Tuesday, 24 November 2020

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

Valley National Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
03 Nov
2:39

Valley’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Valley Regular Statement Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.20%

CD Rates

Valley 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.75%

CD Rates

Valley 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.00%

CD Rates

Valley 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Valley National Bank’s checking account options

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How Valley National Bank’s checking accounts compare

Valley National Bank has one of the broadest lines of checking accounts available anywhere. From basic, no-frills accounts, to specialized accounts dedicated to teens, young adults, seniors and those with home mortgages, Valley National Bank has an account for seemingly anyone.

Those seeking to earn interest on their checking accounts, however, have only one option: the Interest Plus Checking account. When we contacted the bank prior to publish, the rates on this account are low, far below the best available national checking account rates. However, the Prestige Program is a nice enhancement for customers who qualify.

Valley National Bank’s savings account options

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How Valley National Bank’s savings accounts compare

Valley National Bank offers a variety of savings accounts, from a traditional account to a kids account, a holiday account and a health savings account. However, no Valley National Bank savings account pays even the national average savings rate, let alone the best rates available on savings accounts nationwide. The VNB All Access Savings account also charges a high overdraft fee.

Valley National Bank’s CD account options

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How Valley National Bank’s CD accounts compare

For the most part, CD rates at Valley National Bank are at or above national averages; in some cases, Valley National Bank pays an APY that’s way above average. Although jumbo CD rates are typically higher than traditional CD rates, that is not the case at Valley National Bank, where rates on overlapping maturities are comparable. The bank’s rates vary dramatically across maturity and type, but in some cases they approach the best CD rates available around the country.

Valley National Bank’s money market account options

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How Valley National Bank’s money market accounts compare

Large deposits are rewarded with Valley National Bank’s money market accounts, with rates right in the mix with the best available money market rates in the nation. However, the best rates on the Tiered Money Market account don’t kick in until astronomical deposit levels that are far above the means of the average saver. The Premium Money Market might be a better option for most savers, as the opening deposit is high but much more reasonable and its standard rate is higher than even the best rates on the Tiered Money Market account. Plus, the Premium Money Market account kicks its rate even higher with the addition of a simple Select Checking account.

Valley National Bank’s IRA options

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How Valley National Bank’s IRA products compare

Rates on VNB IRA CDs are at or above national averages. The bank’s best IRA CD rates are found in the variable-rate CD, where the APY approaches the best available IRA CD rates nationwide.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/valley-national-bank/

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