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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.

Yes! You can open your new account in your name or jointly with another individual . You’ll just need the joint owner’s personal information, including identification and social security number.

At this time, we do not offer Valley Direct online accounts to businesses or trusts.

Sure! You can add up to two individuals as beneficiaries on your new account. You’ll just need their 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.

Fixed rate CDs have a fixed interest rate that will not change during the term of the CD and are best for customers who want to know their rate will not fluctuate during the term of the CD. At renewal, your interest rate is subject to change.

Variable rate CDs are a great option for you if you’re comfortable with a rate that may change during the term of the CD. The interest rate on the Valley Direct 36-Month Variable Rate CD changes on the first business day of the month following a change in the Federal Funds Target Rate.

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.

We use the daily balance method to calculate the interest on your CD. This method applies a daily periodic rate to the principal in the account each day.

Interest is compounded monthly and credited monthly for fixed rate CDs. Interest is compounded daily and credited quarterly for variable rate CDs.

To estimate your earnings please use our CD calculator.

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.

Your CD will automatically renew on the maturity date. Each renewal term will be the same as the original term beginning on the maturity date. A notice will be mailed to the address on record a few weeks before the renewal date with additional details. You will also have a grace period of 10 calendar days after the maturity date to withdraw funds or close the account without penalty.

If you need to make a withdrawal or close out your CD before the maturity date or outside of the 10-day grace period you may be subject to a penalty .

To close out your CD or make an early withdrawal, you can call us at 866-899-9900. For calls made from outside of the U.S. and Canada, please call 973-305-8800. We're available Monday through Friday from 8 AM - 6 PM ET.

Account closures or withdrawals made prior to the maturity date are subject to a penalty amount equal to:

• Term less than 1 year, 90 days interest on the amount withdrawn
• Term of 1 year or more, but less than 2 ½ years, 180 days interest on the amount withdrawn
• Term of 2 ½ years or more, but less than 5 years, 365 days of interest on the amount withdrawn
• Term of 5 years or more, 540 days of interest on the amount withdrawn

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.

You won't receive a statement for your CD, but you can view your account balance by logging into Valley’s Personal Online Banking or mobile app.

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.

For new customers applying for our High Yield Savings Promo with a 5.05% APY, you will need a minimum of $1 to open your new account. To learn more about the promotion, click here. For our non-promotional High Yield Savings account, you need just $1 to open your new account. Both accounts can be opened with a deposit up to $500,000.

To find out how to make additional deposits like mobile check deposits and external transfers, refer to the 'Making Deposits and Withdrawals' FAQs below.

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.

You'll need at least $0.01 in your account to earn the advertised APY.

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

Interest is compounded daily and credited to your account monthly.

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.

We offer 24/7 online access from your computer, tablet, or mobile device at ValleyDirect.com, as well as our Valley Mobile Banking app. You can also call us at 866-899-9900. For calls made from outside of the U.S. and Canada, please call 973-305-8800. We're available Monday through Friday from 8 AM - 6 PM ET.

Valley's routing/ABA number is 021201383.

To access your account number, simply log in to Valley’s Personal Online Banking or Valley’s Mobile App, select the desired account, then view the Account Details.

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.

Yes, just be sure to set up your Valley Direct high yield savings account as your primary account for Zelle within Valley’s Personal Online Banking. From there click on Transfers and Payments to get started.

An external transfer is the transfer of funds between your Valley account and your accounts at other banks.

Initiate an external transfer to or from another financial institution using Personal Online Banking on your computer or the Valley mobile app on your phone or tablet. Once logged in, just click on Transfers & Payments , then Transfer to My Non-Valley Account to get started.

Yes, and you can follow the steps below to view your limits.

To view your limits within your Mobile App:

• Select Transfer to/from Other Banks at the bottom of the screen

To view your limits within Personal Online Banking:

• Go to Pay | Transfer in the main menu at the top of the screen
• Select Transfer to/from Other Banks

After you've completed either of the above steps:

• Choose View Limits
• Select the accounts to/from which you want to transfer
• Your limits will appear

Your daily and monthly limits could be different if you initiate a transfer from your other financial institution. You'll need to check with your other financial institution to determine their limits.

Transfers can take 1 - 3 business days depending on your financial institution.

Yes, you can initiate a funds transfer or wire transfer from another financial institution, or transfer from a Valley Bank account.

You may need to provide your Valley account number, which can be found by logging into Valley’s Personal Online Banking or Valley’s Mobile App, selecting your account and clicking on Account Details. Valley's routing/ABA number is 021201383 .

We do not charge fees for transfers to or from your high yield savings account. However, your external financial institution may charge you a fee.

Absolutely! Log into the Valley Mobile Banking App and click Deposit Check.

To see your limits, go to Deposit Check, then look for the maximum amount indicated in the Amount section.

To set up direct deposit follow the procedures outlined by your payroll or benefits provider. They will need the following information:

• Valley's routing/ABA number: 021201383
• Your Valley Direct online savings account number found in Valley’s Personal Online Banking or Valley’s Mobile App by selecting your account and clicking on Account Details
• Download a Direct Deposit form

You can request a check to withdraw your money either by sending a secure message via online banking on ValleyDirect.com, or by calling 866-899-9900. For calls made from outside of the U.S. and Canada, please call 973-305-8800. We're available Monday through Friday from 8 AM - 6 PM ET. Checks are payable to the account owner(s) only.

For security purposes, you will have to call us to update your contact information . You can call us at 866-899-9900. For calls made from outside of the U.S. and Canada, please call 973-305-8800 . We're available Monday through Friday from 8 AM - 6 PM ET.

You may close your account at any time by calling us at 866-899-9900. For calls made from outside of the U.S. and Canada, please call 973-305-8800. We're available Monday through Friday from 8 AM - 6 PM ET.

For more than 95 years, we've been committed to our mission of giving people and businesses the power to succeed. Because at Valley Bank, we believe when our customers and communities thrive - we all do. That's why we're one of the largest and most trusted regional banks in the country, with more than $54 billion in assets and branch locations or commercial offices across New Jersey, New York, Florida, Alabama, California and Illinois.

But we always knew we wanted to do more for people beyond our physical footprint. That's why we created Valley Direct. So, we could bring the high-quality, trusted service our customers know us for directly to you - no matter where you are.

If you want to learn more about Valley Bank, go to Valley.com.

While your Valley Direct high yield savings or CD account can only be opened online, your accounts can be serviced at one of our convenient Valley branch locations in NJ, NY, FL and AL. You always have 24/7 access to your account via online banking.

Our corporate headquarters are located at:
70 Speedwell Avenue, Morristown, NJ 07960.