Valley Direct Savings Review 2024

Get the lowdown on Valley Direct's high-yield savings account with competitive APY, FDIC insurance, and no monthly fees. Discover if it's the right choice for your savings goals. %
Written by Anna Baluch
Financial Expert
Managing Editor
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Valley Direct is headquartered in Morristown, New Jersey and is a division of Valley National Bank. Read on to determine whether its savings account is a good option for your financial goals.

Valley Direct Savings At-a-Glance

Overall Impression

The Valley Direct high-yield savings account might make sense if you’re searching for an online savings account with an impressive interest rate, low minimum deposit requirement, and no monthly fees.

However, you should look elsewhere if you prefer an account with many bells and whistles.

Find Banks with the Best Savings Account Rates

Savings interest rates are higher than they’ve been in over 10 years, but if you’re using a traditional, big-name bank to stash your savings, you’re probably missing out on these great offers.

Here are our top picks for consumers who want to earn a competitive APY on their savings.

Valley Direct Savings Pros and Cons


  • The Valley Direct high-yield savings account pays a very competitive APY, making it easier to meet your savings goals.
  • You can open a Valley Direct online savings account with as little as $1.
  • Unlike other financial institutions, Valley Direct does not charge a monthly fee for its high-yield savings account.
  • Valley Direct is a member of the FDIC, so its deposits are protected up to $250,000 per depositor.
  • Besides the high-yield savings account, Valley Direct offers certificates of deposits (CDs).


  • There is no minimum balance requirement, but Valley Direct may close your savings account if your balance remains $0 for 60 days.
  • External transfers you make may take between 1 to 3 business days.
  • Valley Direct doesn’t offer a lot of extras, like savings buckets or roundup tools.

Compare to Other Savings Accounts

The Valley Direct online savings account is just one place to store your money. Here are several other options you can look into.


SoFi has a checking and savings account with a higher-than-average interest rate and no monthly fees. If you open an account with SoFi, you can enjoy perks that Valley Direct doesn’t offer, like financial planning and referral bonuses. SoFi also provides access to more than 55,000 fee-free ATMs.

SoFi’s checking and savings accounts are combined and not available separately.


The Citibank Accelerate Savings account is unique in that you can combine it with a checking account and get overdraft protection. Plus, it allows for more in-person banking options than Valley Direct.

The downside of Citibank Accelerate Savings is the monthly fee for balances under $500.

UFB Direct

If you have at least a $10,000 deposit, the UFB Direct high-interest savings account offers a competitive interest rate. There are no monthly maintenance and service fees either. You can also get a complimentary ATM card, a perk that Valley Direct doesn’t offer.

To get the most out of the UFB Direct high-interest savings account, you need at least $10,000.

Bank of America

You can open and manage a Bank of America savings account at one of the many Bank of America branches nationwide. As an account holder, you’ll also have access to an extensive ATM network that you won’t find with Valley Direct.

The most notable downside of a Bank of America savings account is its APY, which is below the national average.

Who Is Valley Direct Savings For?

The Valley Direct online savings account should be on your radar if any of the following apply to you.

  • You want to maximize your savings.
  • You’re comfortable with digital banking.
  • You already bank with Valley National Bank.
  • You want to avoid monthly maintenance fees.
  • You live near a Valley branch in New Jersey, New York, Florida, or Alabama.

You may be better off with a different account if you’re looking for extra perks, like free financial advice, savings buckets, and roundup features.

Rating the Features

Before you go ahead and open a high-yield savings account with Valley Direct, consider these features.

Mobile Banking

You can open and manage a savings account via the Valley Direct website or the intuitive Valley mobile banking app. The app makes it a breeze to check your account balance, deposit checks, send and receive money via Zelle, and more.

Customer Service and Experience

You can receive support with your Valley Direct savings account in several ways. You’ll find a robust, frequently asked questions page and a place to send an online message. Valley Direct also offers weekday phone support. Live chat is currently unavailable.


Unlike other high-yield savings accounts, Valley Direct doesn’t charge application or account maintenance fees. You don’t have to worry about fees for transfers to and from your account unless your external bank or credit union charges you for them.


When it comes to APY, Valley Direct stands out. It offers a very impressive APY that you won’t typically find at other financial institutions. This is great news if you’d like to save for emergencies, a house down payment, or anything else.

Tools, Extras

Valley Direct’s savings account is pretty basic. However, it allows you to make direct deposits or scheduled transfers to automate your savings. These perks can come in handy if you’d like to ensure you meet (or exceed) your savings goals.


The Valley Direct high-yield savings account is a digital account. You can download the mobile app to open and manage your account online. You may also visit a Valley branch location in New Jersey, New York, Florida, or Alabama for in-person banking once your account is open.

Safety and Security

If you open an account with Valley Direct, your deposits will be insured by the FDIC. Valley Direct is also backed by Valley Bank, which will secure your money with its “special encryption technology.”

Minimum Deposit or Balance Requirement

You only need a little money to get started with a Valley Direct online savings account. You only need $1. In addition, there are no minimum balance requirements. However, if your account maintains a $0 balance for 60 days, Valley Direct might close it.

Frequently Asked Questions (FAQs)

How can I manage a Valley Direct savings account?

You can log into your account via the Valley Direct website or the Valley mobile banking app. In-person banking may also be an option if you live near a Valley branch in New Jersey, New York, Florida, or Alabama.

Is the Valley Direct high-yield savings account the only savings account offered?

If you want easy access to your money, the high-yield savings account is your only savings option through Valley Direct. The institution also offers CDs if you don’t mind keeping your funds locked up for some time.

What do I need to open a Valley Direct savings account?

If you’re interested in a Valley Direct high-yield savings account, you’ll need a Social Security number and government ID. You can open an account online in less than five minutes.

About Author
Anna Baluch
Anna Baluch is a personal finance writer and expert who writes about financial topics ranging from personal and student loans to mortgages, debt relief, auto financing, and budgeting. As a contributor to MoneyRates, Anna’s insights are backed by her hands-on experience, exemplified by her achievement of paying off her mortgage in just 16 months, a journey she shared on the “Burn Your Mortgage” podcast in 2019. Her knowledge and expertise have appeared on personal finance platforms such as LendingTree, Business Insider, Credit Karma, Experian, American Express, Rocket Mortgage, U.S. News & World Report, and Policygenius. Anna is dedicated to guiding consumers toward making informed financial choices.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.