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Valley Bank’s Valleydirect savings account offers unlimited 4.80% APY on your savings. As of October 2023, that’s more than 10 times the national average rate of 0.43% APY for savings accounts.
Another benefit to the Valleydirect high-yield savings account is that it doesn’t carry any fees or lock-up periods. You can withdraw your money at any time, and there’s no minimum account balance to maintain.
You can also open a high-yield savings account with just $1.
The Valleydirect high-yield savings account is fairly simple. You can’t write checks from the account or pay bills. Valleydirect doesn’t offer checking accounts, although you can open a checking account through Valley Bank and link it to your savings account.
The main things you can do are earn interest on your funds and move money into and out of the account. It’s easy to monitor how much interest you’ve earned using the Valley Bank online portal or mobile app.
Valleydirect only offers a high-yield savings account and certificates of deposit (CDs).
Valley Bank, which operates Valleydirect, has a much wider selection of traditional banking services including checking accounts, additional savings accounts and CDs, individual retirement accounts (IRAs), and credit cards.s
Valley Bank also offers personal and business loans, mortgages, and financial planning services. The bank has more than 200 branches across New Jersey, New York, Florida, and Alabama.
The Valleydirect high-yield savings account offers interest at a rate of 4.80% APY. You can open an account with $1, and there’s no minimum balance requirement after account opening. The account doesn’t have any fees.
| Minimum Deposit | Interest Rate | Account Fees |
| $1 | 4.80% APY | $0 |
Valley Bank offers customer support by phone and email from 8am-6pm (ET) Monday-Friday. You can also visit any Valley Bank branch to get help with a Valleydirect savings account. However, the bank doesn’t offer support by live chat.
Customer reviews of Valley Bank are generally positive and many note the helpful service they received from employees when visiting a branch.
The Valleydirect website has a helpful FAQs page with more information about how to open a savings account and how it earns interest.
You can open a savings account online in less than five minutes. You’ll need to provide a copy of your ID and your social security number. You’ll also need to connect an account at Valley Bank or another bank to make the minimum $1 deposit. Overall, the sign-up process is quick and straightforward.
Valley Bank offers a free mobile app for iOS and Android. You can use the app to access your Valleydirect savings account as well as any other accounts you have with Valley Bank.
The app lets you check your account balance and see how much interest you’ve earned. You can also initiate transfers out of your savings account to a linked bank account or download account statements.
You cannot deposit checks directly to your Valleydirect account. However, if you have a Valley Bank checking account, you can use the mobile app to make mobile check deposits. It also lets you set up bill pay and offers an interactive map of Valley Bank branches.
Valley Bank protects your account with Secure Sockets Layer (SSL) encryption, biometric authentication, and two-factor authentication. You can also set up alerts to be notified when funds move into or out of your savings account.
Valley Bank doesn’t have a dedicated fraud team, but you can contact the customer service team during support hours to get help if you suspect fraudulent activity in your account.
The Valleydirect high-yield savings account is insured by the FDIC for up to $250,000.
The Valleydirect high-yield savings account from Valley Bank offers unlimited 4.80% APY interest on your savings. You can open an account with just $1, and there are no account fees and no minimum balance to maintain.
You’re also free to withdraw funds from the account at any time. It takes less than five minutes to open a Valleydirect savings account online, and you can easily manage your account through the free Valley Bank mobile app.
This review is based on information on the Valley Bank and Valleydirect websites.
