Valley National Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.4

Bankrate Score

bank-logo

Rewards Checking

Valley National Bank has locations in Alabama, Florida, New Jersey and New York. It's a good option for people in those states looking for a checking account or CD.

  • CDs
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    3.4
  • Savings
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    2.4
  • Checking
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    3.5
  • MMAs
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    2.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    3.4

    Bankrate Score

    Valley National Bank is a regional bank with branches in Alabama, Florida, New Jersey and New York.

    What we like

    • Valley Bank offers a unique product in its All Access Rewards Checking account, which pays new customers up to $20 per month for a year if they meet the requirements for the offer.

    • There is a low opening deposit requirement to open savings and CD accounts.

    What we don't

    • Valley has branches in only four states: Alabama, Florida, New Jersey and New York. If you prefer branch banking and don't live in one of those states, it might not be the best option.

    • You can find higher yields on deposits at other banks.

    CD rates

    3.4

    Bankrate Score

    Valley offers seven CD terms, ranging from 91 days to five years. Valley’s term CDs require a minimum opening deposit of $500.

    The bank also offers jumbo CDs and a step-up CD.

    What we like

    • Valley’s term CDs require a minimum opening deposit of only $500.

    • Valley has a 91-day CD for those not looking to lock up their money for a long time.

    What we don't

    • There are more competitive APYs at some online banks.

    Savings accounts

    2.4

    Bankrate Score

    Valley’s All Access Savings requires only $100 to open the account. You can avoid paying a $5 monthly fee by keeping a balance of $300 to $500, depending on whether the account was opened online or in a branch.

    Valley also has a Holiday Club Savings Account. Open an account with as little as $20 and you receive a free gift from the bank.

    What we like

    • The All Access Savings account requires only $100 to open.

    • The $5 monthly fee can be avoided by meeting balance requirements.

    • All Access Savings comes with an ATM card, online and mobile banking and e-statements.

    What we don't

    • You can find accounts offering much higher APYs if you shop around.

    Checking accounts

    3.5

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    The Valley Interest Checking Plus account requires only a $100 deposit to open. You must keep an average daily balance of $1,000 in the account to avoid the monthly maintenance fee. Those not able to keep that balance should look at other options.

    The Valley All Access Rewards Checking account lets you earn up to $240 — $20 per month for a year. It doesn’t have a minimum balance requirement and it requires only $100 to open the account. This offer is available only for new personal checking customers at Valley National Bank.

    Those ages 17 to 25 also have an opportunity to earn Valley Rewards, up to $150, when they open a Valley My Choice Checking account. This account also receives a rebate of $20 on ATM fees incurred.

    What we like

    • You can open a Valley All Access Rewards Checking account with only $100.

    • You can earn $20 per month for a year with the All Access Rewards Checking with qualifying direct deposits of $750 or more per month.

    What we don't

    • The Valley All Access Rewards Checking account isn’t available for current Valley National Bank checking customers.

    • There is a $2 fee per ATM transaction outside of Valley National Bank's network. The fee goes up to $5 for withdrawals at an international ATM.

    • Valley charges $5 to replace your ATM or debit card.

    Money market accounts

    2.6

    Bankrate Score

    The Valley Premium Money Market account earns a competitive yield. The account rewards customers with a Select Checking account by giving them a higher APY.

    The Valley Premium Money Market requires an opening deposit of at least $25,000. The minimum balance to avoid the $25 monthly service fee is $10,000. It comes with free mobile and online banking and bill pay.

    The account is available only to residents of Alabama, Connecticut, Washington, D.C., Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia.

    What we like

    • The Premium Money Market account earns an APY that’s higher than the national average.

    • Select Checking customers receive a rate boost on their Premium Money Market account.

    • Premium Money Market comes with free mobile and online banking with bill pay.

    What we don't

    • The Premium Money Market requires a minimum opening deposit of at least $25,000.

    • You’ll need to keep an average daily balance of at least $10,000 in the Premium Money Market account to avoid the $25 monthly service fee.

    • The account is available only to residents of certain states.

    Bank experience

    Valley National Bank’s mobile app scores high in both the Apple App store and the Google Play Store.

    During Bankrate’s review of Valley, the bank had limited telephone hours on weekdays and weekends because of the COVID-19 pandemic. Customers are encouraged to use online banking or the mobile app.

    About Valley National Bank

    Valley National Bank is a regional bank with more than 200 locations in Alabama, Florida, New Jersey and New York. Valley National Bank is headquartered in Passaic, New Jersey. The bank's holding company, Valley National Bancorp, has approximately $42 billion in assets.

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.