Valley Direct, A Division Of Valley National Bank
Online Savings Account - 4.80% APY

• No maintenance fees
• $5,000 minimum deposit
• Interest is compounded daily and credited monthly
• Rebates on 2 transactions each month at any ATM in the U.S. Always free at Valley ATMs.
• Transfers from the Valley Direct account to another account or to third parties by preauthorized automatic, or telephone transfer are limited to six per monthly statement cycle.
• FDIC insured


Fee and Feature Guide

Savings Account
Interest Rate
APY 4.80%
Minimum deposit amount $5,000.00
Maximum deposit amount N/A
Balance Requirements
Minimum Opening Deposit $5,000.00
Minimum Balance to Avoid Fees $0.00
Minimum Required Balance $0.00
Fees
Monthly Maintenance Fee N/A
Foreign ATM Fees N/A
Insufficient Funds Fee N/A
Incoming Wires N/A
Statements
Paper Statements ×
Online Statements Yes
Online and Telephone Banking
Online Banking Yes
Telephone Banking Yes
Mobile Banking Yes
Deposit Checks with Mobile Device Yes
Free Bill Pay Yes
Online Bill Payments Required Yes
Account Opening
Open Online Yes
Insured by F.D.I.C.

Customer Reviews for Valley Direct, a division of Valley National Bank


  • September 18, 2023 |

    I agree with another user, this bank is very poorly put together, and may very well be an operation in large part used to extract and sell people's personal information. I called customer service and had to wait for approximately half an hour. The service rep obviously was not professional and did not know hardly anything about the savings account I opened, spoke in an unprofessional way (unconfident, slang such as "ain't", constantly clearing of voice), and at one point gruffly yelled to someone in the background "I'm trying to help a customer right now; you're gonna have to wait!" During the sign-up process, I had linked by external Chase account and initiated the transfer of a small amount of money as a test. The money didn't show up in the accont until about 1 week later, and when no bank was listed under my linked bank accounts (this was the reason I called in). I was told that I would have to link my bank account again. You will see that you cannot log into your account from any of their sign in webpages. For some reason, only one of their webpages works. If you try to sign in from a device not originally used to sign up, you will get an error stating that the username or password is incorrect, rather than the opportunity to register the new device. If you are logged into your account, and then click on another browser tab, the account sometimes completely logs you out, but this only happens sometimes. When you submit personal information, they require a picture of your driver's license. All in all, there is something wrong with this bank. Even though the savings rate is high, I do not trust it, and will be closing my account.

  • July 17, 2023 |

    Online Savings Rates

    Do you want to be called and harassed when you make a large withdrawal from you bank? If so, this is the bank for you.

  • May 16, 2023 |

    Online Savings Rates

    No mechanism to stop the harassing calls on my cell phone that begin with someone demanding to authenticate me (in order to harangue me for making a withdrawal). No mechanism to stop daily alerts that the spam filters miss. No mechanism to stop nonstop physical mailings related to home equity and mortgage offerings in NJ (I do not live in NJ). Finally, I was forced to close the account and that is fine - gives me an opportunity to find a better yielding online savings account.

  • April 7, 2023

    I’ve been with Valkey online banking since
    Oct.22. Don’t understand the lag between
    Fed funds rate increases and the posting of
    Those increases to my Account. Just wondering!!

  • November 2, 2022 |

    They have a limit of no more than 2000.00 a day transferred in and no more than 10,000.00 per month transferred in. Their customeer service is not very knowledgeable of this online account either. I wanted to close it and it had 2 cents in the account and they told me I needed to go into a branch to close an online account. I live in california they are no where in this state. Very Disorganized.


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