Valley National Bank Review: Regional Banking With a Deep Product Line
- Multiple checking account options
- High APYs on CDs and money market accounts
- Cash bonuses for certain accounts
- Branches in New York, New Jersey, Alabama and Florida only
- Not all accounts can be opened online
- Low APYs on savings accounts
About Valley National Bank
Valley National Bank is a storied financial institution that’s been around since 1927. It currently has more than 200 locations throughout New York, New Jersey, Florida and Alabama, as well as $42 billion in assets.
Consumers who might be interested in banking with Valley should know that it has a wide variety of account options, including online options for people outside its areas of service.
Valley National Bank Products
One of Valley National Bank’s biggest strengths is the range of products that it offers.
|Money Market Accounts||
Valley National Bank Checking Accounts
Valley National Bank offers eight types of checking accounts. No matter what type of checking account you need, you’re likely to find the right option at Valley.
- Diverse checking account options, from traditional accounts to specialized versions for customers from teens to seniors
- Special checking account for mortgage customers
- Interest-bearing checking account for those wanting to earn money on their idle cash
- Prestige and Valley All Access Rewards checking accounts for those seeking additional services
- Options for nearly any type of customer
- Some accounts have no monthly service fee
- Low $100 minimum opening deposit for some accounts
- Some accounts have monthly maintenance fees if requirements are not met
- There’s a $2 fee to use non-Valley ATMs, and Valley’s footprint is fairly small
- Not all accounts can be opened online
Valley National Bank Savings Accounts
Valley National Bank offers one main savings account, the Valley All Access Savings account. It also offers a Holiday Savings Club account, a Valley Kids First Savings Club account and a health savings account.
- Variety of accounts available, including options for kids and holiday savings
- Low fees and minimums across account types
- Health savings account available
- Low $100 minimum opening deposit for All Access Savings
- Low $10 minimum opening deposit for Holiday Savings Club
- Low $1 minimum opening deposit for Kids First Savings Club account
- No monthly fees with $300 minimum balance for All Access Savings
- No fees for Kids First Savings Club and Holiday Savings Club accounts
- Interest compounded daily and paid quarterly
- Low 0.02% APY for All Access Savings
- Low 0.03% APY for Holiday Savings Club and Kids First Savings Club accounts
- $15 fee for Holiday Savings Club accounts closed before maturity
- $3 monthly fee for HSA
Valley National Bank Money Market Accounts
There are two money market accounts at Valley National Bank: the Tiered Money Market Savings and the Premium Money Market.
- Can boost APY on Premium Money Market from 0.25% to 0.50% with complementary Select Checking account
- Paperless statements
- Unlimited deposits
- Unlimited in-person withdrawals
- $10,000 balance required to avoid $25 monthly fee for Premium Money Market and Tiered Money Market
- High minimum opening deposits of $2,000 for the Tiered Money Market and $25,000 for the Premium Money Market
Valley National Bank CD Accounts
Valley National Bank offers two types of CDs: standard CDs and an 18-month floating-rate CD.
- Maturities from 91 days to 60 months
- $500 minimum deposit
- Terms as short as 91 days for maximum flexibility
- Low minimum deposits
- Floating-rate option
- Limited range of maturities
Valley National Bank is a regional institution, but it offers a good number of branches scattered across its service area. It also has robust mobile and online capabilities.
Physical Branch Locations
Valley National Bank has more than 200 locations in the New York regions of Manhattan, Brooklyn, Queens and Long Island, as well as in New Jersey, Florida and Alabama.
Mobile and Digital Experience
- Pay bills
- Deposit checks
- Transfer funds
- View statements
- ATM and branch locator
- View copies of cleared checks
- Touch ID login
- Spanish translation
The mobile app also offers account balance widgets, push notifications and a way to access account information quickly without logging in.
Simple registration for an online account offers similar account access and services.
How To Open a Valley National Bank Account
Only some accounts at Valley National Bank can be opened online, namely the following:
- All Access Rewards Checking
- My Choice Checking
- My Loyalty Checking
- Valley All Access Savings
- Valley Premium Money Market
- 91-Day CD
For all other accounts, you must visit a branch.
For online accounts, you’ll need the following information to begin:
- U.S. residential address
- Social Security number
- Government-issued ID, such as a driver’s license, valid passport, state-issued ID or U.S. permanent resident card
You’ll also need to create an online profile and provide additional personal and verifying information.
Customer service number: 800-522-4100
Routing number: 021201383
Valley National Bank Fees
Some Valley National Bank accounts have high monthly fees that require high minimum balances to avoid. Beyond that, Valley National Bank has a host of more traditional fees that are often charged by banks. Most problematic is the $2 non-Valley ATM fee, as Valley National Bank operates in only four states and finding a Valley ATM might be hard for some customers. Most of these service or penalty fees can be avoided by diligent customers.
Here are some miscellaneous fees to watch out for:
|International point-of-sale transaction||$3|
|Debit card replacement||$5|
|Checks returned unpaid||$20|
|Check images for All Access checking accounts||$2 a month|
|Inactivity||$15 per month for checking; $9 per quarter for savings if balance is under $1,000|
|Stop payment order||$35|
|Domestic wire transfer||$15 incoming, $30 outgoing|
|International wire transfer||$15 incoming, $45 outgoing|
Valley National Bank vs. Competitors
Valley National Bank has a limited reach but still competes with both national and online banks.
|Valley National Bank||Diversity of account types|
|TD Bank||Convenience, zero-commission stock trading|
|PNC Bank||Branch access|
|Capital One||No fees, high APYs|
Valley National Bank vs. TD Bank
TD Bank bills itself as “America’s most convenient bank,” as it is one of the country’s 10 largest banks and offers both extensive branch access and robust online capabilities. The bank also offers no-commission stock and ETF trading through its brokerage wing.
Valley National Bank pays higher CD rates than TD Bank, and it has a wider variety of checking accounts.
Valley National Bank vs. PNC Bank
PNC Bank is a good choice if you need an in-branch experience, as the bank had 2,296 branches as of year-end 2019. PNC Bank also offers up $200 for new Spend checking account customers with qualifying direct deposits of at least $2,000.
Valley National Bank has higher CD and money market APYs than PNC Bank.
Valley National Bank vs. Capital One
Capital One’s 360 Checking account has no monthly maintenance fees. The Capital One 360 Performance Savings account also has no fees or minimums and a higher APY than Valley National Bank offers.
Valley National Bank allows ATM withdrawals from its savings account, something that Capital One does not.
Valley National Bank comes with a lot of options. This bank’s biggest strength lies in its diversity of banking products — no matter what financial goal you have, you should be able to find a Valley product that will help you make it happen.
Although checking and savings APYs are low, Valley National Bank does a better job with its money market and CD accounts. The bank also offers some nice benefits if you sign up for various checking accounts.
On the flip side, Valley’s physical footprint is very small. Although it boasts a decent number of branches at more than 200, they’re only available in New York, New Jersey, Florida and Alabama. In addition, some of the bank’s accounts aren’t able to be opened online, so people who don’t live in its service areas are out of luck.
So, if you live outside the service areas and value physical banking, you should rule out Valley. But if you live near a Valley branch — or want to open an account online — then this bank’s multitude of unique products could be perfect for you.
The wide variety of accounts available at Valley National Bank means that those who live in its service area are spoiled when it comes to choice.
Valley National Bank FAQ
Here are the answers to some commonly asked questions about Valley National Bank.
Levi Leidy contributed to the reporting for this article.
Rates are subject to change. Information on accounts is accurate as of Jan. 26, 2021.
This content is not provided by Valley National Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Valley National Bank.