Written by Sophia Acevedo; edited by Laura Grace Tarpley; reviewed by Evelyn He
- Overall Rating
- Pros and Cons
- About Valley National Bank
- FAQs
- Valley National Bank Account Reviews
- How Valley National Bank Compares
- Why You Should Trust Us
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Valley Direct High Yield Savings Account
On Valley Direct's website
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.75%
Minimum Opening Deposit
$1
Pros
- High interest rate
- No monthly service fee
- Interest compounded daily
Cons
- Cannot open at a Valley National Bank branch
Product Details
- Online-only division of Valley Bank
- Maximum deposit of $500,000
- Interest is compounded daily and deposited monthly
- FDIC insured
The bottom line: Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
Valley National Bank Review: Overall Rating
Account | Personal Finance Insider rating (out of 5) |
Savings | 3.75 |
Checking | 4 |
Money market account | 3.25 |
CD | 3.75 |
Trustworthiness | 5 |
Total | 4 |
Valley National Bank Pros and Cons
Pros | Cons |
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About Valley National Bank
Valley National Bank has over 200 branches and ATMs in New York, New Jersey, Florida, and Alabama.
Customer support is available by phone or at a branch. Most locations are open from 9 a.m. to 4 p.m. on weekdays.
The bank's mobile app is rated 4.8 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play store.
Valley National deposits are FDIC-insured for up to $250,000 in individual bank accounts and $500,000 in joint bank accounts.
Is Valley National Bank Trustworthy?
Valley National Bank hasn't been involved in any recent public controversies.
We also consider ratings from the Better Business Bureau, which looks at how banks deal with customer complaints. The BBB gave Valley National Bank an A+ rating.
Valley National Bank FAQs
Is Valley National Bank legit?
Yes, Valley National Bank is a legitimate Member FDIC bank. Up to $250,000 is safe in a bank account, per depositor, per category if the bank fails.
Is Valley National Bank stable?
Valley National Bank is considered stable according to credit ratings from a variety of credit rating systems, like Bauer Financial and DBRS Morningstar.
Is Valley National Bank a strong bank?
Valley National Bank is a strong option if you prioritize a traditional banking experience and would like to open a free checking account. The brick-and-mortar bank's savings accounts might entail monthly service fees, though, depending on your account balance.
Valley National Bank Savings Accounts
The Valley All Access Savings Account is a decent choice if you regularly maintain at least $300 in your account — otherwise, you'll be charged a $5 monthly service fee.
Valley Bank also pays one of the best rates out there on its online high-yield savings account, which is offered through Valley Direct.
Valley Direct High Yield Savings Account
On Valley Direct's website
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.75%
Minimum Opening Deposit
$1
Pros
- High interest rate
- No monthly service fee
- Interest compounded daily
Cons
- Cannot open at a Valley National Bank branch
Product Details
- Online-only division of Valley Bank
- Maximum deposit of $500,000
- Interest is compounded daily and deposited monthly
- FDIC insured
Valley All Access Savings Account
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.85%
Minimum Opening Deposit
$100
Pros
- ATM card included
- Possible to waive monthly service fee
Cons
- Low interest rate
- $5 monthly service fee
- Must keep at least $100 in account to earn interest
Insider’s Take
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
Product Details
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- Earn 0.85% APY if you maintain at least $100 in your account
- To waive the monthly service fee, keep at least $300 in your account
- Interest compounded daily, deposited quarterly
- Member FDIC
Valley National Bank Checking Accounts
Valley National Bank is great if you'd like to open a rewards checking account. The Valley All Access Rewards Checking Account offers a unique bonus of up to $240 ($20 per month for up to 12 months) during the first year of opening the account.
To receive the reward, you'll need to get $750 or more in direct deposits each month. You will no longer qualify for the bonus after the first year or if you miss a month.
Valley All Access Rewards Checking Account
Insider’s Rating
4/5
Perks
Earn up to $240 during your first year of account opening ($20 per month for 12 months) when you get $750 or more in direct deposits each month. You will no longer qualify for the bonus after the first year or if you miss a month.
