Western Alliance High Yield Savings Review: Pros Cons 😨 Best High Yield Savings Accounts 2024
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- เผยแพร่เมื่อ 19 มิ.ย. 2024
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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.
Every piece of content I share is based on experience, insight, research, and/or observations.
My mission is simple: leave this world better than when I arrived. LFGO!
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! :)
Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
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?
Yep! Just depends on what you're looking for. Some people want it all in one place.
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."
Need to beware of those! 100% I've heard of these situations.
Discover and synchrony bank raise your rates
Does anyone recommend this bank ???
does this bank do direct deposit, and how many checking accounts can I link to it?
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?
I understand! There will always be cons with any organization, as nothing is perfect. Just depends on what you're looking for. If you just want a high APY, with a reputable organization I personally use, look into CIT (you do need $5K for their highest APY). How does it sound?
And thank you for watching. Any other questions I can help answer?
@@alexisidro If you use it then it must be good lol. When I deposit that 5k, what is the APY I will get?
How would you compare this bank to Marcus banking?
Personally, I like Marcus. It's the one that fits my needs and trust.
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.
Thanks for sharing, what do you like about it?
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?
First of all, congratulations on your son! Hope things are going well.
Thank you for the question. I understand how you feel! I totally get it. If you are a bit too hesitant to go fully online, I suggest a couple of options:
1) Look into a hybrid approach (like CapitalOne 360). Depending on where you're located, they have branches where you can go talk to people, and also take advantage of the high APY they offer for their high yield savings. The interest may not be as high as other options, but you are getting in-person support.
2) Start with a well established financial organization you are familiar with, or which gives you the most trust. It could be Ally, Marcus, American Express, CapitalOne 360, even Discover. Again, they all might not offer the highest APY, but they may give you the warm and fuzzy feeling of confidence and trust.
3) Transition slowly: If you are hesitant and don't trust online organizations too much for now, work to build that trust. Maybe start with $100 here, then deposit another $100 next week, then maybe $300 in a couple of weeks. Call customer service for help (even if you may know the answer, just to see how they treat their clients.
I suggest you also open a checking account, that way you can get a debit card and get ahold of your money that way.
I hope this is helpful, and if you have any questions, let me know.
Alex.
Aww! Thank you. All is well, thank God!
Thank you so much for the advice, I will definitely look into the other banks.
I live in New York City, and there’s a Capital One Bank near me.
Do it I opened one 3 weeks ago with western alliance 5.36% and it already paid my interest. The downside is it takes 5 business days to transfer money back and forth to your regular bank and to western, but if it’s for your child what the hell do u need a card or bank branch for it’s his money never pull it out until he’s ready for college. That’s what I’m doing for my children. Go on google and look up simple savings calculator and it’ll tell u how much you’ll get in interest for x amount of years by depositing x amount of money. I was skeptical at first, but I have money for emergencies, so I wouldn’t need to touch any of the online bank money.
Good luck.
I called their phone number on the website, they connected me to a representative in 60 seconds, very surprised.
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.
Yep, it's not all about the interest!
@@alexisidro Actually I do have a question for you. I have about 90K in a HYSA. I am at First Foundation Bank at 4.9%. I have been w/ FFB for awhile, but I recently inherited almost all of that $. I put it in FFB for now and I am comfortable with it (my direct deposit goes into there, many of my bills paid out of there, etc.). However, there is always the temptation to go to My Banking Direct for the 5.5% which I know is a smoke fire now or whatever other institution, but that is alot of $ to just slush around and reading the reviews of these online places scares me. FFB is hybrid online and face-to-face branches. My question is do you think it is better to park it there and stay or play the rate game and move it all? I myself am guilty of 'chasing the shiny object' but it often comes with extreme woos.
Hello Dominic, thanks for the question. First, I'll say I totally get where you're coming from.
There are many things to consider here, and after doing some math, here's the way I see your situation:
On one side, you have a high interest institution @5.5%, which could pay you up to $4,950 of interest for $90K after one year, assuming no further contributions and that the rates remain the same for all 12 months. It's tempting.
Here's the other side of the coin:
you have your current organization, in FFB, which offers 4.9% interest, and which could pay you up to $4,410 for one year (making the same assumptions as above), and more importantly, than you already have a relationship with; you trust it with all your bills, and you even have branch access. You trust this institution.
Here's the difference over time:
After one year: $540
After two years: $1136
After three years: $1793
As time progresses, of course, the difference is higher.
So here are some questions back to you for your consideration:
1) How long are you planning to keep your money in a HYSA? Do you think the difference s worth losing your piece of mind?
2) Would you consider more options other than My Banking Direct, which you mentioned has some problems? There are other organizations out there that have high interest rates in the 5%s currently.
3) What are you looking for in a HYSA. Just interest? Or piece of mind? Or stability, trust?
Here's a quote from Warren Buffet, which comes to mind:
"Risk comes from not knowing what you’re doing." It might be wise to stick with who you know and trust, especially with that much money.
I myself don't bank with organizations that offer the highest APYs out there. I'd rather choose someone who give me a little less return, but that I trust fully.
How does this all sound? Let me know if it helps you below
@@alexisidro It does help. I do not know exactly how long I intend to keep it in First Foundation Bank. Also My Banking Direct is at 5.5%, but that particular institution is, well New York Community Bank, having alot alot alot of woos. I would be very wary to go with My Banking Direct. No TH-camr ever says to go w/ FFB. Another component to recall (and I am sure that you know this) is the rates are variable. Top Cat today can be bottom of the food chain tomorrow, and the FED is going to drop interest rates soon anyhow. As you stated, look at the reviews for many of these fagazy banks and they are dreadful. FFB was actually top interest rate when I went with it about 2 years ago. Just the way it goes. Bottom line is that I am likely going to keep it in FFB for awhile. To rate shop and slush $ around constantly is foolish. BTW if you want maybe do a review on FFB. It is a pretty solid institution. Just a suggestion.