Take advantage of today's high savings rates with our online-only CDs.
Open an accountDisclosure: Annual percentage yields (APYs) are accurate as of 12/13/2024. We may change the information on this website at any time without notice. As examples, we may add, delete or change Annual APYs and CD terms. For all CDs, a $500 minimum daily balance is required to obtain the advertised APY. Early withdrawal penalties may be imposed and fees could reduce earnings and/or principal.
How will the value of the certificate of deposit (CD) change over time?
Use this calculator to estimate what it could be worth.
Open an account online in less than 5 minutes.
Transfer money easily and securely from any other bank account.
Lock in your savings and watch your money grow for the full term!
Looking for a savings option with more flexibility? Here's some key information about our High Yield Savings Account:
It should only take about 5 minutes to open an account, as long as you have all your information and identification available and ready.
To open a high yield savings or CD account, you must be at least 18 years old and be a resident of the U.S.
All primary and joint applicants will need the following:
If you’re adding a beneficiary, you’ll need the beneficiary’s name, date of birth, and social security number.
A certificate of deposit, also known as a CD, is a savings account that holds a fixed amount of money and earns interest over a set period of time.
You need just $500 to open your new CD but can open with a deposit up to $500,000. You will need a valid U.S. bank account with an online account username and password to fund the new account.
Good question! This is actually something people ask us a lot.
APY stands for "annual percentage yield" and is how banks show you how much interest you would earn over one year, and that includes compounding interest. What does compounding interest mean? Simply put, it's when your interest earns more interest. For example, if you put $100 in a savings account, and after one month you earned $1 in interest, the next month you will be earning interest on $101—your original balance, plus $1 interest. This continues every month and is considered compounding. APY is the final percentage of interest you see at the end of the year after compounding has been accounted for and means your interest rate will look slightly lower than the advertised APY. For more information on this topic, check out this article where we break it all down.
Once you open a CD, you can’t make additional deposits or withdraw funds until the maturity date.
A penalty will also be charged for early withdrawals, which may result in a reduction of principal.
Account closures or withdrawals made prior to the maturity date are subject to a penalty amount equal to:
There is a 10-calendar day grace period after each renewal date where you’re able to make a withdrawal or close your CD without a penalty.
Yes, Valley is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC protects your deposits at Valley up to $250,000 per depositor for each qualifying account ownership category. For more information about FDIC insurance, visit the FDIC website at fdic.gov. For reference, our FDIC certificate is 9396.
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. When you open an account, we must ask for your name, address, date of birth and other information that will allow us to identify you. We may also request your driver's license or other identifying documents, even if you currently maintain a banking relationship with us. Strict adherence to these regulations helps to protect Valley and its customers from criminal activity. Your cooperation is greatly appreciated.