Valley Bank is a regional bank with more than 200 branch locations in New Jersey, New York, Florida and Alabama. Founded in 1927, the full-service bank offers numerous deposit accounts and financial services for most personal and business banking needs.
Valley All Access Savings is the bank’s lone savings account through its brick-and-mortar business. It offers rates above the national average, but far less than the rates found at many online banks and credit unions.
A much better deal can be found with Valley Direct, the bank’s online division. Its high-yield savings account has rates comparable to the best online banks in the industry. It also only requires a $1 deposit to open an account, and you’ll only need to keep $0.01 in the account to earn its top APY.
Valley Bank also offers high-yield money market accounts and CDs, which offer higher APYs than All Access Savings. Valley National Bank is FDIC-insured, protecting your deposits up to $250,000 per depositor, per account ownership type, in the event of a bank failure.
Key Takeaways
- At 0.60% APY, Valley All Access Savings offers higher rates than many local and national banks, but can’t compete with high-yield APYs available through the top online banks and credit unions
- However, Valley Direct, the bank’s online-only arm, offers a high-yield savings account with 4.75% APY.
- All Access Savings requires a $100 minimum deposit to open an account and earn interest, and a $5 monthly maintenance fee is waived with an average daily balance of $300
- Valley Direct only requires a $1 opening deposit and a penny balance to earn the top APY.
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Valley Bank Savings Interest Rates
The annual percentage yield (APY) for Valley’s All Access Savings account exceeds the national average and many regional and national banks, but it’s far below the high-yield APYs found at online banks – including this bank’s online-only division, Valley Direct.
For the brick-and-mortar savings account, a $100 minimum deposit is required to open it. The bank charges a $5 monthly service fee with All Access Savings, which can be waived with a $300 minimum balance. You must also keep a $100 minimum balance to earn interest. The savings account comes with a complimentary ATM card and electronic account statements.
Valley Direct only requires a $1 deposit to open the high-yield savings account, and a $0.01 balance to earn its top savings rates. There are no monthly maintenance fees.
| Account Name | APY* | Minimum Opening Deposit |
| Valley All Access Savings | 0.60% | $100 |
| Valley Direct High Yield Savings Account | 4.75% | $1 |
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Valley Bank vs. Competitors
If you’re looking for a brick-and-mortar bank, Valley All Access Savings certainly offers a high enough rate to warrant consideration if you live within the bank’s service area.
Valley’s savings account exceeds the national average savings rate of 0.50% and earns a higher rate than many of the largest national banks in the U.S., like Wells Fargo and Bank of America.
The no-frills savings account doesn’t come with many standout features. It does come with an ATM card, which isn’t always included with savings accounts. Unfortunately, with roughly 200 locations, Valley National Bank’s ATM network pales in comparison to the large ATM networks offered by many top banks. Valley charges fees for out-of-network ATM use. Also, you may get hit with a charge from the ATM owner for out-of-network ATM transactions.
If you’re looking for a fully online bank, Valley Direct is competitive with other similar banks – especially with its low minimum opening deposit.
Check out the table below to see how Valley All Access Savings and Valley Direct’s high-yield savings account compares to savings accounts at big banks.
| Bank | APY* | Minimum Opening Deposit |
| Ally | 4.20% | $0 |
| BMO Alto | 5.10% | $0 |
| Discover | 4.20% | $0 |
| Synchrony | 4.50% | |
| TD Bank | 0.02% | $0 |
| Valley National Bank | 0.60% | $100 |
| Valley Direct | 4.75% | $1 |
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Valley Bank vs. Highest Rates
See how Valley Bank stacks up against the highest rates in the industry.
| Bank | APY* |
|---|---|
| Valley Direct | 4.75% |
| First Community Bank | 6.00% |
| Sovereign Bank | 5.40% |
| EagleBank | 5.35% |
| Western Alliance Bank | 5.31% |
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Valley Bank Account Terms
As mentioned above, you must keep at least $100 in your account to earn interest on All Access Savings accounts. Valley National Bank charges a $5 monthly service fee on the account, but it is waived for customers with an average daily balance of at least $300. Interest earned with All Access Savings is compounded daily and credited quarterly.
Like many banks, Valley National Bank charges a fee for various events and transactions. Here are some of the fees the bank may charge with a Valley All Access Savings account:
| Fee | Amount |
| Monthly maintenance fee | $5 (average daily balances <$300) |
| Out-of-network ATM fee | $2 |
| International ATM fee | $5 |
| International point-of-sale transactions | $3 |
| International service fee | 3% |
| Inactivity fee | $9 per quarter (on balances <$1,000) with no activity for 24 months |
| Incoming domestic wire transfer | $15 |
| Outgoing domestic wire transfer | $45 |
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Valley All Access Savings accounts are managed digitally through your online account or the bank’s mobile app, available for iOS and Android. With the app, you can check your balance, deposit checks, pay bills, set travel notifications, lock your ATM card and transfer funds.
Valley Direct’s account is much simpler. There are no fees, but you can only manage your account online.
