Online High Yield Savings Enjoy 4.75% APY with our High Yield Savings Account

An online savings account with no monthly maintenance fees, easy access to your money, and one of the best savings rates on the market.

  • Watch your savings grow with our exceptional rates
  • Don't worry about maintenance fees because we don't have them
  • Enjoy knowing your money is secure and FDIC insured
Open an account

Disclosure: Annual percentage yields (APYs) are accurate as of 5/23/2024. 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. The High Yield Savings account requires a $1 minimum deposit to open and a $.01 minimum average daily balance to obtain the advertised APY. The national average comparison is based on the FDIC U.S. National Average of 0.47% APY verified as of 1/17/2024. Rate may change after the account is opened.

Start saving in minutes

Step 1

Open an account online in less than 5 minutes.

Step 2

Transfer money easily and securely from any other bank account.

Step 3

Watch your savings grow!

High Yield Savings Account facts

  • All of our accounts are FDIC insured up to $250,000 per depositor, per account ownership category
  • You must be 18 or older and a resident of the US to open our High Yield Savings Account
  • You'll need your Social Security Number and Government Issued ID to apply
  • This account is only available to open and manage online

Most frequently asked questions

You need just $1 to open your new savings account 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 find out how to make additional deposits like mobile check deposits and external transfers, refer to the 'Making Deposits and Withdrawals' FAQs.

Yes, $1 to open the account. $.01 to earn the advertised annual percentage yield (APY).

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:

  • Social Security Number
  • Valid ID (driver’s license, state ID, passport)
  • A valid U.S. bank account with an online account username and password .

If you’re adding a beneficiary, you’ll need the beneficiary’s name, date of birth, and social security number.

By providing your login credentials at your external bank, we can instantly verify and link your account. This allows for a quick transfer of funds to your new account so you can start earning more interest faster.

If you funded your new account from an external financial institution it may take between 1 – 3 business days to receive those funds depending on your financial institution. If you funded via your Valley account, your deposit should be available for immediate use.

There is no monthly maintenance charge associated with your high yield savings account.

Interest will begin to accrue on the same business day your first deposit is credited to your new high yield savings account. Keep in mind external transfers may take up to 1 - 3 business days to be received from your financial institution.

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.

Interest is compounded daily and credited to your account monthly.

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.