Valley Bank Review – Is This Regional Bank Best For You?
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Let’s face it – you have a ton of choices when it comes to personal banking, with in-person options located in almost every town or with a simple click of a button. With so many choices available, you have to first consider what is most important to you. Is it in-person convenience, digital account management, or a wide variety of account services? Whatever your priority is, Valley Bank may offer what you’re looking for, so let’s find out if it’s the best choice for your finances.
In this article
What is Valley Bank?
Founded in 1927, Valley Bank, which is officially known as Valley National Bank, is a regional financial bank with a long, rich history of mergers and acquisitions. It’s headquartered in Wayne, New Jersey and has grown from a small, community-focused bank into a robust regional powerhouse. With locations in New Jersey, New York, Florida, Alabama, and California, it now has over 200 branches, over 3,800 employees, and more than $62 billion in assets.
Valley Bank's mission statement is “investing in our communities to help strengthen community and economic development and support small businesses, and low-to-moderate income (LMI) neighborhoods and individuals.” It combines traditional banking services with a focus on technology and innovation, which may help customers have access to a wider range of financial products.
We make it easy for you to start building your savings
- 4.80% APY
- Comes with a card for ATM withdrawals
- $1 minimum to open
- For new customers
What products does Valley bank offer?
While it may not offer as many branches as the national players we’re familiar with, Valley Bank does offer a full suite of banking products and services designed to serve a wide range of customers, including digital banking options. Its product lineup includes:
Personal banking
- Checking accounts. Valley Bank offers several types of checking accounts, including basic accounts, interest-bearing accounts, accounts with premium benefits, and teen checking. Some of these accounts come with low or no monthly fees, overdraft protection, and convenient access through online and mobile banking.
- Savings accounts. Customers can choose from various savings accounts, including regular savings accounts, money market accounts, and certificates of deposit (CDs). These accounts offer competitive interest rates and flexible terms, making them suitable for different savings goals. It also offers savings account options for kids to encourage savings.
- Loans and credit. Valley Bank offers personal loans, home equity loans, and lines of credit. Additionally, they provide mortgage loans, including fixed-rate and adjustable-rate mortgages, as well as refinancing options. They also offer a lending option where you can borrow against a life insurance policy.
- Credit cards. Valley Bank also offers a selection of credit cards catering to different spending habits such as rewards, cash back, and low interest rate cards.
Business banking
Valley Bank offers several options for small, medium, and larger businesses. This includes:
- Business checking and savings accounts. Valley Bank’s business offerings include checking and savings options with low fees, cash management services, and access to business online banking.
- Business loans and lines of credit. For businesses looking for finance solutions for managing cash flow or expansion, Valley Bank offers them, including term and SBA loans, commercial real estate loans, equipment financing, and working capital lines of credit.
- Merchant services. Valley Bank offers merchant services, which is everything a business needs for processing payments including credit card processing, point-of-sale systems, and e-commerce solutions.
- Treasury solutions. For larger businesses, Valley Bank provides treasury management services, which offers cash management, fraud prevention, and investment solutions for optimizing cash flow and minimizing financial risk.
Wealth management
Valley Bank offers wealth management and financial planning services for customers looking for help with managing and growing their wealth. This includes:
- Investment services. Valley Bank offers a hefty amount of investment products, including stocks, bonds, mutual funds, and retirement accounts (IRAs), plus it has investment advisors for more personalized recommendations.
- Trust and estate services. Valley Bank provides trust administration, estate planning, and fiduciary services, which you can use for the protection and transfer of wealth.
- Private banking. High-net-worth individuals may be interested in Valley Bank's private banking services, which offer customized options with lenders, investment management, and concierge banking services.
Digital banking
Valley Bank offers a suite of digital banking tools, with both an online portal and mobile banking platform that provide customers with convenient access and account management options. Through these platforms, customers can:
- Manage their accounts and view account balances, transaction history, and statements, plus make loan payments.
- Transfer funds between accounts, bill pay, and send money to others by using services like Zelle.
- Deposit checks remotely using the mobile banking app.
- Monitor and setup controls with spending, such as with alerts, tracking, and budgets through the app's budgeting tools.
We make it easy for you to start building your savings
- 4.80% APY
- Comes with a card for ATM withdrawals
- $1 minimum to open
- For new customers
Who is Valley bank best for?
With as many products and digital banking options as it offers, you may be wondering who Valley Bank is best suited for.
