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Valley National Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
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Written By
Updated on Friday, November 2, 2018
Valley National Bank’s checking account options
VNB All Access Reward Checking
- Minimum opening deposit: $100
- Monthly account maintenance fee: $0
- ATM fee: $0; $2 at non-Valley National Bank ATMs; $5 at international ATMs
- ATM fee refund: none
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
VNB All Access Checking is a standard checking account, but with a kick. On top of standard basic checking account features like free online and mobile banking, debit card access and paperless statements, this account pays a $20 per month reward to new customers for the first year. To qualify for the bonus, account holders must make at least $750 per month in qualifying direct deposits.
VNB My Choice Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $0
- ATM fee: $0
- ATM fee refund: up to $20 for ATM fees from non-Valley National Bank ATMs
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
The VNB My Choice Checking account has a lower minimum opening deposit designed to appeal to young adults ages 17 to 25. The bank pays new account holders a $75 bonus for activating mobile banking and an additional $75 for completing a minimum of 20 debit card transactions of $5 or more. That additional $75 bonus can also be achieved by enrolling in online banking and completing three online bill payment transactions. Paperless statements must also be selected within 60 days of account opening. If customers fail to meet these requirements, the account will automatically convert to a VNB All Access Checking Account. The account also reverts to All Access Checking upon reaching age 26.
VNB My Choice Teen Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $0 if the account is linked to a parent/guardian checking account, or if the account receives a monthly recurring direct deposit or, if you maintain a daily ledger balance of $1,000 per month
- ATM fee: $0; $2 at non-Valley National Bank ATMs; $5 at international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day account remains overdrawn for up to five consecutive business days
VNB My Choice Teen Checking provides younger teenagers, aged 13 to 16, the ability to manage their own account, when a parent or guardian is present to help open the account. The account offers debit card access, along with mobile and online banking. Within 90 days of signing up for a debit card, Valley National Bank grants new account holders a $25 cash reward. Upon reaching age 17, the account automatically converts to a VNB My Choice Checking account.
VNB Select Checking
- Minimum opening deposit: $100
- Monthly maintenance fee: $15; $0 with minimum balance of $99
- ATM fee: $0; $2 at non-Valley National Bank ATMs; $5 at international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
By opening this account in conjunction with the bank’s Premium Money Market account, customers receive an additional rate boost; however, a $1,000 monthly direct deposit is also required for the rate boost. This checking account also comes with free mobile and online banking with bill pay, in addition to an ATM/debit card and paperless statements.
VNB My Loyalty Checking
- Minimum opening deposit: $100
- Monthly account maintenance fee: $25; $0 with a Valley National Bank mortgage and three monthly recurring bill payments or direct deposits of $750+
- ATM fee: $0
- ATM fee refund: up to $10 of non-Valley National Bank ATM fees rebated per month
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
VNB My Loyalty Checking provides the basic checking account functionality of the bank’s other checking accounts, such as mobile and online banking and ATM/debit card access. However, the account carries a steep monthly fee unless account holders also have a mortgage of at least $250,000 open with Valley National Bank. Monthly bill pay or direct deposits are also required. If customers qualify as “loyal” under these parameters, the bank will provide a $400 cash bonus, along with a monthly ATM fee rebate of up to $10 for out-of-network ATM fees. Mortgages less than $250,000 still qualify for a $250 cash reward.
VNB Milestone Checking
- Minimum opening deposit: $0
- Monthly account maintenance fee: $0
- ATM fee: $0; $2 at non-Valley National Bank ATMs; $5 at international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
Designed for customers aged 55 and older, VNB Milestone Checking has no monthly fees, no account minimums and unlimited check writing. The account also comes with free mobile and online banking and eStatements, along with a Visa debit card. The account is for seniors who want a simple, low-cost checking account.
