sachs
While both banks offer competitive rates and terms, opening a high yield CD from Western Alliance Bank through Raisin is better suited for savers looking to maximize short term returns with minimal upfront costs. In contrast to the more traditional lineup of CDs from Marcus by Goldman Sachs, the high yield CDs from Western Alliance range from three months to a year and require as little as $1 to open, which makes it easier for more people to start earning interest quickly, even with less to invest. On the other hand, Marcus by Goldman Sachs CDs typically require a higher minimum deposit (around $500) and their APYs, while solid across a range of terms, are often comparable or slightly lower than what Western Alliance provides through Raisin.
Western Alliance Bank vs. CIT Bank
When comparing CDs offered by Western Alliance Bank through Raisin with CIT Bank’s, Western Alliance stands out for their shorter maturity terms and low minimum deposits, making them especially appealing to savers who want to lock in a competitive rate without tying up a large amount of cash for an extended period of time. While you’ll need to commit at least a thousand dollars for a minimum of 13 months to open a CD with CIT Bank, all of the high yield CDs from Western Alliance Bank require a year or less commitment and very little money up front. Western Alliance also offers more competitive APYs across the board, making them the better choice for people looking for the highest immediate returns with the lowest upfront investment.
The Bottom Line: Why We Love It
With shorter maturity dates ranging from only three to 12 months, competitive APYs that match or exceed many major banks, and a minimum investment of only a dollar to get started, the high yield CDs from Western Alliance Bank make it easier for more people to see higher returns while still maintaining flexibility and liquidity. Raisin also helps simplify the entire process by letting you compare and open CDs from Western Alliance Bank as well as other savings options from partner banks through one centralized platform, making it easy to scale and diversify your savings strategy. For anyone looking for a secure, low-effort way to earn more on idle cash, Western Alliance Bank CDs available through Raisin offer a compelling combination of yield, convenience and security.
FAQs
Yes. When you open a CD with Western Alliance Bank through Raisin, your deposit is held directly by Western Alliance Bank and is FDIC-insured up to applicable limits (typically $250,000 per depositor, per ownership category), just as if you had opened the CD directly with the bank.
Raisin follows industry-standard encryption and security practices to protect your personal and financial information, and you’ll verify your identity before the account is opened. So while Raisin facilitates the process, the underlying bank relationship and deposit protections remain the same as opening a CD directly with an FDIC-insured institution.
Opening a Western Alliance high yield CD through the Raisin platform offers several benefits, including exclusive rates and terms, that you won’t find elsewhere. With Raisin, you can get started with a very low minimum deposit (as little as $1) with shorter maturity terms than what you’ll find available directly from Western Alliance Bank, allowing customers to still reap higher returns without tying up a large sum of money.
Raisin also acts as a centralized marketplace where you can compare and manage multiple different savings accounts from a variety of trusted partner banks all in one place, making it easy to shop for competitive yields and enhance your savings strategy without managing multiple accounts.
In some cases, Raisin may offer promotional cash bonuses, providing an extra incentive to open your CD through the platform.
Typically, Western Alliance Bank high-yield CDs offered through the Raisin platform will automatically renew on the next business day following the date of maturity. It’s important to note that both the interest rate and terms may change upon renewal.
If you want to elect to pay-out and close your CD when it reaches maturity, you’ll need to log in to your account and follow the appropriate steps prior to the maturity date. Withdrawing funds prior to the maturity date are generally subject to an early withdrawal penalty.
Make sure to read the full terms of your preferred CD prior to opening an account.
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