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no monthly service fee
4.25%
$1
- High interest rate
- No monthly service fee
- Interest compounded daily
- Cannot open at a Valley National Bank branch
- Online-only division of Valley Bank
- Maximum deposit of $500,000
- Interest is compounded daily and deposited monthly
- FDIC insured
Business Insider's personal finance team put Valley National Bank up against the best banks and found it to be a standard offering. It might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a traditional banking experience. However, if you live outside of these states, other options will likely be more suitable.
The bank also has an online division with one of the best high-yield savings accounts. To qualify for the highest APY, you'll need to make a substantial open deposit, though.
Valley National Bank Overall Rating
| Account | Personal Finance Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 4 |
| Money market account | 3.25 |
| CD | 3.75 |
| Trustworthiness | 5 |
| Total | 4 |
About Valley National Bank
Valley National Bank has over 200 branches and ATMs in New York, New Jersey, Florida, and Alabama.
Customer support is available by phone or at a branch. Most locations are open from 9 a.m. to 4 p.m. on weekdays.
The bank's mobile app is rated 4.8 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play store.
Valley National deposits are FDIC-insured for up to $250,000 in individual bank accounts and $500,000 in joint bank accounts.
Is Valley National Bank Trustworthy?
Valley National Bank hasn't been involved in any recent public controversies.
We also consider ratings from the Better Business Bureau, which looks at how banks deal with customer complaints. The BBB gave Valley National Bank an A+ rating.
Pros of Banking with Valley National Bank
- Offers one of the best checking account bonuses
- Monthly service fee waived on checking account for the first year
- Possible to waive monthly bank maintenance fees on checking and savings accounts
- Low minimum opening deposit and high APY (Annual Percentage Yield) on CDs
- ATM card included with the savings and money market accounts
Cons of Banking with Valley National Bank
- Branches only available in a few states
- Monthly service fees on checking and savings accounts
- High minimum opening deposit for money market account
Valley National Bank Savings Accounts
The Valley All Access Savings Account is a decent choice if you regularly maintain at least $300 in your account — otherwise, you'll be charged a $5 monthly service fee.
Valley Bank also pays one of the best rates out there on its online high-yield savings account, which is offered through Valley Direct.
With Valley Direct Savings Promo, you can earn 5.05% (for new customers only) APY, but you'll need to be new customer and make a $1 opening deposit.
no monthly service fee
5.05% (for new customers only)
$1
- High interest rate
- No monthly service fee
- Interest compounded daily
- Cannot open at a Valley National Bank branch
- For new customers, earn 5.05% APY with a minimum account opening deposit of $1
- Online-only division of Valley Bank
- Maximum deposit of $500,000
- Interest is compounded daily and deposited monthly
- FDIC insured
no monthly service fee
4.25%
$1
- High interest rate
- No monthly service fee
- Interest compounded daily
- Cannot open at a Valley National Bank branch
- Online-only division of Valley Bank
- Maximum deposit of $500,000
- Interest is compounded daily and deposited monthly
- FDIC insured
$5 monthly service fee
up to 0.40%
$100
- ATM card included
- Possible to waive monthly service fee
- Low interest rate
- $5 monthly service fee
- Must keep at least $100 in account to earn interest
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- Earn 0.40% APY if you maintain at least $100 in your account
- To waive the monthly service fee, keep at least $300 in your account
- Interest compounded daily, deposited quarterly
- Member FDIC
Valley National Bank Checking Accounts
Valley National Bank is great if you'd like to open a rewards checking account. The Valley All Access Checking+ offers a unique bonus of $400 during the first year of opening the account.
Here's how the bonus works: You can earn $400 during your first year of account opening when you receive two or more qualifying direct deposits with a cumulative total of $7,500 or more during the first 90 days of account opening.
Keep in mind this account has a $15 monthly service fee. The fee is waived during the first year of account opening, but then you'll have to maintain an account balance of $99 or more to waive the fee.
