2023 Review of Valley Bank | Highly Recommended by Fortune

**Valley Bank: A Review of Services and Offerings**

**Valley Bank: A Trusted Regional Bank with a Strong Financial Background**

Founded in 1927, Valley Bank is a well-established regional bank with $64 billion in assets as of the first quarter of 2023. With a stability rating of five stars from Bauer Financial, Valley Bank provides customers with reliable financial services. The bank operates more than 200 branches and commercial banking locations across Alabama, Florida, New Jersey, New York, and California.

**Valley Bank’s Wide Range of Deposit Accounts**

Valley Bank offers a comprehensive range of deposit accounts to help customers manage and grow their money. Whether you’re looking for checking, savings, money market, or CD accounts, Valley Bank has options to suit your needs.

**Checking and Savings Accounts at Valley Bank**

Valley Bank provides several checking account options to meet the needs of different customers. These accounts also offer the opportunity to earn cash back rewards, with the exact amount depending on the specific account. Additionally, Valley Bank offers one basic savings account. Currently, there is no high-yield savings account option available.

**All Access Rewards Checking**

– APY: None
– Minimum opening deposit: $100
– Minimum balance: $0
– Fees:
– Monthly fee: None
– Overdraft fee: $36
– ATM fee: $2 (non-Valley ATM), $5 (international)
– Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for 12 months

**Interest Checking Plus**

– APY: 0.02%
– Minimum opening deposit: $100
– Minimum balance: $1,000
– Fees:
– Monthly fee: $15 if balance falls below minimum
– Overdraft fee: $36
– ATM fee: $2 (non-Valley ATM), $5 (international)
– Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for 12 months

**My Choice Teen Valley Checking**

– For teens aged 13-16
– Minimum opening deposit: $25
– Minimum balance: $0
– Fees:
– Monthly fee: $15 if balance falls below minimum
– Overdraft fee: $36
– ATM fee: $2 (non-Valley ATM), $5 (international)
– Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for 12 months

**My Choice Checking**

– For young adults aged 17-25
– Minimum opening deposit: $25
– Minimum balance: $0
– Fees:
– Monthly fee: None
– Overdraft fee: $36
– ATM fee: up to $20 monthly rebate, then $2 (non-Valley ATM), $5 (international)
– Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for 12 months

**My Loyalty Checking**

– Available to Valley Mortgage Customers without an existing Valley checking account
– Minimum opening deposit: $100
– Minimum balance: $0
– Fees:
– Monthly fee: $25 (waived with the retention of Valley mortgage and three monthly recurring online bill payments or a recurring qualifying direct deposit of $750 or greater, or average monthly balance of $1,000)
– Overdraft fee: $36
– ATM fee: up to $10 monthly rebate, then $2 (non-Valley ATM), $5 (international)
– Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for 12 months

**Milestone Checking**

– For customers over age 55
– Minimum opening deposit: $100
– Minimum balance: $0
– Fees:
– Monthly fee: None
– Overdraft fee: $36
– ATM fee: $2 (non-Valley ATM), $5 (international)
– Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for 12 months

**Select Checking**

– APY: Bumps Premium Money Market APY to 1.75%
– Minimum opening deposit: $100
– Minimum balance: $99
– Fees:
– Monthly fee: $15 if balance drops below minimum
– Overdraft fee: $36
– ATM fee: $2 (non-Valley ATM), $5 (international)
– Inactivity fee: $15 per month for accounts with no deposit or withdrawal activity for 12 months

**Valley All Access Savings**

– APY: 0.85%
– Minimum opening deposit: $100
– Minimum balance: $0
– Fees:
– Monthly fee: None with average daily collected balance of $300 per month
– Inactivity fee: $9 per quarter for accounts with no deposit or withdrawal activity for 24 months and balance of less than $1,000

**Money Market Accounts for Higher Interest Rates**

Valley Bank offers a selection of money market deposit accounts that reward depositors with higher rates on larger balances.

**Money Market Savings**

– APY: 1.31% on balances from $10,000 up to $1,000,000, 0.50% on balances under $10,000 or over $1,000,000
– Minimum opening deposit: $10,000
– Minimum balance: $10,000
– Fees:
– Monthly fee: $25 if balance drops below minimum

**Tiered Money Market Savings**

– APY:
– $0.01—$4,999: 0.60%
– $5,000—$24,999: 0.70%
– $25,000—$49,999: 0.80%
– $50,000—$99,999: 0.90%
– $100,000—$499,999: 1.00%
– $500,000—$9,999,999: 1.35%
– $10,000,000 & above: 0.10%
– Minimum opening deposit: $2,000
– Minimum balance: $10,000
– Fees:
– Monthly fee: $25 if balance drops below minimum

**Premium Money Market**

– APY:
– Without Select Checking account: 1.00%
– With Select Checking account: 1.75%
– Minimum opening deposit: $25,000
– Minimum balance: $10,000
– Fees:
– Monthly fee: $25 if balance drops below minimum

**Explore Valley Bank’s Additional Services**

As a full-service bank, Valley Bank provides customers with an array of financial products and services.

**Individual Retirement Accounts (IRAs)**

Valley Bank offers both traditional and Roth IRAs, including a special 18-month variable IRA that earns 5.22% (NJ and NY only).

**Credit Cards**

Valley Bank offers several credit card options with varying benefits, including low introductory rates and travel rewards.

**Lending Services**

Valley Bank provides various loans, such as mortgages, refinancing, home equity loans and lines of credit, life insurance loans, auto loans, and personal loans.

**Financial Planning**

Customers can seek assistance with asset management, trust and estate planning, and insurance services through Valley Bank’s financial planning services.

**Business Services**

In addition to individual accounts and services, Valley Bank offers a wide range of business products, including deposit accounts, credit cards, and loans.

**Convenient Banking with Valley Bank’s Online Platform and Support**

Valley Bank prioritizes safe and secure online banking for customers to manage their accounts anytime, anywhere. The bank also offers a user-friendly mobile banking app with high ratings on both the Apple store and Google Play. Additionally, Valley Bank provides a dedicated mortgage app.

If you need assistance or have any questions, you can easily contact a Valley Bank representative by calling 800-522-4100 or submitting a message on the bank’s website.

**Pros and Cons of Valley Bank**

Before opening an account with Valley Bank, it’s essential to consider the pros and cons:

**Pros**

– Many checking accounts available for different customer demographics
– Competitive CD rates

**Cons**

– Low deposit rates compared to competitors
– Minimum balance requirements for various accounts

**Frequently Asked Questions**

**Is Valley Bank the same as Valley National Bank?**

Yes, Valley National Bancorp, a regional bank holding company based in Wayne, New Jersey, operates under the name Valley Bank.

**How stable is Valley National Bank?**

Valley Bank has a longstanding reputation as a trusted financial institution since 1927, known for its solid financial performance.

**Is Valley National Bank FDIC insured?**

Yes, Valley Bank is FDIC insured, ensuring deposits are protected up to $250,000 per depositor.