Valley Direct Reviews
- 4,605,950 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.


+1 more

About Valley Direct
Valley Direct is the digital arm of Valley Bank, a full-service bank headquartered in New Jersey, that offers checking and savings accounts, loans, credit cards and more for both consumers and businesses. Valley Direct does not offer all of Valley’s products and instead focuses on savings. Its products include a high-yield savings account and three certificate of deposit (CD) options, all of which can be opened online and funded immediately.
- High APYs
- No monthly fees
- $1 minimum deposit on savings accounts
- Accounts can only be opened online
- Minimum $500 deposit for CDs
Our editor’s take
Valley Direct offers impressive annual percentage rates (APYs) that are over 10 times higher than the national average as of publishing. It also has an easy online application process, making it a good option for people who want to start saving quickly and simply.
While it doesn’t offer any other banking options, like credit cards or loans, those are available from its parent bank, Valley.
Valley Direct products
Valley Direct offers just two products: a high-yield savings account and certificates of deposit (CDs) with three different term lengths.
High-yield savings account
Customers can set up direct deposits or scheduled transfers to automate their savings. Interest will start accruing on the same business day as your first deposit is credited to the account.
Certificates of deposit
Early withdrawals will impose a fee ranging from 90 days to 540 days of interest, depending on the CD’s term.
Valley Direct rates
Valley Direct offers impressive APYs and says that the APY on its savings account is 10 times the national average. Rates as of publishing are as follows:
- High-yield savings account: 5.05% variable APY
- 12-month CD: 4.60% fixed APY
- 24-month CD: 5.25% fixed APY
- 36-month CD: 5.60% variable APY
Valley Direct fees
While Valley Direct doesn’t charge any maintenance or transfer fees for its savings account, its CDs do have penalties if you close the account or withdraw prior to the maturity date. Penalty rates are as follows:
- Term of less than one year: 90 days interest on the amount withdrawn
- Term of 1 year to 30 months: 180 days interest on the amount withdrawn
- Term of 30 months years to five years: 365 days of interest on the amount withdrawn
- Term of five years or more: 540 days of interest on the amount withdrawn
There is a grace period of 10 calendar days after each renewal date when you can withdraw from or close your CD with no penalty.
Note that with all of Valley Direct’s savings products, if you transfer funds from another financial institution, that institution may charge its own fees, separate from Valley Direct.
How to apply for a Valley Direct account
To open a Valley Direct account, you need to be 18 years of age and a U.S. resident. You’ll also need to supply your Social Security number, a valid ID such as a driver's license, state ID or passport, and a valid U.S. bank account with your login credentials.
If you’re adding a beneficiary, you’ll also need to supply the beneficiary’s name, date of birth and SSN.
If you’re opening a savings account, you’ll need to deposit a minimum of $1. To open a CD, you’ll need a minimum deposit of $500.
Valley Direct says the process to open an account should only take about five minutes, although if you’re funding the account from an external financial institution, it may take between one and three business days for the funds to land in your account.
Valley Direct FAQ
Can you use Zelle with Valley Direct?
Yes, you can connect your Valley Direct high-yield savings account to Zelle.
How much can you send or receive between Valley Direct and another institution?
You can send between $3,500 and $12,500 per month and receive up to $45,000 per day or $75,000 per month.
Can you use checks with Valley Direct?
You can request a check to withdraw your money by contacting Valley Direct, either via your online banking account or by calling its customer service number. However, the check is only payable to you, as the account owner. Mobile checks are accepted for making deposits.
Does Valley Direct have in-person branches?
Because Valley Direct’s products are online-only, they can only be opened online. However, you can visit a Valley Bank branch location in New Jersey, New York, Florida or Alabama.
Is Valley Direct legit?
Yes, Valley Direct is a legitimate provider of savings products. It is a digital arm of Valley Bank, which is a member of the Federal Deposit Insurance Corporation (FDIC). As such, your accounts with Valley Direct are insured up to $250,000. Valley has over $60 billion in assets as of publishing and has been in business since 1927.
A link has directed you to this review. Its location on this page may change next time you visit.
Valley Direct Company Information
- Company Name:
- Valley Direct
- Website:
- www.valleydirect.com
