Valley Bank offers a handful of certificates of deposit (CDs), including fixed interest rate options. And while only three are available online, their minimum opening deposit is relatively low, at $500, and the rates are competitive — offering an APY of 4.75% on a fixed six-month term, 4.50% APY on a 12-month term and 4.25% APY on a fixed 24-month term. 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 April 11, 2024.
About Valley Bank certificates of deposit
Valley Bank offers terms ranging from three 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 range between three to 60 months. Although competitive, the interest rates are slightly below the best CD rates available.
- 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.
| OVERVIEW | |
|---|---|
Minimum opening deposit |
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Term lengths | 3, 6, 9, 12, 18, 24, 36, 48 and 60 months |
Compounding schedule | Monthly |
Early withdrawal penalty |
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Grace period for penalty-free withdrawals after maturity | 10 days |
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 Online certificate of deposit
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.
| CD TERMS | APY | EARNINGS ON A $10,000 DEPOSIT |
|---|---|---|
6 months | 4.75% | $234.25 |
12 months | 4.50% | $449.80 |
24 months | 4.25% | $868.06 |
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, 5.00% on a one-year term, but Huntington Promotional Fixed Rate certificates of deposit offer only 4.34% APY on an 11-month option.
| TERMS | VALLEY BANK FIXED-RATE CD RATES (APY) | HUNTINGTON BANK PROMOTIONAL CD RATES (APY) | BARCLAYS ONLINE CD RATES (APY) |
|---|---|---|---|
6 months | 4.75% | 5.13% (7 months) | 5.00% |
12 months | 4.50% | 4.34% (11 months) | 5.00% |
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.
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 monthly fee of $5 which can be waived with an average daily collected balance of $300 per month.
- Valley Tiered Money Market Savings: Valley Bank’s money market account offers rates ranging from 0.10% to 1.35% APY depending on the account balance. There’s a $2,000 minimum opening deposit and a monthly maintenance fee of $25 which can be waived by maintaining an average daily collected balance of $10,000.
- 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 — 1.26 out of five stars — albeit after 20 customer reviews.
Frequently asked questions (FAQs)
Valley Bank offers fixed-term CD rates ranging from 0.02% to 4.75% APY.
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 Corporation (FDIC) 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.