Other Ways To Save With Valley National Bank
Valley’s primary savings account is All Access Savings. The bank offers Valley Kids First Savings Club for account holders with kids. You can open the custodial account with just $1. The interest-bearing account has no monthly maintenance fee and no minimum balance requirement to earn interest. You must visit a Valley National Bank branch to open the account, and when the minor reaches 25 years of age, Valley automatically converts the account to an All Access Savings account.
Valley Direct is Valley’s online-only division. The online bank offers two ways to earn more competitive APYs than its parent bank. The first is the Valley Direct High Yield Savings accounts, which requires a deposit of $1 to open. Also, Valley Direct offers a 12-month CD with a $500 minimum deposit to open.
The bank offers other interest-bearing accounts that could be a good fit depending on your banking needs, including money market accounts and CDs. Here are some details on Valley’s other savings options If you’re not sure if an All Access Savings account is right for you or if you want to pair it with another account.
Certificates of Deposit
Certificates of deposit (CDs) are an excellent way to maximize savings efforts if you have funds you don’t need to access in the near future. Often, banks offer higher rates on CDs than savings accounts in exchange for leaving deposits untouched for a predetermined period.
Valley National Bank offers CDs in terms ranging from three months to five years. Many of the bank’s CD terms offer low rates, but its six-month, one-year and two-year CDs earn high-yield rates. Valley National Bank charges a fee, called an early withdrawal penalty, if you withdraw funds before the CD reaches maturity. The penalty fee varies based on your CD term.
| Valley National Bank CD | APY* | Minimum Deposit | Early Withdrawal Penalty? |
| 3 month CD | 4.50% | $500 | Yes |
| 6 Month CD | 4.50% | $500 | Yes |
| 9 Month CD | 0.04% | $500 | Yes |
| 12 Month CD | 4.40% | $500 | Yes |
| 18 month CD | 3.50% | $500 | Yes |
| 24 Month CD | 3.75% | $500 | Yes |
| 48 Month CD | 3.55% | $500 | Yes |
| 60 Month CD | 3.40% | $500 | Yes |
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Check out our picks for the best CD rates in the industry.
Money Market Savings
Money market accounts combine the high-yield earning power of savings accounts with the convenience of a checking account. Valley National Bank offers three money market accounts.
Money Market Savings earns its highest APY on balances of $10,000 to $1,000,000, while balances above or below this threshold earn less. Money Market Savings requires a minimum initial balance of $10,000 to open. The account must be funded with new money, not funds transferred from an existing Valley bank account. Valley charges a $25 monthly maintenance fee, which is waived each month if you maintain an average daily balance of $10,000 or higher.
Valley Tiered Money Market Savings Account earns tiered interest APY rates based on your account balance. The account requires a minimum initial deposit of $2,000 to open and comes with unlimited deposits and fee-free ATM access at Valley ATMs. You must maintain an average daily balance of at least $10,000 each month to avoid a $25 monthly maintenance fee charged by the bank.
Premium Money Market requires a minimum initial deposit of $25,000 to open. The account can earn its best APY by opening an All Access Checking account through Valley and meeting other offer requirements. Like the tiered money market account, you must keep an average daily balance of $10,000 or more each month to waive the $25 monthly fee.
How To Open a Valley National Bank Savings Account
You must be 18 years or older with a U.S. residential address and Social Security number to open a savings account with Valley National Bank. To verify your identity, Valley National Bank requires applicants to provide personal information and documentation like:
- Full name
- Date of birth
- Social Security number
- A valid U.S. mailing address
- A valid government-issued photo ID (Driver’s License, State Issued ID, Valid Passport or U.S Permanent Resident Card)
You can apply for an All Access Savings account online through Valley’s website or by visiting one of its branch locations in New Jersey, New York, Florida, or Alabama.
The Bottom Line: Why Choose Valley Bank Savings?
Valley All Access Savings doesn’t offer the most competitive rates on the market, but it is a solid choice for people in the area who want to bank in-person.
If you want to earn the most on your deposits, consider a high-yield savings account at an online bank or credit union. Valley Bank’s online-only division, Valley Direct, offers high yield saving accounts.
If you live in New Jersey, New York, Florida and Alabama near a Valley Bank branch and like to do your banking in person, Valley probably offers a higher APY on savings accounts than many other local options. The bank offers a wide variety of deposit accounts and financial services, allowing you to do all of your banking in one place.
When choosing a savings account, consider the rate offered, fees and other account requirements, customer service options, and the bank’s reputation. Determine your personal savings goals and use our savings account calculator to look for savings accounts or banks that best suit your needs.
FAQ: Valley Bank Savings Rate
Valley All Access Savings currently earns 0.60% APY and requires a $100 minimum opening deposit. Valley Direct’s high-yield savings account offers 4.75% APY with a $1 minimum opening deposit.
Valley National Bank offers CDs ranging from three months to five years. CD rates range from as low as 0.04% APY up to 4.50% APY based on the CD term chosen. Valley Bank CDs require a minimum deposit of $500 to open.
Valley Direct Online High Yield Savings currently earns 4.75% APY and requires a minimum deposit of $1 to open. The account is available online through Valley Direct, the online-only division of Valley National Bank.
*Rates accurate as of 7/22/2024. May vary by location.
**Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
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