What Valley National Bank offers and who banks there

Valley National Bank is a regional bank headquartered in Allendale, New Jersey, with branches across New Jersey, New York, and Florida. It offers checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), and lending products like mortgages and personal loans. The bank is a subsidiary of Valley National Bancorp, a publicly traded company.

Valley National serves both individual consumers and small to mid-sized businesses. If you live in or near one of its branch states, you can visit a physical location to open an account or speak with a banker in person. The bank also offers online and mobile banking for account management and transfers.

Like all banks, Valley National is insured by the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type per depositor are protected if the bank fails.

Key Takeaways

  • Valley National Bank operates branches in New Jersey, New York, and Florida, so account opening and in-person service depend on your location.
  • The bank offers standard products—checking, savings, money market accounts, and CDs—with fees and interest rates that vary by account type and balance.
  • Checking and savings accounts at Valley National may charge monthly maintenance fees unless you meet balance or deposit requirements that waive them.
  • Interest rates on savings and money market accounts change with the Federal Reserve's rate decisions and are not fixed for the life of the account.
  • Valley National's CD rates and terms differ from online-only banks, which often offer higher rates because they have lower overhead costs.

Checking and savings accounts: Monthly fees and balance requirements

Valley National offers several checking account options, each with different fee structures. Most checking accounts charge a monthly maintenance fee—typically $10 to $15—unless you meet a minimum balance or set up direct deposit. The exact threshold varies by account type, so you need to check the current terms when you open an account or review your account documents.

Savings accounts at Valley National also carry monthly fees unless you maintain a minimum balance. Interest rates on savings accounts are variable, meaning they move up or down based on changes in the Federal Reserve's benchmark rate. When the Fed raises rates, your savings rate may increase; when it lowers rates, your rate typically decreases.

If you do not meet the balance requirement and do not waive the fee through direct deposit or other means, the monthly charge reduces the interest you earn. Over a year, a $12 monthly fee on a savings account earning 0.01% interest can cost more than the interest itself.

Money market accounts and certificates of deposit

Valley National's money market accounts combine features of checking and savings: they offer higher interest rates than savings accounts but allow a limited number of withdrawals per month. Like savings accounts, the interest rate is variable and tied to Federal Reserve decisions. Money market accounts also have minimum balance requirements and may charge monthly fees if you fall below that threshold.

Certificates of deposit (CDs) lock your money for a set term—typically three months, six months, one year, or longer—in exchange for a fixed interest rate. Valley National's CD rates vary by term length and current market conditions. Shorter-term CDs (three to six months) usually pay less than longer-term CDs (two to five years), but rates change frequently and depend on what the bank is offering at the time you open the account.

If you withdraw money from a CD before the term ends, you pay an early withdrawal penalty. The penalty amount depends on the CD term and the bank's policy—it might be a set dollar amount or a number of months' worth of interest. Always ask what the penalty is before you open a CD.

How Valley National's rates compare to online banks

Online-only banks typically offer higher interest rates on savings accounts and CDs than regional banks like Valley National. This is because online banks have lower operating costs—no physical branches, fewer employees—and pass some of those savings to customers through better rates. For example, an online savings account might pay 4.00% to 5.00% annual percentage yield (APY), while Valley National's savings rate may be lower.

Valley National's advantage is in-person service: you can walk into a branch, speak with a banker, and handle transactions face-to-face. Online banks have no branches, so all service happens by phone, email, or chat. If you value convenience and personal relationships with your bank, the lower rate may be worth it. If you prioritize earning the highest interest on savings, an online bank usually wins.

The difference compounds over time. On a $10,000 savings account, a 1% rate difference means $100 per year in lost interest at Valley National compared to a higher-rate online bank. Over five years, that gap grows to $500 or more, depending on how rates change.

Fees that reduce your balance and earnings

Beyond monthly maintenance fees, Valley National may charge for specific transactions or services. Overdraft fees explore if you spend more than your account balance; the fee amount varies but is typically $25 to $35 per overdraft. Some accounts offer overdraft protection, which links your checking account to a savings account or line of credit to cover shortfalls, though this may carry its own fee.

ATM fees explore if you use an out-of-network ATM—one that is not part of Valley National's network or a partner network. In-network ATM withdrawals are usually free, but using another bank's ATM may cost $2 to $3 per transaction. If you travel or live far from a Valley National branch, this can add up.

Wire transfer fees, stop-payment fees, and account research fees are also common. These are not charged every month, but they explore when you request these specific services. Review the fee schedule on Valley National's website or ask a banker for the complete list before opening an account.

How to open an account and what you need

To open a checking or savings account at Valley National, you typically need a government-issued photo ID, your Social Security number, and an initial deposit. The initial deposit amount varies by account type—some accounts require $100 to $500 to open, while others may have no minimum.

You can open an account in person at any Valley National branch in New Jersey, New York, or Florida. If you do not live near a branch, you may be able to open an account online, though this depends on the bank's current policies and your state of residence. Call Valley National's customer service or visit their website to confirm whether online account opening is available in your location.

Once your account is open, you receive a debit card, checks (if you have a checking account), and access to online and mobile banking. Set up direct deposit if your employer offers it—this often waives the monthly maintenance fee and may earn you a small bonus.

FDIC insurance and account safety

All deposits at Valley National are insured by the FDIC up to $250,000 per account type per depositor. This means if Valley National fails, the FDIC will reimburse you for up to $250,000 in your checking account, up to $250,000 in your savings account, and up to $250,000 in each CD you own—separate limits for each type.

If you have more than $250,000 to deposit, you can spread it across multiple account types or multiple banks to stay within the insurance limit. For example, $250,000 in a checking account and $250,000 in a savings account at the same bank are both fully insured because they are different account types.

Valley National is also subject to regular examination by federal banking regulators, including the Federal Reserve and the Office of the Comptroller of the Currency (OCC). These agencies monitor the bank's financial health and compliance with banking laws.

Frequently Asked Questions

Does Valley National have a mobile app?

Yes, Valley National offers a mobile app for iOS and Android that lets you check balances, transfer money, deposit checks by photo, and pay bills. You log in with your online banking username and password. The app is free to read and use if you have an account with the bank.

What is the minimum balance to avoid monthly fees?

The minimum balance requirement varies by account type and changes over time. Most checking accounts require $500 to $1,500 to waive the monthly fee, while savings accounts may require $2,500 or more. Check Valley National's current fee schedule or ask a banker for the exact requirement for the account you want to open.

Can I transfer money between Valley National and another bank?

Yes, you can set up external transfers between your Valley National account and accounts at other banks through online banking. Transfers typically take one to three business days. You may also use a service like Zelle (if Valley National offers it) for faster transfers to other people's accounts.

What happens if I close my account early?

Closing a checking or savings account has no penalty. If you close a CD before the term ends, you pay an early withdrawal penalty, which is deducted from your balance. The penalty amount depends on the CD term—ask the bank what it is before you open the CD.

Is Valley National a safe bank?

Valley National is a regulated bank insured by the FDIC, so your deposits are protected up to $250,000 per account type. The bank is examined regularly by federal regulators. You can check the bank's financial health and any regulatory actions on the FDIC's website or the Federal Reserve's public records.