Valley National Bank Review 2023

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Valley National Bank Review: Overall Rating

Valley National Bank Pros and Cons

About Valley National Bank

Valley National Bank has over 200 branches and ATMs in New York, New Jersey, Florida, and Alabama. 

Customer support is available by phone or at a branch. Most locations are open from 9 a.m. to 4 p.m. on weekdays.

The bank's mobile app is rated 4.8 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play store. 

Valley National deposits are FDIC-insured for up to $250,000 in individual bank accounts and $500,000 in joint bank accounts. 

Is Valley National Bank Trustworthy?

Valley National Bank hasn't been involved in any recent public controversies. 

We also mention ratings from the Better Business Bureau, which looks at how banks deal with customer complaints.

The BBB gave Valley National Bank an A+ rating. A great BBB rating doesn't guarantee you'll have a smooth relationship with a bank, though. You'll want to talk to current customers or read online customer reviews to get a well-rounded perspective of a financial institution. 

Valley National Bank FAQs

Is Valley National Bank legit?

Yes. Valley National Bank is a legitimate financial institution that is FDIC-insured. Up to $250,000 is safe in a bank account, per depositor, per category if the bank fails.

Is Valley National Bank stable? 

Valley National Bank is considered stable according to credit ratings from a variety of credit rating systems, like Bauer Financial and DBRS Morningstar.

Is Valley National Bank a strong bank?

Valley National Bank is a strong option if you prioritize a traditional banking experience and would like to open a free checking account. The brick-and-mortar bank's savings accounts might entail monthly service fees, though, depending on your account balance. 

Valley National Bank Account Reviews

Valley All Access Savings Account

The Valley All Access Savings Account is a decent choice if you regularly maintain at least $300 in your account — otherwise, you'll be charged a Valley All Access Savings Account - Fees Display.

Valley also pays a higher interest rate than the average savings account. But online financial institutions with the best high-yield savings accounts offer even better rates right now.

Valley All Access Rewards Checking Account

Valley National Bank is great if you'd like to open a rewards checking account. The Valley All Access Rewards Checking Account offers a unique bonus of Valley All Access Rewards Checking Account - Ongoing Bonus during the first year of opening the account.

To receive the reward, you'll need to get $750 or more in direct deposits each month. You will no longer qualify for the bonus after the first year or if you miss a month. 

Valley CD

Valley Certificate of Deposit pay high CD rates overall and have a low minimum opening deposit. In addition to its traditional CDs, Valley offers a Valley 36 Month Variable Rate CD - Product Name Only with a Valley 36 Month Variable Rate CD - APY APY. A variable rate CD changes its rate during the term, going up or down depending on the Federal Funds Rate Upper limit. 

Valley Tiered Money Market Savings Account

The Valley Tiered Money Market Savings Account works best for people who maintain high account balances. There's a Valley Tiered Money Market Savings Account minimum opening deposit and a steep Valley Tiered Money Market Savings Account - Fees Display if you can't keep at least $10,000 in your account.

If you'd prefer to open a money market account with a lower minimum opening deposit, our best money market account guide might include some noteworthy contenders. 

How Valley National Bank Compares

Valley National Bank vs. KeyBank

Both Valley National Bank and KeyBank offer strong checking accounts with no monthly service fees.

You might sway more toward Valley National Bank if you make consistent direct deposits. The Valley All Access Rewards Checking Account comes with a bonus of Valley All Access Rewards Checking Account - Ongoing Bonus. You'll have to receive a total of $750 or more in direct deposits each month to get the reward.

KeyBank might be a better choice if you frequently overdraw from your account. The KeyBank Smart Checking Account has free overdraft protection. Meanwhile, Valley National Bank charges a $5 transfer fee if you use overdraft protection.

If you'd like to open a savings account, other banks may offer accounts with higher interest rates or no monthly service fees. 

KeyBank Review

Valley National Bank vs. M&T Bank

M&T Bank is a brick-and-mortar financial institution with branches in nine states and Washington, DC. See how the two banks match up below. 

Valley National Bank may be a more appealing option if you're opening a checking account. It doesn't charge monthly service fees and offers overdraft protection.

M&T charges a M&T MyWay Banking Account - Fees Display on its lowest fee checking account if you don't have a savings account or make at least one transaction. The M&T MyWay Banking Account also doesn't offer overdraft protection — M&T will deny the transaction if you try to overdraw from your account.

M&T might be worth exploring if would like to open a savings account with $0. Bear in mind you won't earn a competitive interest rate, though.

M&T Bank Review

Why You Should Trust Us: How We Reviewed Valley National Bank 

At Personal Finance Insider, we rate savings, checking, CDs and money market accounts using a banking methodology and CD methodology.

Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We'll also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.