Actually a great option right now is Western Alliance Bank. Its Western Alliance Bank High-Yield Savings Premier account is offering a 4.30% APY with a minimum opening deposit of just $500. Check it out and click to open an account below.
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
Rate info
Circle with letter I in it.
The annual percentage yield (APY) is accurate as of July 29, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. To Earn APY
$500 to open, $0.01 for max APY
- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Can open an individual or joint account
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
- No ATM access
- No wire transfers (inbound and outbound)
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Plus, it’s FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don’t have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don’t mind a bare-bones banking experience.
The annual percentage yield (APY) is accurate as of July 29, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Are online banks safe?
Long story short, yes.
This is one of the first questions I get when I tell people to move their savings. And honestly, I get it. I had the same concern years ago before I opened my first high-yield savings account.
Back then, I was used to walking into a branch if I needed anything. The idea of banking through an app or website felt… weird.
But once I did a little research, I realized most online banks are under the same regulations as big name banks. They are just as safe.
Look for the words “FDIC insured.” That means your deposits (up to $250,000 per account holder, per bank) are backed by the U.S. government. It’s the same protection you’d get with Bank of America, Chase, or Wells Fargo.
Personally, I’ve used online banks for years now. I’ve never had a single issue. It usually takes one to two days to move money with ACH transfers, customer support has been great, and I sleep just fine knowing my money’s safe and earning real interest.
How to choose a good high-yield savings account
Moving your money doesn’t mean you need to ditch your current bank entirely. I still use my old checking account for bills and transfers.
But when it comes to growing my savings, I keep that cash where it earns real interest.
Here’s what to look for in a better account:
- Competitive APY — Anything in the 3.50%-4.00% range (or higher!) is really good right now
- Low or no fees — Avoid accounts with monthly maintenance fees or minimum balance requirements
- FDIC insurance — Make sure your money is protected and safe
- Easy transfers — You’ll want the ability to move money quickly when needed
- Reputation and reviews — Trust matters, especially with online banks
Setting up an account usually takes about 15 minutes. Then once you link your checking account it takes a couple days to complete the ACH transfer.
Once your money is in the new account, you’ll start earning interest from that day forward!
There aren’t many guaranteed wins in personal finance, but this is one of them.
Don’t let loyalty to a big bank cost you real wealth.
Compare the best high-yield savings accounts here and start earning more today.