$15 monthly service fee
None
$100
$400
- Monthly maintenance fee waived for the first 12 months
- Overdraft protection available
- Earn a cash reward of up $400 if you meet the requirements
- $100 minimum opening deposit
- Must maintain a daily balance of $99 or more to waive monthly service fee after the 12-month period
- $2 out-of-network ATM fee
- $30 overdraft fee
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Checking+ offers a bonus if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- Earn a cash bonus of $400 if you receive two or more qualifying direct deposits with a cumulative total of $7,500 during the first 90 days of account opening
- To waive the $15 monthly service, keep at least $99 in your account daily
- Overdraft protection that lets you apply for a line of credit or link to a savings account
- Valley All Access Checking+ is for new customers who have not opened a Valley personal checking account in the last year
- FDIC insured
Valley National Bank CDs
Valley National Bank CDs pay high CD rates overall and have a low minimum opening deposit.
3.35% to 4.50%
$500
- $500 minimum opening deposit
- Variety of terms
- Standard early withdrawal penalties
- Low interest rate regardless of term
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- Terms range from 91 days to 2 years
- CD early withdrawal penalties depend on term chosen and amount deposited; Contact your nearest branch to learn about early withdrawal penalties
- Interest compounded daily, deposited monthly, quarterly, semi-annually, annually, or when the term matures
- Member FDIC
Valley National Bank Money Market Account
The Valley Tiered Money Market Savings Account works best for people who maintain high account balances. There's a $2,000 minimum opening deposit and a steep $25 monthly service fee if you can't keep at least $10,000 in your account.
If you'd prefer to open a money market account with a lower minimum opening deposit, our best money market accounts guide might include some noteworthy contenders.
$25 monthly service fee
0.10% to 0.80%
$2,000
- Check writing included
- ATM card included
- Possible to waive monthly service fee
- Low interest rate, especially on low account balances
- $2,000 minimum opening deposit
- $25 monthly service fee
Valley National Bank might be worth considering if you're a resident of New York, New Jersey, Florida, or Alabama, who prioritizes a strong checking account. The Valley All Access Rewards Checking Account charges zero monthly service fees and offers a bonus of up to $240 for the first year if you meet specific requirements. If you don't live in an eligible state, you may want to consider one of the best checking accounts online.
- Over 200 branches and ATMs in NY, NJ, FL, and AL
- To waive the $25 monthly service fee, maintain at least $10,000 in your account
- Interest compounded daily, deposited monthly
- Member FDIC
How Valley National Bank Compares
Valley National Bank vs. KeyBank
Both Valley National Bank and KeyBank offer strong checking accounts.
You might sway more toward Valley National Bank if you make consistent direct deposits. The Valley All Access Checking+ comes with a bonus of $400. You can earn $400 during your first year of account opening when you receive two or more qualifying direct deposits with a cumulative total of $7,500 or more during the first 90 days of account opening.
KeyBank also has a checking account bonus with Key Smart Checking®. You can earn a $300 after making a $10 minimum opening deposit, using offer code KDSA0624 and make one direct deposit of at least $1,000 within the first 60 days of account opening (open account by 12/20/2024).
KeyBank might be a better choice if you want to avoid monthly service fees. Valley National Bank has a monthly service fee after the first year if you don't meet certain balance requirements.
If you'd like to open a savings account, other banks may offer accounts with higher interest rates or no monthly service fees.
Valley National Bank vs. M&T Bank
M&T Bank is a brick-and-mortar financial institution with branches in nine states and Washington, DC.
Valley National Bank may be a more appealing option if you're interested in a rewards checking account. With Valley All Access Checking+, you can earn $400 during your first year of account opening when you receive two or more qualifying direct deposits with a cumulative total of $7,500 or more during the first 90 days of account opening. M&T Bank also offers checking account bonuses but its highest bonus amount is only $200. To get this bonus, you must open M&T Bank MyChoice Premium Checking and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
M&T might still be worth exploring if would like to open a savings account with $0. Bear in mind you won't earn a competitive interest rate, though.
Why You Should Trust Us: How We Reviewed Valley National Bank
At Personal Finance Insider, we rate savings, checking, CDs and money market accounts using a banking methodology.
Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We'll also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.
Valley National Bank FAQs
Yes, Valley National Bank is a legitimate Member FDIC bank. Up to $250,000 is safe in a bank account, per depositor, per category if the bank fails.
Valley National Bank is considered stable according to credit ratings from a variety of credit rating systems, like Bauer Financial and DBRS Morningstar.
Valley National Bank is a strong option if you prioritize a traditional banking experience and would like to open a rewards checking account. The brick-and-mortar bank's checking and savings accounts might entail monthly service fees, though, depending on your account balance.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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