Valley Direct by Valley Bank Online High-Yield Savings Account

Valley Direct by Valley Bank Online High-Yield Savings Account Review

Valley Direct by Valley Bank Online High-Yield Savings Account is offered by Valley National, a bank founded in 1927 and based in Denville, NJ. valley bank savings account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 5.00%, which is much higher than the average interest rate for a savings account. However, you must keep a minimum balance of $0.01 to earn that insterest rate.
• $0 monthly fee. This account does not charge any monthly account fees.
• Small minimum initial deposit. You only need $1 to open an account.
• No ATM fees. Valley Direct by Valley Bank Online High-Yield Savings Account does not charge fees on ATM transactions.

valley bank savings account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card No signup bonus.

valley bank savings account FAQ

Are savings accounts from Valley National federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Valley National Bank offer a signup bonus?

valley bank savings account doesn't offer a signup bonus.

What is the minimum initial deposit for valley bank savings account?

The minimum deposit to open a valley bank savings account is $1.

Valley Direct by Valley Bank Online High-Yield Savings Account Minimums

Description
Minimum Balance to Earn APY	$0.01
Minimum Opening Deposit	$1

What APY does Valley Direct by Valley Bank Online High-Yield Savings Account offer?

valley bank savings account offers an APY of 5.00% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does valley bank savings account charge?

valley bank savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does valley bank savings account offer?

This savings account includes the following features:

• Mobile Banking Services - valley bank savings account allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to valley bank savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for valley bank savings account?

The customer support email for valley bank savings account is hello@valleydirect.com.