On a quest to find the most generous high-yield accounts in existence? Your journey has probably steered you toward a financial institution that’s not a household name in the same way as banks like Chase and Capital One are: Valley Direct. With sky-high returns for its high-yield savings account and certificates of deposit, it’s one of the better options out there—and likely offers higher rates than you’ll find at the more established banks.
Founded in 1927,with many evolutions and name changes since then, Valley National Bank now operates hundreds of branches around the country and holds over $60 billion in assets. Its digital arm is named Valley Direct, and it specializes in turning your stagnant savings into generous interest earnings.
Here’s what you need to know about Valley Direct.
Rates are current as of Aug. 27, 2025 and are subject to change.
Valley Direct Bank at a glance
Valley Direct
| Savings accounts | Open with as little as $1 |
| CD rates | Earn up to 4.20% annual percentage yield (APY) |
- Year Founded: 1927
- Company Headquarters: Morristown, NJ
- CEO: Ira Robbins
Pros
- Excellent APYs
- No monthly maintenance fees
- Low minimum balance requirements
Cons
- Comparatively limited banking products
- No debit card access
- Online-only (you can’t open an account at Valley National Bank)
Who is Valley Direct Bank good for?
Valley Direct doesn’t itself offer any banking options other than savings and CDs. Its parent institution, Valley National Bank, offers checking accounts, credit cards, mortgages, loans, etc. If you’re a current Valley National Bank customer, Valley Direct is probably a great add-on.
Alternatively, if you’re happy with your current bank but are simply looking for a lucrative account to store your savings, Valley Direct can be an excellent tool. It could even be useful as a home for your excess savings if you’ve currently got more than $250,000 in deposits with your primary bank. In general, FDIC insurance only covers $250,000 per person per bank (for each ownership category)—so using multiple banks is the smart way to score more protection.
Who shouldn’t use Valley Direct Bank?
If you aren’t a customer of Valley National Bank, you’ll be limited in what you can do with digital-only Valley Direct. It’s a poor option if you’re searching for a full-service bank with a wide range of account options.
Valley Direct Bank rates and products
Valley Direct’s list of banking options is sparse—but what it does, it does well. Here’s what you can expect from its high-yield savings account and certificates of deposit.
| Valley Direct Bank product | APY |
|---|---|
| High-yield savings account (HYSA) | 3.75%-4.30% |
| CDs | 3.75%-4.20% |
| High-yield savings account (HYSA) | |
|---|---|
| APY | 3.75%-4.30% |
| CDs | |
| APY | 3.75%-4.20% |
Bank details checked Aug. 27, 2025.
High-yield savings account (HYSA)
It’s not terribly often that you find a high-yield savings account that produces a better return than a CD. Valley Direct provides that, offering up to 4.30% APY for new customers with a $1,000 minimum opening deposit.
If you already bank with Valley Direct or Valley National Bank, you can still get a respectable 3.75% APY with a minimum opening deposit of just $1.
Bank details checked Aug. 27, 2025.
Certificates of deposit (CDs)
A CD is kind of like a savings account—but significantly more restrictive. In exchange for depositing money and promising not to touch it for a predetermined amount of time, you can often receive a generous APY. If you touch your money prematurely, you’ll get dinged with fees that can offset a large chunk of your earnings and sometimes even eat into your principal
Here’s what to expect from Valley Direct Bank CDs.
Valley Direct Bank CD rates
| Term | APY |
|---|---|
| 6-month CD | 4.20% |
| 12-month CD | 3.75% |
| 6-month CD | |
|---|---|
| APY | 4.20% |
| 12-month CD | |
| APY | 3.75% |
Bank details checked Aug. 27, 2025.
There are other CD terms offered by Valley, but only the above two are under the Valley Direct umbrella as of this writing.
Other services Valley Direct Bank offers
Valley Direct offers no other banking services. You’ll need to open an account with Valley National Bank to access basic features like checking accounts, auto loans, wealth management services, etc.
The Valley Direct Bank platform and customer support
Managing your account is relatively straightforward through the Valley Direct website or mobile app. But if you run into trouble, you can reach out to Valley Direct via email at hello@valleydirect.com or call them at 866-899-9900between 8 a.m. and 6 p.m. Eastern Time Monday through Friday.
Though Valley Direct is 100% online, you can also service your account in-person by visiting a Valley National Bank branch. These exist in Alabama, California, Florida, New Jersey, and New York.
Is Valley Direct Bank secure?
Valley Direct operates under Valley National Bank, which offers the security one would expect from a legitimate financial institution. It works to thwart cybercrime, fraud, and identity theft. Its mobile app also boasts its data encryption practices, ensuring your data is transferred over a secure connection. Valley Direct is also insured by the FDIC, up to $250,000 per individual.
Compare Valley Direct Bank alternatives
Valley Direct |  SoFi® Member FDIC |  Capital One |
|---|---|---|
| Checking account top APY | Checking account top APY | Checking account top APY |
| N/A | 0.50% | 0.10% |
| Savings account top APY | Savings account top APY | Savings account top APY |
| 4.30% | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.50% |
| Top CD APY | Top CD APY | Top CD APY |
| 4.20% on an 6-month CD | N/A | 4.20% on a 1-year CD |
| Checking account monthly fee | Checking account monthly fee | Checking account monthly fee |
| N/A | $0 | $0 |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Bank details checked Aug. 27, 2025.
Is Valley Direct Bank right for you?
Valley Direct is probably right for you if you have low-maintenance banking needs. Its savings and CD accounts can be a great place to park your money and let it lie dormant for the purpose of earning interest. If you’re looking for more than that, go elsewhere.
It’s worth repeating that you’ll find considerably more banking options with Valley National Bank—and you can manage Valley Direct accounts within its ecosystem (for example, you can access Valley Direct accounts within the Valley National Bank app).
Frequently asked questions
Are there any fees with Valley Direct Bank?
You won’t be charged monthly maintenance fees with a Valley Direct HYSA or CD. You also aren’t subject to fees from Valley Direct for transfers to or from your HYSA (though it’s possible the external institution may charge a fee).
You will be charged a fee if you withdraw your deposit from your Valley Direct CD before it matures—between 90 and 540 days worth of interest.
Can I link my Valley Direct Bank account to my existing Valley National Bank account?
Your Valley Direct Bank account should link to your existing Valley National Bank account, allowing for essentially instant transfers.
How do I deposit or withdraw money with Valley Direct Bank?
Customers can set up direct deposit to their Valley Direct savings account, deposit checks from a mobile device, and send and receive money via Zelle. There’s also the option to make transfers to or from an external bank account. And, customers can request a check from Valley Direct by sending a secure message on the Valley Direct website or by calling 866-899-9900.
Can I access my Valley Direct Bank account at a branch?
While you must open your Valley Direct HYSA or CD online, if you stop in at a physical Valley National Bank branch, you can get service in person.
Is Valley Direct Bank FDIC-insured?
Valley Direct Bank is FDIC-insured up to $250,000 per member.
SoFi disclaimer
1:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.