Valley Bank Review: High Interest On Savings

Valley Bank is a full-service bank with over 200 branches and $62 billion in assets. It offers a range of checking and savings accounts, including a high-yield savings through its partnership with Raisin.

If you’re looking for a place to stash your savings without giving up interest-earning possibilities, then Valley Bank might be the right fit. We explore what the financial institution has to offer so you can decide whether or not its right for you.

What Is Valley Bank?

Headquartered in Wayne, New Jersey, Valley National Bank is an FDIC-insured commercial bank established in 1927. It employs over 3,800 employees at more than 200 consumer branches and commercial offices across six states

What Does It Offer?

Valley Bank offers a full-service banking experience. We focus on the deposit products in this review.

Raisin Partnership High-Yield Savings Account

First up, Valley Bank offers a high-yield savings account through a Raisin partnership. As of writing, you can tap into a 3.96% APY with a minimum deposit of $1. This top-tier APY offers a worthwhile option for any saver.

Checking Accounts

Valley Bank offers four checking account options, which include:

• Interest Checking Plus: Earn 0.02% APY on your checking account balance and avoid a monthly maintenance charge when you maintain an average daily balance of $1,000 or more. 
• My Teen Checking: Accountholders ages 13 to 17 can open this account with $25. They won’t face a monthly fee and can earn a $25 reward when they meet debit card usage metrics. 
• Milestone Checking: Adults aged 55 and over can open this free account with $100. 
• All Access Checking: This standard checking account requires a $100 minimum deposit and waives the monthly maintenance charge for balances over $99.

With this suite of options, you might find a checking account that suits your needs with Valley Bank.

Savings Accounts

Although Valley Bank offers a high-yield savings account option through Raisin, it also offers other savings accounts directly through the bank. These include:

• All Access Savings: You’ll need $100 to open the account and maintain an average daily balance of $300 or more to avoid a monthly fee. It offers 0.15% APY
• Kids First Savings: Minors can open this account with just $1 and enjoy no monthly fees. It offers 1.10% APY. 
• Money Market Savings: You’ll need $10,000 to open this account and maintain that balance to avoid a monthly fee. It offers 0.50% APY. 
• Premium Money market Account: You’ll need $25,000 to open this account. You must maintain an average daily balance of $10,000 to avoid a monthly fee. It offers 1.75% APY, for customers with an eligible Valley checking account.

Generally speaking, these accounts offer APYs well-below what you can get through Valley Bank’s high-yield savings account through Raisin. 

Are There Any Fees?

The accounts you open with Valley Bank and how you use the accounts will impact the fees you encounter.

When you opt to open the high-yield savings account option through Raisin, you won’t face a monthly fee. And it only takes $1 to open the account.

But if you open the All Access Savings account, you’ll need to maintain an average daily balance of $300 to avoid a $5 monthly fee. 

How Does Valley Bank Compare?

If you are considering a high-yield savings account through Raisin, Valley Bank currently offers the highest available rate, at 3.96% APY. Other Raisin alternatives, including Mission Valley Bank and Western Alliance Bank.  

How Do I Open An Account?

If you want to open a Valley Bank’s high-yield savings accounts, you’ll need to sign up through Raisin. Be prepared to provide an email address, name, password, Social Security number, and funding account information. This will be completed online.

If you want to work with another account option through Valley Bank, you can apply online. Be prepared to provide similar information. 

Is It Safe And Secure?

Valley Bank protects your funds with the Federal Deposit Insurance Corporation (FDIC). With this insurance, your funds are protected for up to $250,000 per depositor, per bank. If you open an account through Raisin, the protection extends to funds in that account as well. 

How Do I Contact Valley Bank?

If you open the high-yield savings account option through Raisin, you’ll lean on Raisin for customer support. You can email them at [email protected] or call 844-994-3276 on weekdays from 8 AM to 8 PM EST.

If you want to reach out to Valley Bank directly, you could head to a local branch or call 800-522-4100 for support. 

Is It Worth It?

If you are looking to earn top dollar for your savings, Valley Bank’s high-yield savings account through Raisin is currently one of the best options on the market.

While tucking your savings into that particular account tends to make sense for most savers, the other accounts available through Valley Bank are somewhat lackluster. If you live near a Valley Bank branch, it might be a convenient option, but you can likely find accounts with better rates and lower fees elsewhere.

Check out Valley Bank here >>

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