Valley Direct High Yield Savings Review

3.30% APY for existing customers and a 4.00% introductory rate for new ones for the first year, from a bank founded in 1927.

By Michael Hewitt, Founder & Editor-in-Chief. Rates last checked October 12, 2026.

Our verdict

Valley Direct pays 3.30% to existing customers and 4.00% for the first 12 months to new ones, so it suits money you are moving in for a year and is an ordinary account after that. The introductory rate needs new money from an outside bank and no Valley accounts in the past year, and $1,000 to open is more than most online savings accounts ask.

Skip it if you already bank with Valley, or want a savings rate that holds after the first year.

About Valley Direct High Yield Savings

3.30% APY for existing customers and a 4.00% introductory rate for new ones for the first year, from a bank founded in 1927. Valley Direct High Yield Savings is offered by Valley National Bank (Valley Direct). We could not find a published customer rating for it on Trustpilot or the Better Business Bureau, so none is shown.

Best for: Savers moving new money who want the first-year rate.

Editorial grade: B (composite score 78/100).

Highlights

3.30% standard APY; new Valley customers earn a 4.00% introductory APY for 12 months (Valley's own page: APYs accurate as of 10/12/2026)
$1,000 to open (up to $500,000), and a $0.01 minimum daily balance to earn the APY
No monthly maintenance charge; FDIC insured through Valley National Bank

What we like

No monthly maintenance charge
Online account backed by Valley National Bank, which Valley says has served customers since 1927
Mobile check deposit and biometric login in the Valley app, with a U.S.-based support team (Valley's description)

Where it falls short

The 4.00% rate lasts 12 months and is only for new Valley customers who fund with new money from an outside bank
$1,000 to open, more than most online savings accounts we review
The rate is variable and can change after you open the account

Fees, minimums, and rates

Monthly fee: $0/month. Minimum to open: $1,000. Current APY: 3.30%. Rates and fees last checked on October 12, 2026.

How we reviewed it

This is a desk review: we have not opened an account with Valley National Bank (Valley Direct). It is built from Valley National Bank (Valley Direct)'s published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the High-Yield Savings shortlist. Our bank-account reviews weight APY (30%), fees (20%), access and convenience (15%), account features (15%), trust and safety (10%), and customer support (10%). The rubric is the same for every brand.

The bank behind this account

Valley National Bank, FDIC certificate 9396: capital, loan quality, every office and the complaint record.

Similar products to compare

Read our full editorial methodology for how we review products.