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Valley National Bank Review 2022

Published February 2022 by Libby Wells

AT A GLANCE
3.3

Bankrate Score

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Rewards Checking

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

  • CDs
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    2.8
  • Savings
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    2.4
  • Checking
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    4.1
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
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    LendingClub

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    Overall

    3.3

    Bankrate Score

    Valley National Bank is a regional bank that offers consumer deposit products, mortgages and auto loans, financial planning, asset management and a variety of business products.

    What we like

    • Valley National Bank offers a combination of branch and digital banking.

    • Its product lineup serves consumer and business customers alike.

    What we don't

    • 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.

    CD rates

    2.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    Valley National Bank offers 11 CD terms ranging from 91 days to 60 months, including an 18-month "floating" CD with a rate that can fluctuate up or down. 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

    • The minimum opening deposit of $500 for term CDs is reasonable.

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

    • A step-up CD is offered.

    What we don't

    • APYs aren’t competitive.

    Savings accounts

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

    Valley’s All Access Savings account requires only $100 to open. You can avoid paying a $5 monthly maintenance fee by keeping a balance of $300 if the account was opened online and $500 if it was opened at a branch. The account comes with an ATM card, access to online and mobile banking and electronic account statements. However, the APY is not competitive.

    The overdraft/nonsufficient funds fee is $36. Overdraft protection is $5 per transfer. The account is available only in Alabama, Connecticut, Delaware, the District of Columbia, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia.

    What we like

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

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

    What we don't

    • You can find banks offering much higher APYs on savings.

    • There is a $5 monthly fee unless you meet minimum balance requirements.

    • The account is available in a limited number of states.

    Checking accounts

    4.1

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Albert

    Member FDIC

    Checking account

    0.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    The Valley All Access Rewards Checking account requires only $100 to open. There is a stiff $15 monthly service charge unless a balance of at least $99 is maintained, but that fee is waived for the first year after the account is opened. 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, access to online and mobile banking, including bill pay and mobile deposits. The account can be opened online or in a branch.

    What we like

    • 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.

    • The account can be opened online or in a branch.

    • It comes with a debit card.

    What we don't

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

    • There is a $2 fee for a balance inquiry at an out-of-network ATM.

    • Valley charges $5 to replace your personal debit card.

    Money market accounts

    2.1

    Bankrate Score

    The yield on Valley National's Premium Money Market account is barely above the national average and well below what you can find if you shop around. It does pay a better APY if you link the account to a Select Checking account. 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.

    It comes with free mobile and online banking and bill pay.

    The account is available only to residents of Alabama, Connecticut, Delaware, the District of Columbia, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia.

    What we like

    • The Premium Money Market account pays a more competitive rate if you link it to a Select Checking 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 $25,000.

    • You must maintain an average daily balance of at least $10,000 to avoid a $25 monthly service fee.

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

    Bank experience

    Valley National Bank’s mobile app scores high 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.

    Customer service is available by phone, by sending an email through the bank's website and at a branch. It may be necessary to make an appointment to go inside a branch, so check before you go.

    About Valley National Bank

    Valley National Bank is a federally insured regional bank with 226 locations in Alabama, Florida, New Jersey and New York. Its headquarters is in Passaic, New Jersey. The bank's holding company, Valley National Bancorp, has about $41 billion in assets.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.