VNB Interest Checking Plus
- Minimum opening deposit: $100
- Monthly account maintenance fee: $15; $0 with an average monthly balance of $1,000
- ATM fee: $0; $2 at non-Valley National Bank ATMs; $5 at international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
VNB Interest Checking Plus pays a flat interest rate on deposits above $100. The account also comes with standard checking features such as online and mobile banking, an ATM/debit card and unlimited check writing. The high monthly maintenance fee can be avoided with a daily balance of at least $1,000.
VNB Community Checking
- Minimum opening deposit: $25
- Monthly account maintenance fee: $3
- ATM fee: $0; $2 at non-Valley National Bank ATMs; $5 at international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
For New Jersey and New York customers only, VNB Community Checking offers basic account services, such as online and mobile banking, mobile check deposit and an ATM/debit card, for a low minimum opening deposit. Unlike some of the bank’s other checking accounts, there is no way to avoid the monthly fee, although the fee itself is not large.
Prestige Program
The Prestige Program has been providing events and experiences since 1988. Some of the benefits provided by the Prestige Program include:
- Group tours and travel opportunities
- Invitations to social activities and educational seminars
- Free signature guarantee and notary services
- A safe deposit box discount
Account holders also have access to special rates on certificates of deposit.
How to get Valley National Bank’s checking accounts
Three of Valley National Bank’s checking accounts — All Access, My Choice and My Loyalty — can be opened online. The account-opening process takes about 10 minutes. To get started with an online account, you must be at least 18 years of age with a U.S. mailing address, a Social Security number and a driver’s license or government- or state-issued ID.
The remaining checking accounts can only be opened by visiting a branch. Customers can call for (800) 522-4100 for assistance.
How Valley National Bank’s checking accounts compare
Valley National Bank has one of the broadest lines of checking accounts available anywhere. From basic, no-frills accounts, to specialized accounts dedicated to teens, young adults, seniors and those with home mortgages, Valley National Bank has an account for seemingly anyone.
Those seeking to earn interest on their checking accounts, however, have only one option: the Interest Plus Checking account. When we contacted the bank prior to publish, the rates on this account are low, far below the best available national checking account rates. However, the Prestige Program is a nice enhancement for customers who qualify.
Valley National Bank’s savings account options
VNB All Access Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.02% | $100 |
- Minimum opening deposit: $100
- Monthly account maintenance fee: $0 if you maintain an average daily collected balance of $300 per month
- ATM fee: $0; $2 at non-Valley National Bank ATMs; $5 at international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
Valley National Bank’s most-basic savings account has a $100 opening deposit requirement and charges no monthly fee for accounts with balances of at least $300. Standard features, including an ATM/debit card, eStatements and free mobile and online banking are included. Interest compounds daily and is credited quarterly.
VNB My Health Savings
- Minimum opening deposit: $0
- Monthly account maintenance fee: $3
- ATM fee: n/a
- ATM fee refund: n/a
- Overdraft fee: n/a
Like all healthcare spending accounts, the VNB My Health Savings account is designed to help investors save and pay for medical expenses. Distributions are tax-free when used for qualified medical expenses, as defined by the IRS. Even after you retire, Valley National Bank allows you to keep saving in your HSA if you are still enrolled in a high-deductible health plan, which is one of the IRS requirements for opening a health savings account.
VNB Kids First Savings Club
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.03% | $0 |
- Minimum opening deposit: $1
- Monthly account maintenance fee: $0
- ATM fee: n/a
- ATM fee refund: n/a
- Overdraft fee: n/a
This starter savings account has essentially no opening deposit or minimum balance requirements, pays interest on all deposits and has no monthly maintenance fee. Interest is compounded daily and paid quarterly. Initial deposits are matched by Valley National Bank, up to $20. Accounts are limited to no more than six certain monthly withdrawal transactions, per government regulations.
