Valley Bank offers a handful of certificates of deposit (CDs), including fixed and variable interest rate options. And while only two are available online, their minimum opening deposit is relatively low, at $500, and the rates are competitive — offering APYs of 4.75% and 5.00% on fixed six- and 12-month terms. If you want to open other CDs from the comfort of your home, however, you’ll need to look elsewhere.
Annual percentage yields (APYs) and account details are accurate as of December 20, 2023.
About Valley Bank CDs
Valley Bank offers terms ranging from six to 60 months. But only a few of those terms are accessible online, either with the bank directly or through its online-only division, Valley Direct.
Here’s a quick summary of what’s available online:
- Valley Bank Fixed-rate CDs: The bank offers fixed-rate CDs with an opening deposit of $500 or more. Term options include six and 12 months through Valley Bank and 12 and 36 months through Valley Direct. Although competitive, the interest rates are slightly below the best CD rates available.
- Valley Bank Variable-rate CDs: Valley Bank and Valley Direct offer a 36-month CD with a variable interest rate. This rate will fluctuate over time, remaining 0.10% above the Federal Reserve’s federal funds rate‘s upper limit (the Fed’s range is currently 5.25% to 5.50%).
- Valley Bank Jumbo CDs: You can open a jumbo CD with a minimum deposit of $100,000. While the bank says jumbo CDs typically pay higher interest rates, it doesn’t disclose its terms, and you can’t open an account online.
- Valley Bank Step-up CDs: This specialized CD allows you to request a rate increase during your term. That said, Valley Bank doesn’t provide any terms for its step-up CDs, so you must call or visit a local branch to get more information. Also, remember that step-up CDs typically pay lower interest rates than standard CDs.
If you live near a Valley Bank branch in Alabama, Florida, New Jersey or New York, stop in to learn more about the CD options that aren’t available online. Also, you can deposit up to $500,000 when opening a CD online. If you want to deposit up to $1 million, you must fund your account in person.
How to get a Valley Bank CD
You can open a CD in person at a Valley Bank branch or online in just a few minutes. If you’re applying online as an existing customer, you can log in, and the bank will fill in your application with the information it has on file. Otherwise, you must provide the following information:
- Full name.
- Social Security number.
- Date of birth.
- Address.
- Occupation.
- Driver’s license details.
- Contact information.
You’ll also need a valid U.S. bank account from which you can make an online transfer to fund the account.
How to get a Valley Direct CD
Valley Direct provides online-only CDs, so you can’t open an account in person. The application process, including the information you’ll need on hand, is the same as if you were to apply online with Valley Bank.
How much can you earn with a Valley Bank CD?
CD rates have risen dramatically since the Federal Reserve began hiking interest rates in March 2022 to combat inflation.
In general, CD rates are higher than savings and money market account interest rates. And while high-yield savings accounts have offered competitive rates lately, CDs typically have fixed interest rates that don’t change over the account term.
Valley Bank’s CD rates are well above the national average, making them worthy of consideration. But be sure to shop around and compare several CD options to ensure you get the best deal.
Here’s what you can expect to earn, depending on which term you choose. You can use our CD calculator to run the numbers for other options.
*Note: This is an estimate based on the current rate. Because the 36-month term offers a variable interest rate, it can go up or down based on the Federal Reserve’s interest rate decisions. Check out our CD rates forecast for more information.
How Valley Bank CD rates compare
Valley Bank’s fixed-rate CD interest rates are solid, but you may be able to get better terms with an online bank. Among regional banks, you may earn more or less, depending on the term you’re looking for.
For instance, the Barclays Online Certificates of Deposit features a more competitive APY, 5.50% on a one-year term, but Huntington Bank Promotional Certificates of Deposit offer only 5.13% APY on an 11-month option.
Because variable-rate CDs are rare and your earnings potential is very different compared to a fixed-rate CD, it’s tough to compare them.
You could look at high-yield savings accounts as a comparison — our top choices offer APYs of up to 5.25% on all balances — but keep in mind that savings accounts don’t have the same withdrawal restrictions as CDs.
While the 36-month variable-rate CD may continue to offer higher yields than savings accounts, make sure you don’t need those funds for the duration of your term.
Other products Valley Bank offers
In addition to CDs, Valley Bank offers a host of other financial products and services, including:
- Checking accounts: The bank offers five checking accounts, including specialized options for teens, students and seniors. Most don’t have a monthly maintenance fee, and some offer rewards.
- Valley All Access Savings: With a $100 minimum deposit, you can earn a 0.85% APY, regardless of your balance. There is a $5 monthly fee if your average daily balance falls below $300.
- Valley Bank Tiered Money Market Savings: Valley Bank’s money market account offers APYs ranging from 0.60% to 1.35%, depending on your balance. There’s a $2,000 minimum opening deposit and a $10,000 minimum daily balance requirement to avoid the account’s $25 monthly maintenance fee.
- Credit cards: The bank offers eight credit cards, including secured cards, a student card, rewards cards and a 0% intro APR card.
- Auto loans: You can take out an auto loan for a new or used car purchase. Refinancing is not available.
- Home loans: Valley Bank offers mortgage loans for purchases and refinances, a construction loan, and a home equity line of credit.
Valley Bank review
Valley Bank is a regional bank in business since 1927. Headquartered in New Jersey, it primarily serves clients in four states, with nearly $50 billion in deposits. But many of its financial products and services are available nationwide.
The Consumer Financial Protection Bureau has received 414 complaints about Valley Bank in the past 10 years, roughly half of which were related to bank accounts.
The bank has an A-plus rating with the Better Business Bureau, though it is not BBB accredited. Its average customer rating is low — 1.25 out of five stars — albeit after 20 customer reviews.
Frequently asked questions (FAQs)
Valley Bank offers CD rates ranging from 4.75% to 5.60% APY. The bank’s longer-term CDs offer higher rates, with the highest reserved for its variable-rate 36-month CD.
In the past, Valley Bank offered a CD with a 19-month term, but it is not currently available.
Yes, Valley Bank has been in business for nearly 100 years, and its financial strength ratings are relatively high. The bank is also a Federal Deposit Insurance Corp. member, so even if it experiences financial difficulties, your money is insured.
Yes, Valley Bank deposits are eligible for FDIC coverage up to $250,000 per depositor, per ownership category.
