Valley National Bank Review 2024: Earn 5.05% APY on Savings Accounts

• Overall Rating
• Pros and Cons
• About Valley National Bank
• FAQs
• Valley National Bank Account Reviews
• How Valley National Bank Compares
• Why You Should Trust Us

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

no monthly service fee

5.05%

$1

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Interest compounded daily

• con icon Two crossed lines that form an 'X'. 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

The bottom line: 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.

Valley National Bank Review: Overall Rating

Valley National Bank Pros and Cons

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.

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 free checking account. The brick-and-mortar bank's savings accounts might entail monthly service fees, though, depending on your account balance. 

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.

no monthly service fee

5.05%

$1

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Interest compounded daily

• con icon Two crossed lines that form an 'X'. 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

0.85%

$100

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. ATM card included
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive monthly service fee

• con icon Two crossed lines that form an 'X'. Low interest rate
• con icon Two crossed lines that form an 'X'. $5 monthly service fee
• con icon Two crossed lines that form an 'X'. 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 0.85% 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 Rewards Checking Account offers a unique bonus of up to $240 ($20 per month for up to 12 months) during the first year of opening the account.

To receive the reward, you'll need to get $750 or more in direct deposits each month. You will no longer qualify for the bonus after the first year or if you miss a month. 

Earn up to $240 during your first year of account opening ($20 per month for 12 months) when you get $750 or more in direct deposits each month. You will no longer qualify for the bonus after the first year or if you miss a month.

no monthly service fee

None

$100

up to $240 ($20 per month for up to 12 months)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn a cash reward of up $240 if you meet the requirements

• con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
• con icon Two crossed lines that form an 'X'. $2 out-of-network ATM fee
• con icon Two crossed lines that form an 'X'. $36 overdraft fee
• con icon Two crossed lines that form an 'X'. $5 overdraft protection transfer 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
• Earn a cash bonus of up to $240 ($20 per month) during the first year of opening the Valley National Bank All Access Rewards Checking Account if you receive a total of $750 or more in direct deposits per month; $20 will be deposited into your account within 35 days of the monthly qualifying recurring direct deposit
• You will no longer qualify for the cash reward after the first year or if the direct deposit requirement isn't met for a month
• Overdraft protection that let's you link your checking account to a savings account or apply for a line of credit
• If you utilize overdraft protection by transferring money from your savings account there's a $5 overdraft transfer fee
• Member FDIC

Valley National Bank CDs

Valley National Bank CDs pay high CD rates overall and have a low minimum opening deposit. 

4.25% to 4.75%

$500

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Variety of terms
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties

• con icon Two crossed lines that form an 'X'. 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 1.35%

$2,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Check writing included
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. ATM card included
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive monthly service fee

• con icon Two crossed lines that form an 'X'. Low interest rate, especially on low account balances
• con icon Two crossed lines that form an 'X'. $2,000 minimum opening deposit
• con icon Two crossed lines that form an 'X'. $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 with no monthly service fees.

You might sway more toward Valley National Bank if you make consistent direct deposits. The Valley All Access Rewards Checking Account comes with a bonus of up to $240 ($20 per month for up to 12 months). You'll have to receive a total of $750 or more in direct deposits each month to get the reward.

KeyBank might be a better choice if you frequently overdraw from your account. The KeyBank Smart Checking Account has free overdraft protection. Meanwhile, Valley National Bank charges a $5 transfer fee if you use overdraft protection.

If you'd like to open a savings account, other banks may offer accounts with higher interest rates or no monthly service fees. 

KeyBank Review

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. See how the two banks match up below. 

Valley National Bank may be a more appealing option if you're opening a checking account. It doesn't charge monthly service fees and offers overdraft protection.

M&T charges a $4.95 monthly service fee on its lowest fee checking account if you don't have a savings account or make at least one transaction. The M&T MyWay Banking Account also doesn't offer overdraft protection — M&T will deny the transaction if you try to overdraw from your account.

M&T might 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.

M&T Bank Review

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 and CD 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.

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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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