Valley National Bank review: Rewards checking account with a bonus of up to $240 for the first year
Valley; Savanna Durr/Insider
Overall bank rating
Account | Insider rating (out of 5) |
Savings | 3.5 |
Checking | 4 |
Money market account | 3.25 |
CD | 3.5 |
Trustworthiness | 5 |
Total | 3.75 |
Pros and cons
Pros | Cons |
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Valley All Access Savings Account
The
Keep in mind that the average savings account in the US has an interest rate of
Valley All Access Rewards Checking Account
Valley National Bank is great if you'd like to open a rewards checking account. The
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 Tiered Money Market Savings Account
The
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.
Valley National Bank | KeyBank |
Locations NY, NJ, FL, and AL | Locations AK, CO, CT, FL, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, and WA |
Standout feature Rewards checking account with no monthly service fees | Standout feature Checking account with no monthly service fees and free overdraft protection |
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
KeyBank might be a better choice if you frequently overdraw from your account. The
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 | M&T Bank |
Locations NY, NJ, FL, and AL | Locations CT, DE, FL, MD, NJ, NY, PA, VA, WV, and Washington, DC |
Standout feature Rewards checking account with no monthly service fees | Standout feature Savings account with a $0 opening deposit |
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 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.