Is Valley National a good bank?

If you live in the Valley National Bank service area and like doing all of your banking in one place, you may appreciate the variety of services it offers. The bank is a member of the FDIC, so deposits up to $250,000 are protected.

What type of bank is Valley National?

Valley National Bank has assets totaling $61.7 billion. This makes it a regional bank, according to the Federal Reserve's definition.

What is the rating of Valley National Bank?

Valley National Bank does not have a rating from the Better Business Bureau. The bank's credit rating ranges from A to BBB-, depending on the credit rating organization.

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Valley National Bank Review: A Regional Bank With a Wide Range of Products

Name: Valley National Bank Review: A Regional Bank With a Wide Range of Products
Item: Valley National Bank NJ
Rating: 4.6

June 24, 2024

8 min Read

Written by Allison Hache

Edited by Melanie Grafil

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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GOBankingRates Score

Valley National Bank NJ

4.6

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.

Checking Accounts

5.0
Savings Accounts

4.4
CD Accounts

5.0
Money Market Accounts

4.0
Banking Experience

4.4

How did we calculate this?

Pros

Big selection of checking accounts
No monthly fees on basic checking accounts
Competitive CD rates
High-yield savings account with an above average APY

Cons

Some accounts can't be opened online
Limited selection of CD terms

Valley National Bank Overview

Valley National Bank traces its history to 1927, when it was founded as the Passaic Park Trust Co. Since then, it has gone through several name changes, finally settling on Valley National Bank in 1976. A steady stream of acquisitions has helped it grow into a regional banking force with $61.7 billion in assets and 233 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 the Best Northeast Regional Banks of 2024.

Valley National Bank Review

Here’s a look at some of the features you should consider to help you decide whether Valley National Bank is right for you.

Checking Accounts

Valley National Bank offers seven checking accounts, and four of these accounts can be opened online.

All Access Rewards Checking

If you’re looking for a checking account that will allow you to earn hundreds in rewards and avoid monthly maintenance fees for a full year, this account is for you. All Access Rewards Checking 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 Checking account holders for a full year if they set up qualifying direct deposits of at least $750 per month. Additionally, there are no monthly maintenance charges or ATM fees for the first 12 months. After 12 months, the rewards program ends and the account becomes an All Access Checking account.

All Access Checking

The All Access Checking account has a minimum opening deposit of $100, and there’s no monthly maintenance fee as long as you maintain a balance of at least $99.

Interest Checking Plus

There is also an interest-bearing account, called Interest Checking Plus, which has a $100 minimum opening deposit and comes with a nominal APY. The $15 monthly fee is waived with an average daily collected balance of at least $1,000.

Teen Checking Accounts

The Valley Teen Checking and Valley My Choice Checking accounts are available for teens and have a $25 minimum opening deposit. Also, the Valley Teen Checking account offers a $25 reward for signing up for a debit card.

Teens and young adults between the ages of 17 and 25 can open a Valley My Choice Checking account and earn rewards worth up to $150. Other perks of this account are up to $10 in ATM fee rebates when using out-of-network ATMs and no monthly maintenance fees.

Milestone Checking

Milestone Checking, intended for adults 55 and older, has no balance requirements or monthly service fee. Customers can open an account with a minimum $100 deposit.

My Loyalty Checking

Valley National mortgage customers can open a My Loyalty Checking account, which comes with up to $10 in monthly rebates for ATM fees and offers up to $250 cash back for setting up bill pay or a qualifying direct deposit. A minimum opening deposit and minimum balance of $100 is required. There is no fee for this account as long as the customer has a mortgage account and receives qualifying direct deposits.

Savings Accounts

Valley National Bank offers one savings account, the Valley All Access Savings account. All Access Savings has no monthly service fee if you maintain a minimum balance of $300 and can be opened with a minimum deposit of $100. The interest rate for the Valley All Access Savings account is APY.

Valley Direct also offers an online high-yield savings option. Not only can you earn APY, but you also don’t have to worry about monthly maintenance fees as there are none. It’s a great account to grow your money, as its an FDIC-insured account with a high rate.

CD Accounts

Valley National Bank’s certificates of deposit come in a limited number of terms, but they do offer competitive rates. For example, a 12-month CD offers APY. The minimum opening deposit on all CDs is $500. Customers also have the ability to open a CD online with a deposit of up to $500,000.

Money Market Accounts

Valley National Bank has three money market accounts: Money Market Savings, Valley Tiered Money Market Savings and Valley Premium Money Market. With the Money Market Savings account, holders can earn APY on balances from $10,000 to $1,000,000. If you’re looking for a money market account that has a lower minimum balance to earn interest, the Valley Tiered Money Market Savings account has a minimum balance of $2,000. And if you’re looking to get the highest rate, the Valley Premium Money Market account is the better choice, but it requires a minimum initial deposit of $25,000.

Banking Experience

Valley National Bank customers can visit one of its 233 physical branches in Alabama, Florida, New Jersey and New York. They also have access to their accounts through the website or mobile app, where they can check balances, deposit checks, pay bills, transfer funds and more. The app has a rating of 4.3 on Google Play and 4.8 on the App Store. Valley Bank’s website also includes a robust customer self-service center with videos and articles that answer frequently asked questions.

Comparable Regional Bank Options

Find out how Valley National Bank’s offerings compare to similar regional banks.

Ameris Bank

Ameris Bank operates in eight states, including Alabama and Florida. It offers three types of checking accounts and a standard savings account as well as savings accounts for minors, health savings and education savings. The Free Checking account is completely free and does not earn interest, but customers can avoid the monthly service charge on most accounts by maintaining a nominal minimum balance. Customers can check with their local branches if they want to see rates.

First Financial Bank

First Financial Bank offers six checking accounts and three savings accounts. One checking account has no monthly service charge, but most of the others can be avoided by meeting minimum requirements. The bank advertises CD specials with higher APYs than what you’d find in traditional savings, though interested customers should reach out to the bank for more information on rates.

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. It’s best for someone who lives near a Valley branch and finds its many products appealing.

Valley National Bank FAQ

Here are the answers to some commonly asked questions about Valley National Bank.

Is Valley National a good bank?
- If you live in the Valley National Bank service area and like doing all of your banking in one place, you may appreciate the variety of services it offers. The bank is a member of the FDIC, so deposits up to $250,000 are protected.
What type of bank is Valley National?
- Valley National Bank has assets totaling $61.7 billion. This makes it a regional bank, according to the Federal Reserve's definition.
What is the rating of Valley National Bank?
- Valley National Bank does not have a rating from the Better Business Bureau. The bank's credit rating ranges from A to BBB-, depending on the credit rating organization.

Compare to Other Institutions

Caitlyn Moorhead, Cynthia Measom, John Csiszar and Vance Cariaga contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 24, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (excluding credit unions, online banks and neobanks) with under $100 billion in total assets. To determine rankings, GOBankingRates looked at the following factors: (1) checking product minimum deposit; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings product minimum deposit; (4) savings product APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (3) were weighted 0.5 times, factor (4) was weighted 2.5 times, and factor (6) was weighted 1.5 times. All products and offerings had to be available as of Nov. 8, 2023, to be considered.