VNB Holiday Savings Club
- Minimum opening deposit: $10, $20, $25 or $50
- Monthly account maintenance fee: $0
- ATM fee: n/a
- ATM fee refund: n/a
- Overdraft fee: n/a
Customers saving for the holidays can choose from one of four types of Valley National Bank Holiday Savings Club accounts. Minimum weekly or bi-weekly payments of $10, $20, $25 or $50 accumulate until the mandatory payout in September every year.
Customers with existing Valley National Bank checking or savings accounts can set them up for auto-deposit into the Holiday Savings Club account. Upon maturity, accumulated balances can be directly deposited back into the Valley National Bank funding account. Customers opening an account with at least $20 are entitled to a free gift.
How to get Valley National Bank’s savings accounts
Only the VNB All Access Savings account can be opened online; all other Valley National Bank savings accounts require a branch visit for opening. For the All Access Savings account, the online application process takes about 10 minutes. Applicants must be at least 18 years of age with a valid Social Security number, U.S. mailing address and a driver’s license or government-issued ID.
How Valley National Bank’s savings accounts compare
Valley National Bank offers a variety of savings accounts, from a traditional account to a kids account, a holiday account and a health savings account. However, no Valley National Bank savings account pays even the national average savings rate, let alone the best rates available on savings accounts nationwide. The VNB All Access Savings account also charges a high overdraft fee.
Valley National Bank’s CD account options
Multiple Maturity and Passbook CDs
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 0.02% | $500 | 91 days |
| 0.03% | $500 | 6 months |
| 0.04% | $500 | 9 months |
| 0.04% | $500 | 12 months |
| 2.00% | $500 | 13 months |
| 2.00% | $500 | 14 months |
| 2.00% | $500 | 14 months - with minimum balance |
| 2.50% | $500 | 15 months |
| 1.60% | $500 | 15 months - with minimum balance |
| 2.40% | $500 | 16 months |
| 0.05% | $500 | 18 months |
| 0.05% | $500 | 24 months |
| 0.05% | $500 | 30 months |
| 0.05% | $500 | 36 months |
| 0.15% | $500 | 48 months |
| 0.20% | $500 | 60 months |
| 1.25% | $500 | 72 months |
- Minimum balance to open account: $500
- Minimum balance to earn APY: $500
- Early withdrawal penalty: 90 days’ dividends for maturities of less than 1 year; 180 days’ dividends for maturities between 1 and 2.5 years; 365 days’ dividends for maturities of 2.5 to 5 years; 540 days’ dividends for maturities of greater than 5 years
Valley National Bank Multiple Maturity and Passbook CDs are standard CD products, with federal deposit insurance up to $250,000. CDs automatically renew upon maturity. Interest is compounded daily, quarterly, semiannually or at maturity, based on the product chosen by the customer. Valley National Bank offers special rates on its 14 and 15 month CDs for customers bringing at least $100,000 of new money (money that isn’t already in a Valley National account) to the bank. These special offerings are subject to change.
Jumbo CDs
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 0.25% | $100,000 | 7 days |
| 0.25% | $100,000 | 14 days |
| 0.35% | $100,000 | 1 month |
| 0.50% | $100,000 | 2 months |
| 2.40% | $100,000 | 3 months |
| 2.50% | $100,000 | 6 months |
- Minimum balance to open account: $100,000
- Minimum balance to earn APY: $100,000
- Early withdrawal penalty: 90 days’ dividends for maturities of less than 1 year; 180 days’ dividends for maturities between 1 and 2.5 years; 365 days’ dividends for maturities of 2.5 to 5 years; 540 days’ dividends for maturities of greater than 5 years
Valley National Bank’s jumbo CDs have their own maturity and rate schedules, distinct from the bank’s other CDs. Options are limited for Jumbo CDs, with only a handful of choices, and the maturity schedule is ultra-short, running from 7 days to 6 months.
