Do you require a minimum opening deposit?
Yes, the minimum deposit needed to open an online savings account is $5,000.
What happens if my balance falls below the minimum?
While the minimum account opening balance is $5,000, withdrawals may cause your balance to fall below that threshold. If the daily balance falls below $5,000, you will earn a lower interest rate.
How do I add money to my account?
There are several ways you can add money to your account. You can deposit checks via the Valley Mobile App, initiate a money transfer or wire transfer from another financial institution, or transfer from a Valley Bank account. You can also mail checks to:
c/o Valley Bank
1445 Valley Road
Wayne, NJ 07470
Make sure checks are payable to the account owner, properly endorsed and be sure to write “For Deposit Only.” Please don’t send cash.
You can also set up direct deposit of your payroll, pension or government benefit such as Social Security.
How do I set up direct deposit?
To set up direct deposit follow the procedures outlined by your payroll or benefits provider. They will need the following information:
- Valley’s routing/ABA number: 021201383
- Your Valley Direct account number
Download a Direct Deposit form
Is my online savings account FDIC insured?
Yes, your online savings account is FDIC insured. For more information about FDIC insurance, visit the FDIC website at fdic.gov.