Valley National Bank is a regional bank with 232 branches throughout Alabama, Florida, New Jersey and New York. It offers a comprehensive suite of banking products and services for individuals and businesses. This review guide explores the financial institution’s inner workings and why it could be a one-stop shop for all your financial needs.
About Valley National Bank
With roots tracing back to 1927, Valley National Bank is a trusted provider of banking services in the states it serves. Valley views its customers as more than numbers and focuses on forging valuable relationships to ensure solutions are readily available to help you meet your short- and long-term financial goals. The bank boasts a wide range of products, including various checking, savings, loan and credit card options for personal and business banking customers.
Overview of Services by Valley National Bank
Personal Services
Valley features an extensive range of personal services. You can open a checking account to manage your finances conveniently. There are also savings accounts with competitive interest rates to grow your funds and various lending and mortgage products to help you meet other important financial goals.
Business and Commercial Services
If you own a small business, banking, lending and treasury solutions are accessible to keep operations running smoothly. Or you can access tools to gain expert insight across various industries.
Financial Planning Services
You can also manage and grow your money with Valley. Its financial planning services include tailored wealth management, trust and estate planning solutions. Personal and business insurance solutions are also available to protect your investments.
Personal Banking and Lending
There are several personal banking and lending services to meet your needs.
Checking and Savings Accounts
Valley doesn’t skimp in this category, as there are several options for adults, seniors and teens. Checking accounts require a minimum opening deposit of $25 or $100, and some have no monthly maintenance fees. Plus, you can earn rewards on select accounts by using your Valley Visa debit card to make everyday purchases.
If you opt for a savings account, you can earn a small return on your money. But the APY isn’t much to marvel over – a CD could be ideal for reaching your savings goals faster.
Checking Accounts
- All Access Rewards Checking
- Interest Checking Plus
- Teen Checking
- My Choice Checking
- Milestone Checking
- My Loyalty Checking
- All Access Checking
Savings Accounts
- Valley All Access Savings
- Money Market Savings
- Valley Tiered Money Market Savings
- Valley Premium Money Market
CDs
Valley requires just $500 to open a CD with a generous return. You can choose from a 6, 12, or 12-month term that earns 4.75%, 4.50%, and 4.25% APY, respectively.
IRAs
Individual Retirement Accounts (IRAs) with Valley can give you added peace of mind during your golden years. Depending on your preferences, you can choose from a traditional or Roth IRA.
Credit Cards
Valley offers a wide selection of credit cards with an assortment of perks. Whether you want to earn travel points, cash back or build your credit, you can find a card that works for you.
Home Purchase
When you get a mortgage with Valley, you can rest assured you’re working with a team of knowledgeable experts with your best interests in mind. The bank has several home loan products in its arsenal and first-time homebuyer programs to bring your homeownership dreams to life if it’s your first rodeo.
Home Equity Line of Credit
You can leverage your home equity to consolidate costly debt, cover home renovation expenses or fund other big-ticket purchases. Valley’s HELOC gives you cash when you need it most, and you’ll only pay interest on what you borrow. You’ll get a low fixed rate for the first year, followed by a variable rate.
Mortgage Refinancing
Valley’s mortgage refinancing solutions can offer you a way to get more affordable mortgage payments. You may qualify for a lower interest rate or loan term extension. Or you can shorten your loan term to pay your balance off faster or convert your home equity into cash.
Business Banking and Lending
Valley’s robust portfolio of business banking and lending products can help move your business forward.
Business Checking and Savings
Valley provides tailored business checking and savings options for small business owners across industries. With a Valley business checking account, you can access features that streamline your daily financial activities. Or you can open business savings accounts to maximize your company’s profits.
Business Checking Accounts
- Business Banking Checking
- Business Checking Plus
- Corporate Checking
- Women in Business Checking
Business Savings Accounts
- Business Savings
- Business Money Market
- Business Certificates of Deposit
Business Credit Cards
Consider a business credit card with no annual fee to help bridge cash flow gaps. The Visa Business Credit Card offers 1% cash back and an introductory purchase APR of 0% in the first six months. If your credit isn’t up to par, the Visa Secured Business Credit Card features the same perks but requires a security deposit of up to 110% of the credit limit you’re seeking.
Business Online Banking
Valley makes it easy to manage your business accounts anywhere you go. You can access the online banking platform or mobile app to monitor account activity, initiate account transfers, pay bills, review transactions and more.
Business Loans
Commercial lending solutions are plentiful with Valley. From term loans and lines of credit to commercial real estate, SBA and nonprofit loans, the financial institution has you covered. The Community Association Loan Program is another option to access affordable funding for your small business.
Specialized Banking Solutions
These industry-specific products provide support that’s as unique as your small business. The following resources are available to assist:
- Cannabis Banking
- Correspondent Banking Solutions
- Healthcare Financial Services
- Homeowners Association
- Municipal and Government Banking
- National Deposits Group
- PropTech
Financial Planning
You can put your financial future first by taking advantage of various financial planning services.
Wealth Management
Valley offers personalized wealth management services to help you maximize your investments in accordance with your long-term goals. You can access investment advisors, portfolio managers, trust services, broker-dealers and insurance resources.
Trust & Estate Planning
Valley’s trust and estate planning services are available to help ensure your assets are managed and distributed according to your specific desires. The goal is to ensure you can provide for those you love most while minimizing your tax liability.
Insurance Services
Protect your assets with Valley Insurance Services. Solutions are available for real estate, construction, healthcare, hospitality and marine companies. You can also get coverage if you operate a homeowner or condominium association.
Why You Should Choose Valley National Bank
- Flexible personal and business banking products
- Rewards checking account with no monthly maintenance fee
- Attractive APYs on CDs
- Extensive personal and business lending solutions
- Low down payment mortgages
Why You Should Opt for Other Alternatives
- Physical branches are only available in Alabama, Florida, New Jersey and New York
- Minimum opening deposit required checking and savings accounts
- Subpar returns on savings accounts
Comparing Valley National Bank
Valley National Bank has a significant presence in the areas it services. Still, its footprint is limited compared to some of its competitors. That said, the financial institution features a vast range of personal and business banking solutions and specialized investment services, making it stand out from the competition.
The fees and interest rates on savings, checking accounts and loans are competitive within its market. However, they aren’t as favorable as online banks that can offer better rates due to lower overhead costs.
Ultimately, Valley National Bank competes effectively in its regional markets and offers comprehensive services. However, it faces stiff competition from regional and larger national banks, which may provide broader services, more competitive rates or a larger geographic footprint.
Reviews and Customer Experiences
- Bankrate rating: 3.7 / 5
- WalletHub rating: 3.1 / 5
- BBB Customer rating: 1.23 / 5
Should You Bank with Valley National Bank?
If you live in Alabama, Florida, New Jersey, or New York, Valley National Bank may be a viable option. It offers a one-stop shop for all your personal and business banking needs. That said, more attractive APYs may be available elsewhere if you’re looking to maximize your funds.
How to Get Started with Valley National Bank
You can visit the website or a local branch to open an account. You’ll need a valid ID and your Social Security number to get started.
