Valley Reviews

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About Valley

Valley National Bank is a regional institution with a footprint that spans across Alabama, California, Florida, Illinois, New Jersey and New York. It offers a full range of banking services, including checking accounts, savings accounts, certificates of deposit (CDs), retirement accounts, credit cards and business banking services. However, some accounts have monthly fees and high opening deposit requirements.

Pros & Cons

  • Full-service bank
  • Rewards checking account
  • ATM card available for savings products
  • Competitive yields on CDs
  • Some monthly fees
  • Some high-opening deposits
  • Only available in AL, CA, FL, IL, NJ and NY

Our editor’s take

Valley National Bank is best if you live in its service area and need a rewards checking account or high-yield CD. With the Valley All Access Rewards Checking account, you can earn up to $240 in bonuses your first year, and its CDs earn 4.00% to 4.75% annual percentage yield (APY), depending on the term at the time of publishing. But if you’re looking for a high-yield savings account, check out Valley’s online banking arm, Valley Direct.

How does Valley work?

Valley Bank operates over 230 branch locations and ATMs throughout Alabama, California, Florida, Illinois, New Jersey and New York. You can open most Valley bank accounts online, although you also have the option to open them over the phone or in person at a branch if you prefer.

Once your account is open, you can manage it online or through Valley’s mobile banking app. The app allows you to pay bills, deposit checks, view your account history, change your debit card PIN, freeze your card and more.

Valley products and services

As a full-service bank, you’ll find a wide variety of products and services at Valley. We used zip code 07005 to collect the details below.

Checking accounts

Valley Bank has seven checking accounts, including options for mortgage customers, teens aged 13 to 16, young adults aged 17 to 25 and adults aged 55 and older. However, its two most notable accounts are the All Access Rewards Checking and Interest Checking Plus checking accounts.

  • The All Access Rewards Checking account earns $20 each month for a year when you receive at least $750 in monthly direct deposits. That means you could get up to $240 in your first year of opening. This account has no monthly fee for the first year.
  • The Interest Checking Plus is less impressive. It earns 0.02% APY, which is lower than the industry average for interest checking accounts. It also has a $15 monthly fee that’s waived when you maintain an average daily balance of $1,000 or more.

Savings and money market accounts

  • Valley’s All Access Savings account earns 0.85% APY and has a $100 minimum opening deposit. It has a $5 monthly fee that’s waived when you have an average daily balance of at least $300. All Access Savings comes with an ATM card, which isn’t standard with most savings accounts.
  • Valley’s Tiered Money Market Savings account earns up to 1.35% APY, depending on your balance. There’s a $2,500 minimum opening deposit requirement and a $10,000 requirement to waive the $25 monthly fee.

Certificates of deposit

Valley Bank has three CD terms—all with competitive yields. The minimum deposit to open is $500. You'll need to visit a branch if you want to fund your account with more than $500,000. As with most CDs, you’ll pay an early withdrawal penalty if you need your money before your CD matures. These are Valley’s current CD rates:

All rates accurate at the time of publishing.

Retirement accounts

Valley Bank offers traditional and Roth individual retirement accounts (IRAs) to help you save for retirement. Both come with potential tax advantages.

Credit cards

With Valley Bank, you’ll find eight different credit card options—ranging from secured cards that help you build credit to rewards cards that earn cashback and travel points.

Business banking

If you’re a business owner, Valley Bank has several products to help you manage your cash flow. It offers business checking and savings accounts, business credit cards, small business loans, treasury solutions and even options for cannabis banking options.

Valley rates

Valley’s CD rates and savings rates are above the national average, but its interest checking account is lower than average. This chart compares Valley’s rates with the national average cited by the Federal Deposit Insurance Corporation (FDIC).

All rates accurate at the time of publishing.

Valley fees

Most of Valley’s bank accounts have monthly fees you can waive when you meet certain requirements. It also charges these fees:

  • $2 domestic non-network ATM fee
  • $5 international non-network ATM fee
  • $3 debit card or ATM card replacement fee
  • $15 inactivity fee after 12 months of no activity for checking accounts
  • $9 inactivity fee after 24 months of no activity for savings accounts
  • $36 overdraft fee
  • $15 daily overdraft fee (starts on the fifth day of being overdrawn)
  • $15 incoming wire transfer fee
  • $15 outgoing international wire transfer fee
  • $45 outgoing international wire transfer fee

How does Valley compare?

Compared to other regional banks, Valley’s All Access Savings account isn’t as good as those offered by CIT Bank and PNC Bank. Both of these institutions have accounts that earn higher rates with no monthly fees.

Valley FAQ

Does Valley Bank use Zelle?

Yes, Valley National Bank uses Zelle. You will see the option to send or receive money using Zelle when you log into your Valley Bank account using the online platform or mobile app.

What bank did Valley Bank merge with?

Valley Bank acquired and merged with Bank Leumi USA in 2022. It also recently acquired Westchester Bank.

Where is Valley Bank available?

You can open an account with Valley National Bank if you live in Alabama, California, Florida, Illinois, New Jersey and New York. If you live outside of this service area, Valley has an online banking arm called Valley Direct.

Why did Valley Bank close?

Valley Bank didn’t fail or close—but Silicon Valley Bank (SVB) did. It shut down in 2023 due to a bank run where depositors withdrew large amounts of money. Valley Bank is a completely different institution that’s still in operation.

Is Valley legit?

Valley National Bank is the 37th largest commercial bank in the U.S. Headquartered in Passaic, New Jersey, it manages nearly $61 billion in assets and has 230 locations spread throughout Alabama, California, Florida, Illinois, New Jersey and New York. It manages $49.2 billion in deposits for its banking customers. Valley was founded in 1927 and is FDIC-insured.

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