Valley National Bank review: Rewards checking account with a bonus of up to $240 for the first year

Overall bank rating

Pros and cons

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 $3 monthly service fee.

Keep in mind that the average savings account in the US has an interest rate of FDIC National Deposit Savings Rates. If you prioritize earning a high interest rate, other banks have more appealing savings accounts.

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 up to $240 ($20 per month for up to 12 months) 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 Certificate of Deposit

Valley Certificate of Deposit come in a variety of terms and have a low minimum opening deposit. Other financial institutions will likely offer more competitive interest rates, though.

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 $2,000 minimum opening deposit and a steep $25 monthly service fee 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 money market account guide might include some noteworthy contenders. 

How Valley National Bank works

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

Customer support is available by phone from 6 a.m. to 11 p.m. ET seven days per week. 

The bank's mobile app is rated 4.8 out of 5 stars in the Apple Store and 4.7 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. 

Valley National Bank trustworthiness and BBB rating

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 vs. KeyBank

We've compared Valley National Bank with another brick-and-mortar institution available in the same states: 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 up to $240 ($20 per month for up to 12 months). 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. 

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 $4.95 monthly service fee 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.

Frequently asked questions

What do you need to open a Valley National Bank account?

You may open Valley National Bank accounts online or at a local branch. You'll need a US ID and social security number. For a joint account, at least one person must be over the age of 18. 

Does Valley National Bank have free checking?

Yes, Valley National Bank has a rewards checking account with zero monthly service fees. 

Is Valley National Bank a good bank?

Valley National Bank is a good 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.