Valley National Bank Review
Is Valley National Bank a good bank?
Valley National Bank was founded in 1927 as the Passaic Park Trust Company. In 1976, the bank's name changed to Valley National Bank following the acquisition of the Bank of Wayne, and in October 2018, it rebranded as simply Valley. The bank has more than 200 branch locations in New York, New Jersey, Pennsylvania, Florida, and Alabama, and emphasizes personalized customer service.
Wide variety of account options
Online account options
Relatively high rates for money market and CD accounts
Some accounts require going to a branch
Fees if average daily balance minimums are not met
Limited ATM locations
Who Is Valley National Bank For?
Valley National Bank is good for people who want to:
- Earn competitive rates on money market and CD accounts
- Open a checking account that offers cash rewards
- Grow retirement savings using an IRA
- Have access to banking products to fit every life stage
- Have access to physical branch locations
What Does Valley National Bank Offer?
Valley National Bank offers a wide range of financial products and services for both everyday use and long-term savings.
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Certificates of Deposit (CDs) Accounts
- Credit Cards
Valley offers a wide range of checking account options, designed for just about every life stage. Each account has different benefits and requirements. The eight available accounts include:
- All Access Rewards: Best for people who want simple checking
- My Choice Checking: Best for people between ages 17 to 25
- My Loyalty Checking: Best for people with a mortgage with Valley
- My Choice Teen Checking: Best for teenagers ages 13 to 16
- Milestone Checking: Best for seniors 55 or older
- Interest Checking Plus: Best for people who want to earn interest on checking
- Community Checking: Best for people who need basic checking with low balance requirements
- Prestige Checking: Best for frequently travelers 50 years or older
Here is a chart comparing the account details.
|Name||Minimum to Open||Account Details|
|All Access Rewards Checking||$100||There is no minimum balance requirement, and you receive $20 per month for one year when you have $750 in qualifying direct deposits monthly.|
|My Choice Checking||$25||There is no monthly fee, up to $20 rebate on ATM fees, and you can receive Valley Rewards up to $150.|
|My Loyalty Checking||$100||There is no monthly fee if you schedule three recurring online bill payments or have a qualifying direct deposit of $750 monthly; otherwise, it's $25 per month. You can also receive up to $10 monthly in ATM fee rebates.|
|My Choice Teen Checking||$25||There is no monthly service fee if the account is linked to a parent or guardian's checking account, receives a monthly direct deposit, or maintains a daily balance of at least $1,000. There is also a $25 for signing up for a debit card.|
|Milestone Checking||$0||No minimum balance requirement and no monthly fee.|
|Interest Checking Plus||$100||No service fee if you maintain an average daily balance of $1,000 per month. Otherwise, it's $15 each month.|
|Community Checking||$25||Available only to New York and New Jersey residents. It has a low $3 monthly service fee.|
|Prestige Checking||$10,000 (combined across all Valley accounts)||Includes group travel and tour opportunities, and you receive special rates on CD accounts.|
All of Valley's checking accounts come with these features and benefits:
- Online and mobile banking access
- Mobile wallet capability
- Visa debit card
- FDIC insurance up to $250,000
Some accounts, such as Community Checking, can only be opened at a branch location.
Valley offers a variety of savings account options, including:
- All Access Savings
- Kids First Savings Club
- Holiday Savings Club
- My Health Savings
The All Access Savings account is a standard savings account that earns interest. A minimum deposit of $100 is required to get started with an account, and it comes with a free ATM card so you can access your savings if needed. There's no monthly service fee if you maintain an average daily collected balance of $300 per month. Interest is compounded daily and credited quarterly. The other three accounts are specialty accounts and must be opened at a branch location.
The Valley Kids First Savings Club allows kids to start saving with as little as $1, with no monthly service charge. To encourage the savings habit, Valley matches your child's first deposit up to $20. You must visit a branch location to open this custodial account.
The Holiday Savings Club account offers a way to save for holiday spending. You can open an account with $10, $20, $25, or $50, though you'll receive a free gift when you open your account with $20 or more. The APY on the account is 0.05% with a 50-week term, and the maturity date is September 25, 2020. A $15 fee is applied for withdrawals or account closures before maturity. On the maturity date, funds are direct deposited into your Valley account or mailed to you by check.
My Health Savings is a Health Savings Account you can open to save for medical expenses if you're enrolled in a high deductible health plan—which generally has a minimum deductible of $1,350 for individuals and $2,700 for families. It has a low monthly fee of $3, and distributions are tax-free when used for qualified medical expenses.
This chart breaks down how rates compare for these four accounts:
|Savings Account Rates|
|All Access Savings||0.02%|
|Kids First Savings Club||0.03%|
|Holiday Savings Club||0.05%|
|My Health Savings||N/A|
Money Market Accounts
Money market accounts (MMAs) combine the best features of savings accounts and checking accounts because you can earn interest on your deposits while also having a debit card and check-writing abilities for easy access to your money. There are two money market options with Valley: Premium and Tiered.