Step-Up CDs
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 2.00% | $500 | 25 months |
| 2.25% | $500 | 37 months |
| 1.77% | $500 | 66 months |
| 1.77% | $100,000 | 66 months |
- Minimum balance to open account: $500/$100,000
- Minimum balance to earn APY: $500/$100,000
- Early withdrawal penalty: 90 days’ dividends for maturities of less than 1 year; 180 days’ dividends for maturities between 1 and 2.5 years; 365 days’ dividends for maturities of 2.5 to 5 years; 540 days’ dividends for maturities of greater than 5 years
Step-Up CDs allow customers to adjust their CD rates. For the standard 25, 37 and 66 month CDs, account holders can raise their rates to the then-current CD rate one time only before maturity. For the jumbo 66 month step-up CD, the rate automatically adjusts upwards every 180 days by 0.25%.
18 Month Variable Rate CD
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 2.60%** | $500 | 18 months |
- Minimum balance to open account: $500
- Minimum balance to earn APY: $500
- Early withdrawal penalty: 90 days’ dividends for maturities of less than 1 year; 180 days’ dividends for maturities between 1 and 2.5 years; 365 days’ dividends for maturities of 2.5 to 5 years; 540 days’ dividends for maturities of greater than 5 years
The 18 Month Variable Rate CD comes in both IRA and non-IRA versions. The rate is not fixed, but adjusts every month to the then-current rate. The CD automatically renews when it matures after 18 months. The maximum deposit on this product is $500,000.
How to get Valley National Bank’s CD accounts
Customers must go into a branch to open most Valley National Bank CDs. However, some are available online: the 91-day CD; the 6-, 12-, 14-, 15-, 18- and 24-month CDs; and the 25- and 37 month-step-up CDs. For CDs that can be opened online, the same application is used as for other online accounts at Valley National Bank.
Applicants will need a valid Social Security number, government-issued ID and a U.S. mailing address. Customers must also be over age 18.
How Valley National Bank’s CD accounts compare
For the most part, CD rates at Valley National Bank are at or above national averages; in some cases, Valley National Bank pays an APY that’s way above average. Although jumbo CD rates are typically higher than traditional CD rates, that is not the case at Valley National Bank, where rates on overlapping maturities are comparable. The bank’s rates vary dramatically across maturity and type, but in some cases they approach the best CD rates available around the country.
Valley National Bank’s money market account options
VNB Tiered Money Market Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.15% | $0 |
| 0.25% | $5,000 |
| 0.35% | $25,000 |
| 0.55% | $50,000 |
| 0.65% | $100,000 |
| 1.70% | $500,000 |
| 1.20% | $1,500,000 |
| 1.20% | $2,500,000 |
| 1.20% | $5,000,000 |
- Minimum opening deposit: $2,000
- Monthly account maintenance fee: $25; $0 if $10,000 average daily balance maintained
- ATM fee: $0; $2 for non-Valley National Bank ATMs; $5 for international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
As Valley National Bank’s standard money market account, this has a modest opening deposit requirement and a high fee. That fee can only be waived by depositing five times the minimum opening deposit, which could be a hurdle from some clients. The account comes with an ATM/debit card, along with the same fee structure as the bank’s other checking and savings accounts with ATM access. Free online and mobile banking, including mobile deposit, is included, as are unlimited deposits and in-person withdrawals. Other withdrawals may be subject to the regulatory limits of six transactions per month.
VNB Premium Money Market account
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.15% | $10,000 |
| 0.20%** | $10,000 |
- Minimum opening deposit: $10,000
- Monthly account maintenance fee: $25; $0 if average daily balance above $10,000
- ATM fee: $0; $2 for non-Valley National Bank ATMs; $5 for international ATMs
- ATM fee refund: None
- Overdraft fee: $36 per item, plus $15 per day the account remains overdrawn for up to five consecutive business days
VNB’s Premium Money Market account pays a high standard rate that’s enhanced when the account is paired with a Select Checking account. Monthly fees are very high, as is the initial opening deposit requirement. However, the fee is waived as long as an average daily balance equal to the minimum opening deposit is maintained. The account’s ATM fee schedule is the same as with the bank’s checking and savings accounts that have ATM access.
