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

GOBankingRates Score

Quick take: Valley National Bank is best for customers in its service area who want a wide range of products and multiple checking account options.
  • Branch Access
  • APYs
  • Product Breadth
  • Opening Deposit Minimums
How did we calculate this?


  • Big selection of checking accounts
  • No monthly fees on basic checking accounts
  • Rewards perks that offer free money


  • Branches in New York, New Jersey, Alabama and Florida only
  • Some accounts can't be opened online
  • Low APYs on savings accounts

About Valley National Bank

Valley National Bank traces its history 1927, when it was founded as the Passaic Park Trust Company.  Since then it has gone through several name changes, finally settling on Valley National Bank in 1976. A steady stream of acquisitions have helped it grow into a regional banking force with about $41 million in assets and more than 200 branches spread between New York, New Jersey, Florida and Alabama. Valley National offers a wide variety of account options, including online options for people outside its service areas. This helped it earn a place in GOBankingRates’ list of Top 100 Banks of 2022.

Valley National Bank Checking Accounts

Valley National Bank offers two checking accounts that can be opened online and lists  eight others that must be opened at a branch. The accounts you can open online are All Access Rewards Checking and MyChoice Checking. Neither charges a monthly fee.

All Access Rewards is a basic account that has no minimum balance requirement and has a $100 minimum opening deposit. Valley National will pay $20 a month to All Access Rewards account holders if they link to a qualifying direct deposit.

MyChoice Checking is designed for younger customers ages 17 to 25. There is a $25 minimum opening deposit. You can earn up to $150 in Valley Rewards with mobile banking, debit card transactions or Bill Pay.

The accounts that can only be opened at a branch are designed for specific banking needs and include an account for teens and one for mortgage customers. There is also an interest-bearing account, called Interest Checking Plus, that has a $100 minimum opening deposit and a $15 monthly fee that is waived with an average daily collected balance of at least $1,000. No annual percentage yield is listed on the website.

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 and a Valley Kids First Savings Club account. All Access Savings has no monthly service fee and can be opened with a minimum deposit of $100. Interest is compounded daily and credited quarterly.

Interest rates are on the low side, at an APY of 0.02% across all balances. The Kids First Savings Club account, which requires a $1 minimum balance, is slightly better at a 0.03% APY. The most recent listed APY for Holiday Savings Club is also 0.03%.

Valley National Bank Money Market Accounts

There are two money market accounts at Valley National Bank: Tiered Money Market Savings and Premium Money Market.

Tiered Money Market has a minimum opening deposit of $2,000 but only plays interest on $2,500 and up. You can make unlimited deposits to the account. There is a $25 monthly maintenance fee unless you maintain an average daily collected balance of $10,000. The APY ranges from 0.05% for balances of $2,500-$9,999 to 0.12% for balances of $500,000 and above.

The Premium Money Market account has a minimum opening deposit of $25,000 and a maximum deposit of $10 million. It pays an APY of 0.08% that is boosted to 0.20% if you open a Select Checking account, which is not listed among the choices on Valley National’s checking account page. Premium Money Market charges a $25 monthly maintenance fee unless you maintain an average daily collected balance of $10,000 or more. 

Valley National Bank CD Accounts

Valley National Bank offers two types of CDs: regular CDs and an 18-month floating-rate CD. Both require a $500 minimum deposit. Terms for regular CDs are 91 days to five years and pay tiered rates ranging from 0.03% APY to 0.20% APY. The APY for the 18-month floating CD is much higher at 0.35%.

Valley National Bank Features

Branch Access

Valley National Bank has a limited service area that includes New York and New Jersey in the Northeast and Florida and Alabama in the Southeast. However, it offers a decent number of branches for a regional bank, with more than 200.


You’re not going to the get the best return on your deposits at Valley National, or anywhere near it. There is a low 0.02% APY for All Access Savings accounts and an equally low 0.03% for Holiday Savings Club and Kids First Savings Club accounts. The APY tops out at 0.12% on the Tiered Money Market account and 0.20% on Premium Money Market. Regular CDs pay a top APY of 0.20%.

Product Breadth

One of Valley National Bank’s biggest strengths is the range of products that it offers, including at least 10 checking account options. In addition to basic deposit accounts, Valley National offers Traditional and Roth IRAs; wealth management and insurance products; home, auto and other loans; and business products and services.

Opening Deposit Minimums

Just about all of Valley National’s accounts have some minimum deposit requirement, which is a negative when compared to the number of banks that let you open accounts with no initial deposit. However, you only need $100 or less to open Valley National’s basic checking and savings accounts. The $500 minimum to open CDs is also low, and the $2,000 required to open a Tiered Money Market account is in line with much of the rest of the industry. The $25,000 needed to open a Premium Money Market account is steep, though.

Editor’s Favorite

Valley National Bank’s main advantage is that it gives customers the same product variety they will find at most major national banks, including more checking account choices than you’ll find just about anywhere.

Valley National Bank vs. Competitors

Valley National Bank has a limited geographic reach but still competes against national and online banks. Here’s how it compares.

Valley National Bank Diversity of checking accounts
TD Bank Wide branch network and numerous investment products
PNC Bank Branch access
Capital One Fee-free savings account with high APY

Valley National Bank vs. TD Bank

TD Bank has more than 1,100 branches and 700 ATMs up and down the East Coast, so it casts a much wider net than Valley National. TD Bank customers also have access to a wide range of investment products and services. Valley National Bank offers a much bigger selection of checking accounts.

Valley National Bank vs. PNC Bank

PNC Bank is a good choice if you need an in-branch experience because it has more than 2,600 locations coast to coast. But Valley National Bank has better CD rates than PNC, which lists a top APY of 0.05%.

Valley National Bank vs. Capital One

Capital One’s 360 Performance Savings account has no monthly maintenance fee and pays a 0.40% APY, giving it the edge in that regard. Valley National’s main advantage is its much bigger selection of checking accounts.

Final Take

Valley National Bank’s main 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. The main drawbacks are low yields on most accounts. If you live outside the service area you can probably find better banking options. But if you live near a Valley branch, then its multitude of products might be appealing.

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 do so in New York, New Jersey, Alabama or Florida.
  • Does Valley National Bank charge monthly fees?
    • Many of the basic banking accounts at Valley National Bank have monthly service fees, 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?
    • The maximum you can deposit remotely on any day is $10,000.
  • Does Valley National Bank use Zelle?
    • Yes, you can use Zelle to send money at Valley National.

Vance Cariaga contributed to the reporting for this article.

Rates are subject to change. Information on accounts is accurate as of Jan. 11, 2022.

Editorial Note: 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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