The Premium Money Market account is designed for people who maintain a large balance in their MMA. The minimum initial deposit is $25,000, and the maximum is $10 million. The APY is 0.50%, but you can earn an additional 0.25% if you open a Select Checking account. With the Select Checking Account, you must:
- Make a minimum initial deposit of $100
- Have a monthly qualifying direct deposit of $1,000
There's no monthly maintenance fee for Select Checking when you have a daily ledger balance of $99. Otherwise, a $15 monthly fee applies. There is a $25 monthly fee on the Premium Money Market account if you don't have an average daily collected balance of $10,000.
The Tiered Money Market Savings account has a much lower initial deposit requirement at $2,000. The higher your savings balance, the more interest you receive. There is no monthly fee if you maintain an average daily balance of $10,000; otherwise, it's $25.
Whether you need to save for a short- or long-term goal, Valley has plenty of CD options to help. The minimum deposit to open an account is $500 for regular CD accounts and $100,000 for a jumbo CD. Here are the rates for a regular CD account.
|CD Account Rates|
|18 months FLOATING||0.35%|
Valley is also currently offering an online-only Community Recovery CD that offers a 1.15% APY for a 12-month term. They will also donate an extra 0.50%—$5 for every $1,000 in your account—to those most impacted by the coronavirus. There is a $200 minimum deposit required, and a $1 million maximum deposit per account.
No interest will be paid during the grace period if your CD account is closed. Valley will also impose early withdrawal penalties when you withdraw money before a CD's maturity date, which could reduce the principal. The fee is 180 days' worth of interest on the withdrawn amount.
If you need a credit card, Valley National Bank offers six options—four of which focus on rewards:
- Visa Platinum: Low interest rates and no rewards
- Cash Rewards American Express: 1–3% cash back on purchases
- Visa Real Rewards: 1.5 points per $1 spent
- Visa College Real Rewards: 1.5 points per $1 spent
- Premier Rewards American Express: Earn 1–4 points per $1 spent
- Visa Secured: Ideal for starting or repairing credit
Other Financial Products From Valley National Bank
Valley National Bank also offers a large selection of other offerings:
- Mortgage loan
- Mortgage loan refinancing
- Auto loan
- Asset management
- Trust & Estate planning
Valley National Bank's Customer Service
Compared to larger banks, Valley National Bank's customer service options are limited. Outside of the listed customer service number, (800) 522-4100, the only other way to get in contact with them outside of visiting the physical brach is through an online form you can use to submit an e-mail request. In terms of online and mobile banking, you have access to the tools and features you'd expect, including:
- Paperless statements
- Mobile wallet
- Push notifications
- Bill payment services
- Direct deposit
Valley's mobile app can sync with your smartwatch for banking access right from your wrist, but if you prefer low-tech, they offer phone and text banking.
How to Bank With Valley National Bank
Depending on the type of account you're opening, you may be able to open an account online. Some accounts, however, will require you to visit a branch. To open an account, you'll need to give Valley your:
- Social Security number
- Driver's license, government or state-issued ID
- U.S. mailing address
You must be at least 18 years old to open an account unless you're opening a My Choice or My Choice Teen Checking Account—in which case you'll need a parent or guardian as the primary account holder. You'll also need to have your initial deposit ready to go. Once your account is open, you can manage it online, through the Valley National Bank mobile app, at a branch location, or a Valley ATM.
The Bottom Line
Valley National Bank offers the community feel of a smaller bank with all the features, products, and services of a larger bank. The APY you can earn with some of Valley's CD and money market products is very generous compared to what you'll find at other banks. The wide variety of checking, savings, money market, and CD accounts makes it possible to find the banking products that fit where you are in life. With low minimum deposits and minimal fees, Valley's accounts are designed to fit just about anyone's budget.
The biggest drawback may be that Valley's geographic reach is limited compared to larger banks and online banks. Depending on where you live, visiting a Valley branch or ATM may not be convenient; and while you can use another bank's ATM, Valley will charge you a fee for doing so. The lack of personal loan products may be perceived as another downside if you're in the market for a loan.
Valley. "Our History." Accessed May 13, 2020.
Valley. "Banking." Accessed May 12, 2020.
Valley. "Personal Checking Accounts." Accessed May 13, 2020.
Valley. "Valley Community Checking." Accessed May 13, 2020.
Valley. "Grow My Savings." Accessed May 13, 2020.
Valley. "Valley All Access Savings." Accessed May 13, 2020.
Valley. "Valley Kids First Savings Account." Accessed May 13, 2020.
Valley. "Holiday Club Savings." Accessed May 13, 2020.
Valley. "Valley My Health Savings." Accessed May 13, 2020.
Valley. "Premium Money Market." Accessed May 13, 2020.
Valley. "Tiered Money Market Savings." Accessed May 13, 2020.
Valley. "CDs - Multiple Maturity." Accessed May 13, 2020.
Valley. "Credit Cards." Accessed May 13, 2020.
Valley. "Customer Service." Accessed May 13, 2020.