Valley National Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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.

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 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.

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 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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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 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%.

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.

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’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.

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.

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.