Valley National Bank Review 2024: Earn 4.75% APY on Savings Accounts (2024)

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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

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.

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.

Valley National Bank CDs

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

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 guidemight include some noteworthy contenders.

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 Key Smart Checking® 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 abanking methodologyandCD 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.