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Valley National Bank Review 2024

Updated January 2, 2024
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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
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CDs

Rating: 4.8 stars out of 5

Checking

Rating: 4.1 stars out of 5

Savings

Rating: 2.7 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

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Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
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As of 12/9/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
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Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Checking Account
0.00
%
APY
APY
Info Icon
As of 12/9/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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
Rating: 2.7 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 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

  • Checkmark Icon

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

  • Checkmark Icon

    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.

  • Valley National Bank
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

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

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.

Valley National Bank FAQs

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.