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Valley National Bank Review 2022

Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications. Updated November 10, 2022 Bankrate logo

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On This Page

At a glance

3.3 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

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.

Highlights

Reward Checking Compare offers Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.50 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer details

Valley Bank

Member FDIC Savings Account Details 3.50 % APY Min balance for APY Securely backed by our 90 year history, FDIC insured Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer details

Bask Bank

Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY. Member FDIC Savings Account 3.52 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer details

Vio Bank

Member FDIC Savings Account Details 3.52 % APY Min balance for APY Save Smart. Earn More. FDIC Insured. Bankrate 5-Star Rated.

Overall

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.

Pros

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

Valley National Bank bank products

Savings CD Money Market Checking 2.4 Bankrate Score

Valley National Bank savings overview

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.

Pros

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.

Cons

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. Current Savings Rate Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.50 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer details

Valley Bank

Member FDIC Savings Account Details 3.50 % APY Min balance for APY Securely backed by our 90 year history, FDIC insured 2.8 Bankrate Score

Valley National Bank CD overview

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.

Pros

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.

Cons

APYs aren’t competitive. Compare Offer Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer details

Capital One

Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 2.1 Bankrate Score

Valley National Bank money market overview

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.

Pros

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.

Cons

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. 4.1 Bankrate Score

Valley National Bank checking overview

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.

Pros

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.

Cons

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. Compare Offer Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer details

SoFi

Member FDIC Checking Account Details 2.50 % APY To open To avoid fees

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.

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. .