Western Alliance High Yield Savings Review: Pros Cons 😨 Best High Yield Savings Accounts 2024

We review the Western Alliance bank high yield savings account (HYSA). Worth it?

A few notes: Today, we dive deep into the features, benefits, and considerations of the Western Alliance High Yield Savings Account in this comprehensive review. Learn why this high-yield savings account may be the perfect place for your money, from its impressive interest rates to its user-friendly platform. With insights on my experience and features, this video provides valuable information for anyone looking to boost their savings. Don't miss out on our Western Alliance review for the inside scoop on high-yield savings accounts, which can help you improve your personal finance.

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Times:
0:00 Is Western Alliance, best bank this year?
0:28 Context (important)
0:57 Special announcement
1:41 Best features
13:35 Pros and Cons
16:12 Would I recommend it to my mom?

New to the channel? Hello! My name is Alex. Welcome.

I’m a father, husband, engineering professional and online entrepreneur/content creator based in the Washington, DC area.

I have 11+ years of professional experience as an engineer, and four years+ of social media (15,000+ subscribers in the channels I own), and I’ve been a career consultant and mentor for the last four years. I’ve helped clients get jobs in different industries and get them into high profile organizations like Amazon, Northrop Grumman, and Government.

I have a passion for helping people achieve their goals and dreams, and as someone who never had a mentor, it is my goal to be that person for you. I share content to help people improve their mindset, and make better career, financial, online business, and life decisions.

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DISCLAIMER:

I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

Furthermore, some of the card or bank links and other products that appear on this website may be from companies for which Alex Isidro will earn an affiliate commission or referral bonus. This means that if you click on one of the product links, I may receive a commission. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

My opinions and reviews are my own personal views and are not influenced by whether or not I earn a commission. I only recommend products I've used or which I would recommend to my mom! :)

[alexisidro]

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[dasoupsoup]

Not sure what the big deal is about the lack of checking capabilities. Isn't the whole point of a savings account to be "set it and forget it"? If you want frequent transactions or ATM access, wouldn't a checking account be better?

[SteveSabbai]

This is one of the tricks HYSA companies are doing. The comment below is from another HYSA member. If you have any problems with your HYSA company, you should post it online so other people can learn what to watch out for. We need to look out for each other. Thanks.

"Be aware if rates go up, they won’t automatically bump up your rate. I started the 1st HYSA acct then noticed a higher rate advertised later but my rate stayed the same. They simply renamed the newly rated product available to new customers/accts. So I just opened a new account with the higher rate and transferred the balance. Then it happened a second time. So I have 3 accounts, 2 empty and the newest. But if I didn’t happen to check periodically my money would have been sitting earning about a percent lower this whole time."

[keithRR]

I JUST opened one with them, however i have issues, only one account can be opened for deposits, so that is very restrictive. Also transfers take forever when you do make them, ALSO If you need money anytime soon, give it at least 1-2 weeks for transfer. ALSO no check or wire transfers allowed! what??.... I have had this account for a week, once money is cleared, im transferring back to synchrony and closing this... interest rate isnt worth the hassle in my

[GraysonVoisinet]

Does it limit to certain residents of certain states only? Also how taxes works? Will they send tax forms annually?

[HAMMERHEAD-gh]

I use discover. Put all my extra money into my high yield savings and then when I want to take a vacation or something, just transfer it into my discover checking and there you go. Earns 4.25 APY.

[keithisaman]

This question was posted on Wallethub, but not answered: Why can I not have a joint owner on my HYSA with Western Alliance? It's odd and disturbing if someone/s where to just die? I agree... this is caveat.

[twoine]

You leaving money on the table because you want a warm and fuzzy feeling and a cookie when you sign up. Like be forreal bro and grow up LOL

[Gmac_Greg_M]

I think I’m going with this bank. Have about 85k that I don’t need to touch until I find my next house(6-12 months). And that timeframe is too short to throw it in a index fund.

[tylergeorge]

Been watching your HYSA videos for about a month now, I have learned a lot so thank you for the content you deliver! I am new to online banking. I have been looking for a HYSA for sometime now, but haven't pulled the trigger on one yet. Every time I think I find the one that is for me, I see all the cons that you point out which makes me hold off on opening an account. I am looking for an established bank with preferably a good bonus (not necessary), with a good APY (4.75%+). Do you have any good recommendations?

[herbjones]

does this bank do direct deposit, and how many checking accounts can I link to it?

[Maria-okpg]

I’m looking to open up a savings account for my son that is 1 year old. I am considering Western Alliance Bank, but I am a bit hesitant because there are no branches or bank card. Yikes! I’ve never banked online before so it’s a bit scary. What other banks would you recommend in my case?

[bdanyluk]

i just opened an account to save long term...savings accounts are for emergency funds only in my opinion.

[DominickSpano]

The more you go on the more flaws or shortcomings you see. Just looking at interest rate is 'chasing the shiny object' way to much. Not a good plan.

[lac]

I heard if you put $7000 in western alliance then you’re interest goes up?