Western Alliance offering a sign-up bonus for its boring high-yield savings account

Western Alliance is offering its 5.36% APY High-Yield Savings Premier account through SwagBucks and MyPoints. Users can earn 6,000 SwagBucks or 10,200 MyPoints by signing up for the savings account through either of the portals. The email address registered at the portal must be used to sign up for the savings account and the account must be funded with at least $500. After the account is funded, the points will remain in pending status for 32 days. 

Signing up is a breeze and can be done with Chex frozen. During the account setup, users will need to link an external account which will be used for the initial funding and future withdrawals and deposits. All transfers to and from the Western Alliance High-Yield Savings Premier account must be done directly through the Western Alliance site.

The bank says that withdrawals are completed within 5 days. This could be an inconvenience for some users who prefer immediate access to their funds at all times, and in an era where Zelle, CashApp, Real-Time Payments, and other instant payments are commonplace, Western Alliance’s withdrawal process and timelines seem outdated, inconvenient, and behind the times. 

Perhaps in an effort to defend its slow transfer speeds, Western Alliance includes the below “Notice Requirement” in its Truth In Savings disclosure.

Federal regulations allow Bank to retain the right to require you to give at least seven (7) days’ notice in writing prior to any intended withdrawal from a savings, negotiable order of withdrawal (“NOW”), personal interest-bearing checking or money market account. Although Bank usually pays withdrawals or checks without notice on these Accounts, doing so in no way serves as a waiver of this right.

While the statement merely outlines an important regulation that the account is subject to, Western Alliance’s decision to voluntarily disclose it might make one believe that the bank foreshadows long withdrawal times. So, customers should be mindful of this when depositing funds into the Western Alliance account and only deposit funds that they won’t need immediate access to.

Western Alliance doesn’t provide customers with an account number that can be used for direct deposit, transfers, or bill payments. The lack of features and funds transfer methods, and the longer than-usual transfer speeds may be off-putting to some. But, whether it was their intention or not, Western Alliance’s stripped down bank account ultimately helps customers practice the discipline needed to save money. And that, after all, is the purpose of the savings account.

Western Alliance provides users with just the tools needed to deposit and withdraw funds. There’s no maintenance fee and customers also don’t have to jump through hoops to keep the account free. There is no minimum balance requirement, except where it pertains to dormancy. The account will be closed automatically if the balance is at $0 balance for 90 days.