At a glance

3.7

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Valley National Bank is a good option for residents of Alabama, Florida, New Jersey and New York who live near a branch and need basic personal or business banking products and want digital banking, in addition to access to branches.

Highlights

Reward Checking

Overall

Valley National Bank is a regional bank that offers consumer deposit products, mortgages and auto loans, investment management and a variety of business products. Customers looking for high yields can find various accounts here, but keep in mind that Valley National Bank has a limited geographic footprint, only spanning approximately 230 branches.

Pros

Valley National Bank offers a combination of branch and digital banking.
Its product lineup serves consumer and business customers alike.

Cons

Valley has branches in only four states: Alabama, Florida, New Jersey and New York.
It's not a strong choice for savers looking for top yields.
A network of more than 200 ATMs isn’t competitive with larger banks and banks with large bank networks.

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Valley National Bank banking products

2.7

Bankrate Score

Compare top savings rates

FEATURES

Valley National Bank savings overview

Valley’s All Access Savings account requires only $100 to open. You can avoid paying a $4 monthly maintenance fee by keeping a balance of $300. The account comes with an ATM card, access to online and mobile banking and electronic account statements. The account pays a paltry APY. Much higher yields can be found at other banks, including Valley National Bank’s online-only division, Valley Direct. Valley Direct is available in every state, according to a representative for Valley National Bank.

The overdraft/nonsufficient funds fee is $36.

Pros

The All Access Savings account requires only $100 to open.
All Access Savings comes with an ATM card.

Cons

You can find banks offering much higher APYs on savings.
There is a $4 monthly fee unless you meet minimum balance requirements.

Rate history for Valley National Bank's Savings account

Valley National Bank

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Valley National Bank

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.8

Bankrate Score

Compare top CD rates

FEATURES

Valley National Bank CD overview

Valley National Bank offers two standard CD terms (six and 12 months) and one variable rate CD (36 months). All of the CDs come with competitive APYs.

The minimum balance to open is just $500, but you can deposit up to $500,000 if you visit a branch.

Pros

The minimum opening deposit of $500 for term CDs is reasonable.
The three-year variable CD, which paces 10 basis points ahead of the federal funds rate, is a unique option.
Yields are competitive.

Cons

Few CD term options are available.

2.0

Bankrate Score

Compare top money market rates

Valley National Bank money market overview

The yield on Valley National's Premium Money Market account is well above the national average — especially if you link this account to a Select Checking account — and well below what you can find if you shop around. But the minimum deposit for the MMA is a stiff $25,000 and the minimum balance to avoid a $25 monthly service fee is $10,000.

The account has online bill pay.

Pros

The Premium Money Market account pays a more competitive yield if you link it to a Select Checking account.
The Premium Money Market account’s yield — with and without linking it to a Select Checking account — is well above the national average.

Cons

The Premium Money Market requires a minimum opening deposit of $25,000.
You must maintain an average daily balance of at least $10,000 to avoid a $25 monthly service fee.

4.1

Bankrate Score

Compare top checking rates

Valley National Bank checking overview

The Valley All Access Rewards Checking account requires only $100 to open. The account also pays a bonus of $20 each month for a year, for a total of $240, when the account is opened and a cumulative monthly total of $750 in direct deposits is set up.

The account comes with a debit card and access to online and mobile banking, including bill pay and mobile deposits. The account can be opened online or in a branch.

Pros

You can open an All Access Rewards Checking account with only $100.
You can earn $20 a month for the first year with qualifying direct deposits of $750 or more per month.
It comes with a debit card.

Cons

The All Access Rewards Checking account isn’t available to current Valley National Bank checking customers.
There is a $2 fee using an out-of-network ATM.
Valley charges $5 to replace your personal debit card.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	$36
Non-sufficient funds fee	$36
Monthly maintenance fee	$0 – $25
Out-of-network ATM fee	$2
Excessive transaction fee	None

Find out: Tips to avoid common bank fees

Customer experience

Customer support. Customer service is available by phone 6 a.m. to 8:30 p.m. Eastern during the week and 8 a.m. to 5 p.m. Eastern on weekends and holidays.

Mobile app. Valley National Bank’s mobile app scores well among iOS and Android device users. The bank also offers telephone banking and allows person-to-person payments with Zelle. The Valley Visa debit card works with Apple Pay, Google Pay and Samsung Pay.

About Valley National Bank

Valley National Bank is a federally insured regional bank with more than 230 branches in Alabama, Florida, New Jersey and New York. Its headquarters is in Wayne, New Jersey. The bank's holding company, Valley National Bancorp, has about $61 billion in assets.

How Valley National Bank compares to other banks

Valley National Bank vs. Chase Bank

Chase Bank is the largest bank in the U.S., measured by total assets. As such, its branch reach and ATM network are leagues above Valley National Bank. That noted, some of Valley National Bank’s deposit products generally offer higher yields, including CDs. Both banks are still charging stiff overdraft fees, whereas many other banks have slashed their overdraft fees or eliminated them entirely.

Learn more: The best banks of 2024

Valley National Bank FAQs

Valley National Bank may be a good option for those living in Alabama, Florida, New Jersey and New York, which is where Valley National Bank branches are located. Thanks to its wide array of deposit products, you can bring all of your finances under one roof. But much higher yields can be found elsewhere, including at Valley Direct, Valley National Bank’s online-only division.
Yes. Valley National Bank is FDIC-insured up to the amount allowed by law: $250,000 per depositor, per account.
Yes. Valley Direct is the online-only division of Valley National Bank.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Valley National Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Valley National Bank

Valley National Bank banking products

Valley National Bank savings overview

Pros

Cons

Rate history for Valley National Bank's Savings account

Valley National Bank CD overview

Pros

Cons

Valley National Bank money market overview

Pros

Cons

Valley National Bank checking overview

Pros

Cons

Bank fees

Customer experience

About Valley National Bank

How Valley National Bank compares to other banks

Valley National Bank vs. Chase Bank

Valley National Bank FAQs

Who is Valley National Bank best for?

Is Valley National Bank safe?

Is Valley Direct a part of Valley National Bank?

Review methodology

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