New customer offer New customers enjoy 4.30% APY. Welcome to higher yield savings.
Your money is FDIC Insured up to $250,000 per depositor, per account ownership category
Open an account
4.30% APY
Valley Direct Savings Promo
First time banking with us?
- Earn 4.30% APY
- $1,000 minimum account opening deposit required
- For new customers only
3.75% APY
Valley Direct Savings Account
Already bank with us?
- Grow your savings at 3.75% APY
- That's more than 9x the national average
- Open your account with as little as $1
- For existing customers of Valley Bank or Valley Direct
For the Valley Direct Savings Promo account, a minimum daily balance of $0.01 is required to obtain the advertised annual percentage yield (APY). Rate may change after the account is opened. Valley Direct Savings Promo account can only be opened by new Valley National Bank ("Valley") customers, which means all account holders must have no other Valley personal checking or savings accounts or certificates of deposit, including Valley Direct accounts and certificates of deposit, within the one-year period preceding the date of account opening. Opening deposit must be a new money deposit. "New money deposit" is defined as funds from an external funding source that are not presently on deposit in any other Valley account.
For the Valley Direct Savings account, a minimum daily balance of $0.01 is required to obtain the advertised APY. Rate may change after the account is opened.
Advertised annual percentage yields (APYs) are accurate as of 4/22/2025 and may change at any time without notice. All offers may be withdrawn or modified without prior notice. The national average comparison is based on the FDIC U.S. National Average of 0.41% APY verified as of 4/11/2025.
Earn more than 9x the national average
- Open the Valley Direct High Yield Savings account with as little as $1. Watch your balance grow as interest is compounded daily and deposited monthly.
- There's no need to go to a branch or lock away your money. Add to your account to take advantage of our great rate or take funds out as needed.
- It's easy to grow your savings with digital transfers or mobile deposits, and you can automate your savings with direct deposits or scheduled transfers.
Start saving in minutes
Open an account online in less than 5 minutes.
Transfer money easily and securely from any other bank account.
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.