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.
Valley National Bank Overall Rating
| Account | Personal Finance Insider rating (out of 5) |
| Savings | 4.5 |
| Checking | 3.5 |
| Money market account | 3.5 |
| 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 per depositor for each account ownership category.
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
- 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.
no monthly service fee
3.75%
$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
Valley National Bank Checking Accounts
Valley National Bank is a has a $15 monthly service fee. The fee is waived if you maintain a daily account balance of $99 or more to waive the fee. That's pretty straightforward and doable. Some checking accounts have no monthly service fees, though.
$15 monthly service fee
None
$100
- Monthly maintenance fee waived for the first 12 months
- Overdraft protection available
- $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
- 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 Valley CD 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.
- 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 0.70%
$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.
- 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
KeyBank is a better choice if you want to avoid monthly service fees on a checking account. Valley National Bank has a monthly service fee, although it does offer a way to waive the fee.
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.
Both banks offer straightforward checking accounts. The M&T MyWay Banking Account has a $4.95 monthly service fee that can be waived with one monthly transaction each month. Meanwhile, Valley All Access Checking+ lets you waive monthly service fees with a minimum balance of $99.
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 one and five stars. We evaluate a bank's ethics, security, customer service, mobile app, and miscellaneous features 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.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
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. The brick-and-mortar bank's checking and savings accounts might entail monthly service fees, though, depending on your account balance.