If you prefer a community-minded bank
Valley Bank would likely suit people and businesses looking for a blend of personalized service combined with modern banking products and conveniences. Valley Bank's community-oriented approach may offer a great alternative for those who prefer banking with a regional institution offering more personalized service.
Business owners
Small and medium-sized businesses may benefit too, since Valley Bank offers a range of business banking products and services. Whether it's helping manage day-to-day cash flow through lines of credit, financing business growth, or accepting payments, Valley Bank can support a wide variety of businesses.
Those with a high-net worth
If you’re a high net-worth individual then you may appreciate Valley Bank's wealth management and private banking services, which can also offer more customized financial solutions. The bank has financial advisors and private bankers ready to help with strategies such as wealth preservation, growth, and estate planning.
Who shouldn’t use Valley Bank?
While Valley Bank offers a broad range of services, it may not be the best fit for everyone.
If you need extensive branch coverage
Valley Bank's presence is limited to only a handful of states, primarily in the Northeast and Southeast regions. So if you find you frequently travel or move between states, you might prefer a national bank with branches and ATMs with a greater presence nationwide.
If you want the latest digital innovations
While Valley Bank offers a solid digital banking platform for everyday account management, it may not be as cutting-edge as what some of the larger national banks or fintech companies offer for digital banking services. If you feel like you need the latest in digital banking features, such as advanced budgeting tools, AI-driven financial insights, or integrated investment platforms, then you might find Valley Bank's offerings more limited compared to others.
If you’re looking for niche financial products
If you have specific financial needs, such as international banking services, cryptocurrency investments, or specialized lending products, then you may need to consider another financial institution.
Pros and cons
Pros
- Its strong customer service focus may offer a more personal touch for banking
- It has a strong regional presence and focuses on local community involvement
- Can support small- to mid-sized businesses with its wide range of business-related services
- Has a wide variety of checking, savings, and lending options, including private wealth management
Cons
- Limited geographic reach may make it less convenient for in-person tasks
- Offers basic digital banking tools for those looking for something more advanced
- Doesn’t offer any specialty financial products, such as cryptocurrency or international services
Valley Bank vs. Santander Bank
Santander Bank is another regional bank choice which also has locations in New Jersey, New York, and Florida where you can find Valley Bank locations. Santander Bank has an expanded reach though, and is also available in other states including Connecticut, Delaware, Massachusetts, New Hampshire, Pennsylvania, and Rhode Island.
Like Valley Bank, Santander offers a wide range of checking, savings, and investment accounts. It also offers credit cards and personal loans. However, Santander doesn’t have any mortgage or auto loan options, which may not appeal to someone who prefers a lending option through a regional bank.
Another difference between the two banks is that Santander may be a “regional” bank, primarily in the Northeast, but it’s actually a subsidiary of a global bank. This can benefit customers of Santander who may have international banking needs. Santander also appears to have a more robust digital app that can perform more functions versus Valley Bank, such as more alerts, more account management options, and can also send a Zelle payment through the app.
We make it easy for you to start building your savings
- 4.80% APY
- Comes with a card for ATM withdrawals
- $1 minimum to open
- For new customers
FAQs
Is Valley Bank a good bank?
Valley Bank has earned a solid reputation for its customer service, community focus, and comprehensive range of banking products, but ultimately it depends on what is most important to you and your finances.
How can I open an account with Valley Bank?
You can open an account with Valley Bank by visiting a branch, applying online through their website, using their mobile banking app, or calling their customer service number. When you apply, you’ll need your social security number, a copy of a valid identification (such as a driver’s license or passport), and a funding source to enroll.
What are Valley Bank’s hours of operation?
Valley Bank's branch hours vary by location, but most branches are open Monday through Friday, with limited hours on Saturdays. It's best to check with your local branch for specific hours or you can locate branch information online.
Does Valley Bank offer online and mobile banking?
Yes, Valley Bank offers both online banking services and a free mobile app. You can manage your account(s), transfer funds, pay bills, review statements, deposit checks remotely, and much more.
Are there fees associated with Valley Bank accounts?
The various Valley Bank accounts offer different fee structures. Some accounts do have monthly maintenance fees, but these can typically be waived by meeting certain requirements, such as maintaining a minimum balance.
The bottom line
Although limited in its branch network and the number of states it operates in, Valley Bank is still worth the consideration of anyone who prefers a more personalized, local approach to their banking. While it may not have the most advanced digital assets or platform, it does offer an extensive number of products, from checking and savings, to mortgages and private banking, plus a decent ATM network.
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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