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$100
Bonus
Earn up to $240 during your first year of account opening ($20 per month for 12 months) when you get $750 or more in direct deposits each month. You will no longer qualify for the bonus after the first year or if you miss a month.
up to $240 ($20 per month for up to 12 months)
Pros
- No monthly service fee
- Earn a cash reward of up $240 if you meet the requirements
Cons
- $100 minimum opening deposit
- $2 out-of-network ATM fee
- $36 overdraft fee
- $5 overdraft protection transfer fee
Insider’s Take
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
Product Details
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- Earn a cash bonus of up to $240 ($20 per month) during the first year of opening the Valley National Bank All Access Rewards Checking Account if you receive a total of $750 or more in direct deposits per month; $20 will be deposited into your account within 35 days of the monthly qualifying recurring direct deposit
- You will no longer qualify for the cash reward after the first year or if the direct deposit requirement isn't met for a month
- Overdraft protection that let's you link your checking account to a savings account or apply for a line of credit
- If you utilize overdraft protection by transferring money from your savings account there's a $5 overdraft transfer fee
- Member FDIC
Valley National Bank CDs
Valley National Bank CDs pay high CD rates overall and have a low minimum opening deposit.
Valley CD
Annual Percentage Yield (APY)
Valley Bank also offers a variable rate CD with a separate APY
4.25% to 4.75%
Minimum Opening Deposit
$500
Pros
- $500 minimum opening deposit
- Variety of terms
- Standard early withdrawal penalties
Cons
- Low interest rate regardless of term
Insider’s Take
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
Product Details
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- Terms range from 91 days to 2 years
- CD early withdrawal penalties depend on term chosen and amount deposited; Contact your nearest branch to learn about early withdrawal penalties
- Interest compounded daily, deposited monthly, quarterly, semi-annually, annually, or when the term matures
- Member FDIC
Valley National Bank Money Market Account
The Valley Tiered Money Market Savings Account works best for people who maintain high account balances. There's a $2,000 minimum opening deposit and a steep $25 monthly service fee if you can't keep at least $10,000 in your account.
If you'd prefer to open a money market account with a lower minimum opening deposit, our best money market accounts guidemight include some noteworthy contenders.
Valley Tiered Money Market Savings Account
Fees
$25 monthly service fee
Annual Percentage Yield (APY)
0.10% to 1.35%
Minimum Opening Deposit
$2,000
Pros
- Check writing included
- ATM card included
- Possible to waive monthly service fee
Cons
- Low interest rate, especially on low account balances
- $2,000 minimum opening deposit
- $25 monthly service fee
Insider’s Take
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
Product Details
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- To waive the $25 monthly service fee, maintain at least $10,000 in your account
- Interest compounded daily, deposited monthly
- Member FDIC
How Valley National Bank Compares
Valley National Bank vs. KeyBank
Both Valley National Bank and KeyBank offer strong checking accounts with no monthly service fees.
You might sway more toward Valley National Bank if you make consistent direct deposits. The Valley All Access Rewards Checking Account comes with a bonus of up to $240 ($20 per month for up to 12 months). You'll have to receive a total of $750 or more in direct deposits each month to get the reward.
KeyBank might be a better choice if you frequently overdraw from your account. The Key Smart Checking® has free overdraft protection. Meanwhile, Valley National Bank charges a $5 transfer fee if you use overdraft protection.
If you'd like to open a savings account, other banks may offer accounts with higher interest rates or no monthly service fees.
Valley National Bank vs. M&T Bank
M&T Bank is a brick-and-mortar financial institution with branches in nine states and Washington, DC. See how the two banks match up below.
Valley National Bank may be a more appealing option if you're opening a checking account. It doesn't charge monthly service fees and offers overdraft protection.
M&T charges a $4.95 monthly service fee on its lowest fee checking account if you don't have a savings account or make at least one transaction. The M&T MyWay Banking Account also doesn't offer overdraft protection — M&T will deny the transaction if you try to overdraw from your account.
M&T might be worth exploring if would like to open a savings account with $0. Bear in mind you won't earn a competitive interest rate, though.
Why You Should Trust Us: How We Reviewed Valley National Bank
At Personal Finance Insider, we rate savings, checking, CDs and money market accounts using abanking methodologyandCD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We'll also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.
Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Evelyn He
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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