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Valley National Bank Review 2023

Updated February 6, 2023
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Checking

Rating: 3.5 stars out of 5

Savings

Rating: 2.5 stars out of 5

MMA

Rating: 2 stars out of 5

About Bankrate Score

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
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/6/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.
Bank logo
Member FDIC
Savings Account
4.85
%
APY
APY
Info
As of 6/6/2023
Rating: 4.9 stars out of 5
$5000
Min. balance for APY
View offer Arrow Right
Promoted offer: No Monthly Fees. $5,000 balance required for highest rate.
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info
As of 6/6/2023
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: 0 Monthly Acct Fees. No Balance Cap to Earn APY.

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.

Pros

  • Checkmark

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

  • Checkmark

    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 230 ATMs isn’t competitive with larger banks and banks with large bank networks.

Valley National Bank banking products

2.5
Rating: 2.5 stars out of 5
Bankrate Score

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 paid an APY around almost four times the national average – on all balances – during Bankrate’s review.

The overdraft/nonsufficient funds fee is $36. Overdraft protection is $5 per transfer.

Note: Valley Direct, Valley National Bank’s online bank, offers a very competitive savings yield. Valley Direct is available in every state, according to a representative for Valley National Bank.

Pros

  • Checkmark

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

  • Checkmark

    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.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/6/2023
Rating: 4.7 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.

Bank experience

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.

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.

About Valley National Bank

Valley National Bank is a federally insured regional bank with around 227 locations 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 $55 billion in assets.

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.