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Valley National Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Valley National Bank Rewards Checking
0.03% APY

Looking for a bank in the New York City metro area? Valley National Bank is an option worth considering. The bank is substantially smaller than many of the area’s other banks, with just over 200 branches spread between New York City, New Jersey, Florida and Alabama.

The bank has a number of deposit account options with some appealing features. Ita checking account options include fee-free specials for young adults, teens and adults over the age of 55, as well as a basic checking account with a balance requirement of just $100. 

If high interest rates are your priority, the savings account will fall short, but the bank’s certificates of deposit might be what you need. The bank has rates well above many of its competitors on CDs of all term lengths, with a minimum deposit of $500.

Products Offered

Product Key Details
Savings Account
  • Minimum opening deposit of $100
  • Interest compounded daily
  • No monthly fee for accounts with at least $300 in deposits
Certificates of Deposit
  • Minimum deposit of $500
  • Fixed-, variable-, and step-up rate CDs available
Money Market Account
  • Several money market options, with minimum deposits ranging from $1 to $10,000
  • Higher rates for higher balances
  • Unlimited withdrawals at bank branches for some accounts
Checking Account
  • $100 minimum deposit and minimum balance for most basic account. $15 monthly service fee below that
  • No-fee account options for teens, young adults, and seniors

Valley National Bank Interest Rate Comparison

Valley National Bank Overview

Though its Wayne, New Jersey headquarters are just a stone’s throw away from the heart of the world financial industry, Valley National Bank prides itself on being a mid-sized regional bank, and not one of the giants next door. It has a little over 200 branches, spread among the New York City metro area, with a few additional locations in Florida and Alabama.

While it may not be a Wall Street firm, VNB offers all the deposit account options available at larger banks. These include savings accounts, checking accounts, money market accounts and certificates of deposit. Additional, VNB customers can take out mortgages, open credit cards. If you’re feeling entrepreneurial, VNB can also help you out with small business loans.

Valley National Bank Account Features

Deposit accounts with Valley National Bank are all FDIC-insured, up to the maximum legal amount ($250,000 for a savings account). Many accounts have some kind of monthly service fee, which is waived based on a minimum balance requirement. VNB typically offers special deals with no fees for young people and seniors.

All accounts include free online and mobile banking. Checking accounts include a debit card, while savings accounts (that are not linked to a checking account) typically include an ATM card.

Compare Valley National Bank to Other Competitive Offers

VNB® All Access Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5 monthly fee, waivable with $300 minimum balance. 
Current Terms and Rates 0.03% APY

If you need a safe place to store your money, and aren’t especially interested in earning a high return on your money, the basic savings account with Valley National Bank might make sense. The interest rate on this account is quite low, at 0.03% APY. This is roughly equal to the rate offered by national banks like Bank of America, and lower than a number of online-only options.

On the other hand, the minimum balance requirements on this account are not too onerous. In order to avoid the $5 monthly fee, you need to maintain a balance of at least $300. This compares favorably to requirements on similar accounts at Bank of America.

Valley National Bank Certificates of Deposit

Key Features Details
Minimum Deposit
  • Regular CD: $500
  • Jumbo CD: $100,000
Access to Your CD Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fees. Penalties for early withdrawals.
Current Terms and Rates
  • 91 Day: 1.50% APY
  • 6 Month: 2.20% APY
  • 12 Month: 2.15% APY
  • 18 Month: 2.60% APY
  • 24 Month: 2.00% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.85% APY
  • 60 Month: 2.00% APY
Current Terms and Rates: Jumbo CDs
  • 7 Day: 0.25% APY
  • 14 Day: 0. 25% APY
  • 1 Month: 0.35% APY
  • 2 Month: 0.50% APY
  • 3 Month: 1.50% APY
  • 6 Month: 1.60% APY
Current Terms and Rates: Step-Up CDs
  • 25 Month: 1.75% APY
  • 37 Month: 2.00% APY
  • 66 Month: 1.77% APY

Rates shown are for New Jersey and New York. Lower rates generally apply for accounts opened in Florida and Alabama.

Valley National Bank offers an abundance of certificate of deposit options. These add a little bit of structure to a typical savings account, along with substantially higher interest rates, especially if you are willing to set aside your money for a longer term.

The basic CD at Valley National Bank has a minimum deposit requirement of $500. Terms go from as short as three months, to as long as 72 months (that’s six years). Interest rates vary from less than 1% to more than 2% APY. Those rates are notably higher than rates offered at many other banks, including national banks like Bank of America.

Another option offered by Valley National Bank is the jumbo CD. These require a deposit of $100,000. Oddly, rates for these accounts are no higher than the regular CDs, so there isn’t any premium for putting down that much money.

The last option is the step-up CD. These involve regular increases in the interest rate on your account. So your rate might start at 0.75% and increase by half a percent every month. However, the APY on the account is still fixed, and that is the overall return you can expect to receive from these CDs.

