Valley Bank Review 2023: Checking account options for every type of customer

June 30, 2023 ndowd

Founded in 1927, Valley Bank is a regional bank with $64 billion in assets as of the first quarter of 2023. Bauer Financial gives it a stability rating of five stars.

Valley Bank has more than 200 branch and commercial banking locations across Alabama, Florida, New Jersey, New York, California .

Valley Bank offerings

Valley Bank has an extensive offering of deposit accounts to help customers manage and grow their money, including checking, savings, money market, and CD accounts.

Checking and savings accounts

There are several checking account options at Valley Bank to meet the needs of just about anyone. Checking accounts also offer the opportunity to earn cash back rewards (the exact amount depends on specific account). Additionally, Valley Bank offers one basic savings account. Currently, there is no high-yield savings account option.

All Access Rewards Checking
- APY: None
- Minimum opening deposit: $100
- Minimum balance: $0
- Fees:
  - Monthly fee: None
  - Overdraft fee: $36
  - ATM fee: $2 (non-Valley ATM), $5 (international)
  - Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for a period of 12 months
Interest Checking Plus
- APY: 0.02%
- Minimum opening deposit: $100
- Minimum balance: $1,000
- Fees:
  - Monthly fee: $15 if balance falls below minimum
  - Overdraft fee: $36
  - ATM fee: $2 (non-Valley ATM), $5 (international)
  - Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for a period of 12 months
My Choice Teen Valley Checking
- For teens aged 13-16
- Minimum opening deposit: $25
- Minimum balance: $0
- Fees:
  - Monthly fee: $15 if balance falls below minimum
  - Overdraft fee: $36
  - ATM fee: $2 (non-Valley ATM), $5 (international)
  - Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for a period of 12 months
My Choice Checking
- For young adults aged 17-25
- Minimum opening deposit: $25
- Minimum balance: $0
- Fees:
  - Monthly fee: None
  - Overdraft fee: $36
  - ATM fee: up to $20 monthly rebate, then $2 (non-Valley ATM), $5 (international)
  - Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for a period of 12 months
My Loyalty Checking
- Available to Valley Mortgage Customers without an existing Valley checking account
- Minimum opening deposit: $100
- Minimum balance: $0
- Fees:
  - Monthly fee: $25 (waived as long as Valley mortgage is retained and three monthly recurring online bill payments or a recurring qualifying direct deposit of $750 or greater is set up, or average monthly balance of $1,000 is maintained).
  - Overdraft fee: $36
  - ATM fee: up to $10 monthly rebate, then $2 (non-Valley ATM), $5 (international)
  - Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for a period of 12 months
Milestone Checking
- For customers over age 55
- Minimum opening deposit: $100
- Minimum balance: $0
- Fees:
  - Monthly fee: None
  - Overdraft fee: $36
  - ATM fee: $2 (non-Valley ATM), $5 (international)
  - Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for a period of 12 months
Select checking
- APY: Bumps Premium Money Market APY to 1.75%
- Minimum opening deposit: $100
- Minimum balance: $99
- Fees:
  - Monthly fee: $15 if balance drops below minimum
  - Overdraft fee: $36
  - ATM fee: $2 (non-Valley ATM), $5 (international)
  - Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for a period of 12 months
Valley All Access Savings
- APY: 0.85%
- Minimum opening deposit: $100
- Minimum balance: $0
- Fees:
  - Monthly fee: None with average daily collected balance of $300 per month
  - Inactivity fee: $9 per quarter for accounts with no deposit or withdrawal activity for a period of 24 months and balance of less than $1,000

Money market accounts

Valley Bank also has a few different money market deposit accounts, which reward depositors with higher rates on larger balances.

Money Market Savings
- APY:
  - 1.31% on balances from $10,000 up to $1,000,000
  - 0.50% on balances under $10,000 or over $1,000,000
- Minimum opening deposit: $10,000
- Minimum balance: $10,000
- Fees:
  - Monthly fee: $25 if balance drops below minimum
Tiered Money Market Savings
- APY:
  - $0.01—$4,999: 0.60%
  - $5,000—$24,999: 0.70%
  - $25,000—$49,999: 0.80%
  - $50,000—$99,999: 0.90%
  - $100,000—$499,999: 1.00%
  - $500,000—$9,999,999: 1.35%
  - $10,000,000 & above: 0.10%
- Minimum opening deposit: $2,000
- Minimum balance: $10,000
- Fees:
  - Monthly fee: $25 if balance drops below minimum
Premium Money Market
- APY:
  - 1.00%
  - With Select Checking account: 1.75%
- Minimum opening deposit: $25,000
- Minimum balance: $10,000
- Fees:
  - Monthly fee: $25 if balance drops below minimum

Certificates of deposit

If you want to earn higher interest rates by keeping you money on deposit longer, consider a certificate of deposit from Valley Bank, which offer some of the best CD rates available.

Valley CDs
- APY:
  - 6-month: 4.75% APY
  - 12-month: 5.00%
  - 19-month: 4.75%
  - 36-month: 5.35%
- Minimum opening deposit: $500
- Fees:
  - Monthly fee: Early withdrawal fee may apply; contact bank for latest fees

Other services Valley Bank offers

As a full-service bank, Valley Bank offers a wide variety of financial products and services, including:

Individual retirement accounts: Valley Bank offers both traditional and Roth IRAs, with a special 18-month variable IRA that earns 5.22% (NJ and NY only)
Credit cards: There are several cards available with a range of benefits, from low introductory rates to travel rewards.
Lending: Valley Bank provides a variety of loans, including mortgages, refinancing, home equity loans and lines of credit, life insurance loans, auto loans, and personal loans.
Financial planning: Customers can get assistance with asset management, trust and estate planning, and insurance services.
Business services: In addition to individual accounts and services, Valley Bank also provides a host of business products, including deposit accounts, credit cards, and loans.

The Valley Bank platform and customer support

Valley Bank offers safe and secure online banking so that customers can manage their accounts any time, anywhere. Additionally, it has a mobile banking app (which has a 4.8 star rating in the Apple store and a 4.5 star rating on Google Play), as well as a dedicated mortgage app.

If you need help or have questions, you can speak with a Valley Bank representative by calling 800-522-4100 or submitting a message on the bank website.

Pros and cons of Valley Bank

You have many choices when it comes to where you bank. So if you’re considering opening an account with Valley Bank, review these pros and cons first:

Pros

Many checking accounts to accommodate a variety of customers, from teens to seniors
Competitive CD rates

Cons

Low deposit rates compared to competitors
Minimum balance requirements for many accounts

Frequently asked questions

Is Valley Bank and Valley National Bank the same?

Yes. Valley National Bancorp, a regional bank holding company headquartered in Wayne, New Jersey, does business under the name Valley Bank.

How stable is Valley National Bank?

Valley Bank has been a reputable and trusted financial institution since 1927 with a history of solid financial performance.

Is Valley National Bank FDIC insured?

Yes. Valley Bank is insured by the FDIC up to $250,000 per depositor.

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