Valley National Bank Review: Regional Banking With a Deep Product Line

GOBankingRates Score

4.3
Our take: Valley National Bank is best for people who want to have all of their accounts at a single institution, as the bank offers products for a wide range of needs.
  • Branch Access
    4.0
  • APYs
    4.0
  • Product Breadth
    5.0
  • Account Minimums
    4.0
How did we calculate this?

Pros

  • Multiple checking account options
  • High APYs on CDs and money market accounts
  • Cash bonuses for certain accounts

Cons

  • 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. 

Product Key Details
Savings Accounts
  • Low $100 minimum deposit for Valley All Access Savings 
  • Holiday Savings Club, Kids First Savings Club and HSA options
Money Market Accounts
  • Two types of money markets
  • High 0.50% APY available
CDs
  • Low $500 minimum
Checking Accounts
  • Eight checking account options 
  • Interest-bearing, rewards, youth and senior accounts available, among others
  • Some accounts have a low $100 minimum opening deposit
  • Some accounts have no fees
IRAs
  • Traditional, Roth and 18-month variable rate IRAs offered
Investment Options
  • Wealth management and insurance options 
Loans 
  • Home mortgages, equity loans, lines of credit, refinancing, auto loans, borrowing against life insurance
Business Accounts
  • Business checking, savings and loans 

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.

Features

  • 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

Pros

  • Options for nearly any type of customer
  • Some accounts have no monthly service fee
  • Low $100 minimum opening deposit for some accounts

Cons

  • 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. 

Features

  • Variety of accounts available, including options for kids and holiday savings
  • Low fees and minimums across account types
  • Health savings account available 

Pros

  • 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

Cons

  • 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. 

Features

  • Can boost APY on Premium Money Market from 0.25% to 0.50% with complementary Select Checking account 
  • Paperless statements

Pros

  • Unlimited deposits
  • Unlimited in-person withdrawals

Cons

  • $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. 

Features

  • Maturities from 91 days to 60 months
  • $500 minimum deposit

Pros

  • Terms as short as 91 days for maximum flexibility 
  • Low minimum deposits  
  • Floating-rate option

Cons

  • Limited range of maturities 

Banking Experience

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

Valley National Bank’s mobile apps receive high ratings from users, scoring 4.4 out of 5 stars on Google Play and 4.8 stars on the App Store. Features and options include:

  • 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. 

Key Information

Customer service number: 800-522-4100

Routing number: 021201383

Promotions: See Newest Valley National Bank Promos and Bonuses

Login: Valley National Bank Login Help

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: 

Type Amount
Non-Valley ATM $2
International ATM $5
International point-of-sale transaction $3
Debit card replacement $5
Checks returned unpaid $20
Check certification $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
Overdrafts $36
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.

Bank Best For
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.

Is Valley National Bank Good?

Valley National Bank is a good choice because it 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. 

Editor’s Favorite

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.
  • Who can join Valley National Bank?
    • Valley National is a bank, not a credit union, so there are no membership requirements. However, some accounts have minimum deposit requirements, and if you want or need to open an account at a branch, you'll have to reside in New York, New Jersey, Alabama or Florida.
  • Does Valley National Bank have a monthly fee?
    • Many of the basic banking accounts at Valley National Bank do have a monthly service fee, and in some cases, they are quite high. These can be avoided with minimum balances, but those requirements can reach $10,000 or more.
  • How long does direct deposit take at Valley National Bank?
  • What are the Valley National Bank limits for mobile deposit?
    • You can remotely deposit up to $5,000 per item, $5,000 per day, and $25,000 per rolling 30-day period.
  • Does Valley National Bank offer free money for signing up for an account?
    • If you sign up for an All Access Rewards Checking account and link to a qualifying direct deposit, you can earn up to $240 over one year. The My Choice Checking account offers up to $150 if you activate mobile banking and complete either three bill pay transactions or 20 debit card transactions. There's also a $25 bonus for activating a debit card with the My Choice Teen Checking account. 

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.

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About the Author

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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