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Valley National Bank Review: A Comprehensive Guide to Banking Services and Accounts
If you're searching for a reliable regional bank with competitive rates and attractive bonus offers, Valley National Bank might be worth considering. This comprehensive review explores everything you need to know about Valley National Bank's services, from their high-yield savings accounts to their rewarding checking options.
What Is Valley National Bank?
Valley National Bank is a well-established financial institution with over 200 branches and ATMs strategically located across New York, New Jersey, Florida, and Alabama. As an FDIC-insured bank, Valley National offers peace of mind by protecting deposits up to $250,000 per depositor for each account ownership category.
The bank has embraced digital banking technology, offering a robust mobile app rated 4.8 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play store. This combination of physical presence and digital capabilities makes Valley National Bank an attractive option for those seeking a blend of traditional and modern banking services.
Valley National Bank Pros & Cons
Let's examine the key advantages and disadvantages of banking with Valley National Bank:
Pros:
- Exceptional checking account bonus of $400 for new customers
- First-year monthly service fee waiver on Valley All Access Checking+
- Competitive APY on Valley Direct Savings Promo account (4.80% for new customers)
- Multiple options to waive monthly maintenance fees
- Low minimum opening deposits for CDs
- Comprehensive online banking features and mobile app functionality
- ATM cards included with savings and money market accounts
Cons:
- Limited branch availability (only in NY, NJ, FL, and AL)
- Monthly service fees on most accounts if minimum balance requirements aren't met
- High minimum opening deposit ($2,000) for money market accounts
- Some accounts require maintaining substantial balances to avoid fees
Who Is Valley National Bank For?
Valley National Bank is particularly well-suited for:
- Regional Banking Enthusiasts: Customers who prefer having access to physical branches in the Northeast and Southeast regions
- Digital-Savvy Customers: Those who appreciate modern online banking features and mobile app functionality
- Bonus Seekers: New customers looking to earn substantial checking account bonuses
- CD Investors: Individuals interested in certificates of deposit with low minimum opening deposits
- High-Yield Savings Customers: Those seeking competitive rates through the Valley Direct Savings Promo account
Comparing Valley National Bank With Other Banks
Valley National Bank vs. KeyBank
Both banks offer attractive checking account bonuses, but they target different customer needs:
Valley National Bank:
- $400 bonus with qualifying direct deposits totaling $7,500
- Higher bonus amount but stricter requirements
- Monthly fees apply after the first year
KeyBank:
- $300 bonus with $1,000 direct deposit
- More lenient bonus requirements
- Better fee structure for everyday banking
Valley National Bank vs. M&T Bank
While both are regional banks, they differ in several key aspects:
Valley National Bank:
- Higher checking account bonus ($400 vs. $200)
- More competitive savings rates
- Strong digital banking platform
M&T Bank:
- Broader regional presence (9 states plus DC)
- Lower minimum opening deposits
- More basic account features
Valley National Bank Account Options
Savings Accounts
The Valley All Access Savings Account offers:
- $300 minimum balance requirement to avoid $5 monthly fee
- Competitive interest rates
- Easy integration with checking accounts
Valley Direct Savings Promo account features:
- 4.80% APY for new customers
- $1 minimum opening deposit
- Online account management capabilities
Checking Accounts
Valley All Access Checking+ highlights:
- $400 bonus opportunity
- First-year monthly fee waiver
- $15 monthly fee after first year (waivable with $99+ balance)
- Comprehensive online and mobile banking features
Certificates of Deposit (CDs)
Valley National Bank CDs offer:
- Competitive rates across various terms
- Low minimum opening deposits
- Flexible term options
- FDIC insurance coverage
Money Market Accounts
Valley Tiered Money Market Savings Account details:
- $2,000 minimum opening deposit
- $25 monthly fee (waivable with $10,000+ balance)
- Tiered interest rates based on balance
- Check-writing capabilities
Consider Using Kudos to Maximize Your Banking Benefits
While Valley National Bank offers competitive banking products, you can enhance your financial benefits by using Kudos, a free AI-powered browser extension. Kudos helps you maximize credit card rewards whenever you shop online, working seamlessly with your Valley National Bank cards and accounts.
Currently, Kudos is offering a special promotion: Get $20 back after your first eligible purchase when you sign up using code "GET20". This combination of Valley National Bank's services and Kudos's rewards optimization can significantly boost your financial benefits.
Our Expert Takeaway
Valley National Bank stands out for its attractive bonus offers, competitive rates, and blend of traditional and digital banking services. While monthly fees and limited branch locations may be drawbacks for some customers, the bank's strong digital presence and comprehensive account options make it a solid choice for many banking needs.
Valley National Bank FAQ
Is Valley National Bank FDIC insured?
Yes, Valley National Bank is FDIC-insured up to $250,000 per depositor, per account ownership category.
What are the requirements to open an account at Valley National Bank?
You'll need a government-issued ID, Social Security number, and U.S. residency. Minimum opening deposits vary by account type.
How can I avoid monthly maintenance fees?
Most accounts offer fee waivers by maintaining minimum daily balances or setting up qualifying direct deposits.
What is the Valley Direct Savings Promo account?
It's a high-yield savings account offering 4.80% APY for new customers with a $1 minimum opening deposit.
How does Valley National Bank's mobile app work?
The mobile app offers features like mobile check deposits, digital transfers, account management, and scheduled transfers, with high ratings on both iOS and Android platforms.
What is the compounding frequency for savings accounts?
Interest compounds daily and is credited monthly for most savings accounts.
Are there withdrawal limits on savings accounts?
Yes, federal regulations typically limit certain types of withdrawals and transfers from savings accounts to six per statement cycle.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