How to get Valley National Bank’s money market accounts
Both the Tiered and the Premium Money Market accounts can be opened online, using the same application form as the other Valley National Bank accounts that are available for online application. The online account-opening process takes about 10 minutes, if applicants are prepared with their valid Social Security number, a government-issued ID and a U.S. mailing address. Online applicants must also be over age 18. Accounts can also be opened in person at a Valley National Bank branch.
How Valley National Bank’s money market accounts compare
Large deposits are rewarded with Valley National Bank’s money market accounts, with rates right in the mix with the best available money market rates in the nation. However, the best rates on the Tiered Money Market account don’t kick in until astronomical deposit levels that are far above the means of the average saver. The Premium Money Market might be a better option for most savers, as the opening deposit is high but much more reasonable and its standard rate is higher than even the best rates on the Tiered Money Market account. Plus, the Premium Money Market account kicks its rate even higher with the addition of a simple Select Checking account.
Valley National Bank’s IRA options
IRA Certificate accounts (CDs)
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 0.03% | $250 | 6 months |
| 0.04% | $250 | 12 months |
| 2.50% | $250 | 18 months |
| 0.05% | $250 | 24 months |
| 1.60% | $250 | 30 months |
| 0.05% | $250 | 36 months |
| 0.15% | $250 | 48 months |
| 0.20% | $250 | 60 months |
| 2.25% | $250 | 72 months |
- Minimum opening deposit: $250
- Minimum balance to earn APY: $250
- Early withdrawal penalty: 90 days’ dividends for maturities of less than 1 year; 180 days’ dividends for maturities between 1 and 2.5 years; 365 days’ dividends for maturities of 2.5 to 5 years; 540 days’ dividends for maturities of greater than 5 years
Valley National Bank’s IRA certificates are similar to the standard CDs offered in the bank’s non-IRA accounts, but with slightly different maturities, ranging from 6 months to 6 years. Minimums are also lower, at just $250 per CD. There are also no special rates for new money on 14- and 15-month IRA CDs.
VNB IRA Variable Rate CD
| APY | Minimum Balance to Earn APY |
|---|---|
| 2.58% Variable | $250 |
- Minimum opening deposit: $250
- Minimum balance amount to earn APY: $250
- Early withdrawal penalty: 90 days’ dividends for maturities of less than 1 year; 180 days’ dividends for maturities between 1 and 2.5 years; 365 days’ dividends for maturities of 2.5 to 5 years; 540 days’ dividends for maturities of greater than 5 years
As its name suggests, the VNB IRA 18 Month Variable Rate CD comes in a single, 18 month term, but the rate is not fixed. On the first of each month, that rate is adjusted to the then-current rate. When the CD matures after 18 months, it automatically renews. The maximum deposit on this product is $500,000.
How to get Valley National Bank’s IRA products
Valley National Bank IRAs must be opened in a branch. Accounts cannot be opened online.
How Valley National Bank’s IRA products compare
Rates on VNB IRA CDs are at or above national averages. The bank’s best IRA CD rates are found in the variable-rate CD, where the APY approaches the best available IRA CD rates nationwide.
Overall review of Valley National Bank’s products
Valley National Bank offers an incredibly broad and diverse product line. The bank has eight checking account options and multiple offerings in every other category, from savings and money market accounts to CDs and IRAs. Customers should have no problem finding an account to suit their needs.
Rates on the checking and savings accounts, however, are well below average. Those seeking high-yielding accounts are better served with Valley National Bank’s money market and CD accounts, which pay above-average rates that can compare with the best available.
Overall, Valley National Bank has an impressive product line, but customers will have to sift through the numerous offerings to find the best accounts for their needs.
