Valley Bank CD rates of July 2024

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 4.50% 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 June 13, 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	Standard CDs: $500 Jumbo CDs: $100,000
Term lengths	3, 6, 9, 12, 18, 24, 36, 48 and 60 months
Compounding schedule	Monthly
Early withdrawal penalty	Terms of less than one year: 90 days’ interest on the withdrawn amount Terms of one year to less than 2.5 years: 180 days’ interest on the withdrawn amount Terms of 2.5 years to less than five years: 365 days’ interest on the withdrawn amount Terms of five years or more: 540 days’ interest on the withdrawn amount
Grace period for penalty-free withdrawals after maturity	10 days

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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?

The details of a CD, including its yield, minimum deposit requirements, interest payment schedule, and fees, depend on the issuer and whether you purchase it new. The available yields are listed in the table below.

CD TERMS	APY
3 months	4.50%
6 months	4.50%
12 months	4.50%
24 months	4.25%

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With our CD calculator below, you can run the numbers to see how much you’d earn.

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, N/A 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	4.50%	5.13% (7 months)	4.85%
12 months	4.50%	4.34% (11 months)	N/A

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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 0.60% APY on balances over $100. 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 1.10% 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 — 1.35 out of five stars — albeit after 26 customer reviews.

Frequently asked questions (FAQs)