The product Savings Account from Valley Direct, a division of Valley National Bank with 4.75% APY and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $31,810. The interest earned would be $11,810 and the tax amount on the interest earned would be approximately $3,543.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 43 | 30 |
| 2 | 20,043 | 43 | 30 |
| 3 | 20,086 | 43 | 30 |
| 4 | 20,129 | 43 | 30 |
| 5 | 20,173 | 43 | 30 |
| 6 | 20,216 | 43 | 30 |
| 7 | 20,259 | 44 | 30 |
| 8 | 20,303 | 44 | 31 |
| 9 | 20,347 | 44 | 31 |
| 10 | 20,390 | 44 | 31 |
| TOTAL: | $434 | $304 |
| Rate: 4.75% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 950 | 665 |
| 2 | 20,950 | 995 | 697 |
| 3 | 21,945 | 1,042 | 730 |
| 4 | 22,988 | 1,092 | 764 |
| 5 | 24,079 | 1,144 | 801 |
| 6 | 25,223 | 1,198 | 839 |
| 7 | 26,421 | 1,255 | 879 |
| 8 | 27,676 | 1,315 | 920 |
| 9 | 28,991 | 1,377 | 964 |
| 10 | 30,368 | 1,442 | 1,010 |
| TOTAL: | $11,810 | $8,267 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| Date | APY |
|---|---|
| April 19, 2024 | 4.75% |
| February 23, 2024 | 4.80% |
| January 19, 2024 | 5.05% |
| August 20, 2023 | 5.00% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
6.00% |
$5,000 |
Learn More | |
|
6 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%. |
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|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
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|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
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|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
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|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
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Customer Reviews for Valley Direct, a division of Valley National Bank
AEM
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.
Is this review helpful? Yes:2 / No: 1
Trevor T
July 17, 2023 |
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.
Is this review helpful? Yes:3 / No: 3
jacky01
May 16, 2023 |
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.
Is this review helpful? Yes:3 / No: 2
WDesro
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!!
Is this review helpful? Yes:0 / No: 2
Jonathan D
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.
Is this review helpful? Yes:9 / No: 6
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