Valley National Bank Money Market Accounts

Key Features Details
Minimum Deposit $10,000
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $25 monthly fee, waivable with $10,000 minimum balance.
Current Terms and Rates: Money Market Savings 1.25%
Current Terms and Rates: Premier Money Market Savings
  • 1.80% APY
  • 2.05% APY with Select Checking Account
Current Terms and Rates: Tiered Money Market Savings
  • Account balances below $5,000: 0.15% APY
  • Account balances of $5,000 - $24,999: 0.25% APY
  • Account balances of $25,000 - $49,999: 0.35% APY
  • Account balances of $50,000 - $99,999: 0.55% APY
  • Account balances of $100,000 - $499,999: 0.65% APY
  • Account balances of $500,000 - $1,499,999: 1.70% APY
  • Account balances of $1,500,000 and above: 1.20% APY

Rates shown are for New Jersey and New York. Lower rates generally apply for accounts opened in Florida and Alabama.

If you have at least $10,000 to put into your account, Valley National Bank’s money market account will be an appealing option. Rates on VNB’s money market accounts are fairly high compared with other banks in the New York metro region, at 1.25% APY for the most basic money market account.

On the other hand, that $10,000 minimum deposit is fairly steep. Further, if you open you account with that deposit, but then slip below that level, there is a $25 monthly fee that will be assessed to your account, wiping out any interest advantage.

Along with the basic money market account, there is also a Premier account that offers higher rates to customers with a checking account, and a tiered account that offers higher rates to customers with deposits in excess of $500,000 (and lower rates below that threshold).

Valley National Bank Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 monthly fee, waivable with $100 minimum balance.

Valley National Bank offers a number of options for checking accounts. The most basic account, All Access Checking has a $100 minimum opening deposit. That is also the minimum balance you need to maintain in order to avoid the monthly $15 service fee.

For new customers opening this account, there is a the possibility of a $20 monthly bonus for the first year if you have a monthly direct deposit of $750 or more.

The other types of checking accounts include Community Checking, which has a lower minimum deposit, at $25, but an automatic $3 monthly fee. There is also My Choice, for young adults (ages 17 - 25), which has no monthly fee and up to $20 in ATM fee rebates per month, and Milestone (ages 55 and up), which has no monthly fee. 

Lastly, there is an interest checking account. This pays a small amount of interest on deposits, but has a higher minimum balance, at $1,000.

All VNB checking accounts come with a debit card and with free access to Valley National Bank ATMs, which are generally located alongside branches. Other ATMs will cost a $2 surcharge, as well as any fees charged by the ATM owner.

Valley National Bank also charges a fee of $36 for overdrafts — transactions that draw your account balance below $0.

Where Can I Find Valley National Bank?

The majority of Valley National Bank branches are in the New York City metro area, specifically New Jersey and New York City. It also has branches in Florida and Alabama.

What Can You Do Online With Valley National Bank?

The website and mobile app can handle all of the basics, such as transfers between accounts, automatic bill payment and paperless statements. You can also view transaction history for your debit or credit card and make mobile deposits with your cell phone.

How Do I Access My Money?

Most Valley National Bank ATMs are located at a bank branch, so in order to withdraw money without paying any fees, you likely have to head down to your local branch. You can use your ATM card or debit card fee-free at any VNB ATM. Other ATMs are likely to assess surcharges, in addition to a $2 fee charged by Valley National Bank (some accounts may be exempt from this fee).

How Can I Save More Money With Valley National Bank?

Valley National Bank offers some great rates on its certificates of deposit. Even shorter-term CDs have relatively high rates, so if you aren’t sure you want to put your money away for the long term, you still have options. For instance, the 13-month CD currently has a rate of 2.10% APY.

VNB’s All Access Premium Checking also has a nifty bonus right now - $20 per month for the first year, as long as you have monthly direct deposits totalling at least $750. So, if you want an extra $240 by year’s end, that account might be a good choice.

What’s the Process for Opening an Account With Valley National Bank?

There are two basic ways to go about opening an account at VNB. The first is online: on the Valley National Bank website, find the account type you want and select “Open an Account.” From there you will need your Social Security number, home address and some kind of government ID (such as a driver’s license). You also need to be at least 18 years old. Make sure to have your funding information (like another bank account or a credit card) on hand as well.

The other option is to open an account at a Valley National Bank branch. This will require the same information as the online process, though you also have the option of opening your account with cash or a check.

What’s the Catch?

If you aren’t located near a Valley National Bank branch, this is not the bank for you. There are branches in New York, New Jersey, Florida and Alabama. Before opening an account online, check if there is a branch nearby.

Another potential problem for some will be the low interest rates offered on savings accounts. The standard savings account has an interest rate of just 0.03%. There are higher interest options, but these involve either less flexibility (a certificate of deposit) or a high beginning deposit (money market account).

Bottom Line

If you live in the New York metro area and don’t want to deal with one of the Wall Street giants, Valley National Bank offers a good alternative. It has a plethora of checking account options, with fee-free specials for young adults, teens and people over the age of 55. It also has some nifty deals on certificates of deposit, with rates that are substantially higher than those offered by many comparable banks.

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