Working memory performance can be influenced by motivational factors, which may be associated with specific brain activities, including suppression of alpha oscillations. We investigated whether providing individuals online feedback about their ongoing oscillations (EEG-neurofeedback) can improve working memory under high and low reward expectancies. We combined working memory training with neurofeedback to enhance alpha suppression in a monetary-rewarded delayed match-to-sample task for visual objects. Along with alpha, we considered the neighbouring theta and beta bands. In a double-blind experiment, individuals were trained over 5 days to suppress alpha power by receiving real-time neurofeedback or control neurofeedback (placebo) in reward and no-reward trials. We investigated (i) whether neurofeedback enhances alpha suppression, (ii) whether monetary reward enhances alpha suppression and working memory, and (iii) whether any performance benefits of neurofeedback-training would transfer to unrelated cognitive tasks. With the same experimental design, we conducted two studies with differing instructions given at the maintenance, yielding together 300 EEG recording sessions. In Study I, participants were engaged in a mental calculation task during maintenance. In Study II, they were instructed to visually rehearse the sample image. Results from Study I demonstrated a significant training and reward-anticipation effect on working memory accuracy and reaction times over 5 days. Neurofeedback and reward anticipation showed effects on theta suppression but not on alpha suppression. Moreover, a cognitive training effect was observed on beta suppression. Thus, neurofeedback-training of alpha was unrelated to working memory performance. Study II replicated the training and reward-anticipation effect on working memory but without any effects of neurofeedback-training on oscillations or working memory. Neither study showed transfer effects of either working memory or neurofeedback-training. A linear mixed-effect model analysis of neurofeedback-independent training-related improvement of working memory combining both studies showed that improved working memory performance was related to oscillatory changes over training days in the encoding and maintenance phases. Improvements in accuracy were related to increasing beta amplitude in reward trials over right parietal electrodes. Improvements in reaction times were related to increases in right parietal theta amplitude during encoding and increased right parietal and decreased left parietal beta amplitudes during maintenance. Thus, while our study provided no evidence that neurofeedback targeting alpha improved the efficacy of working memory training or evidence for transfer, it showed a relationship between training-related changes in parietal beta oscillations during encoding and improvements in accuracy. Right parietal beta oscillations could be an intervention target for improving working memory accuracy.