Valley Direct Online High Yield Savings Account Review for 2024

Valley Direct Online High Yield Savings logo

Valley Direct Online High Yield Savings

9.0 rating

Expert Take

Right now customers can earn as much as 5% with a Valley Direct High Yield Savings account.


  • High interest rate
  • Multiple ways to deposit funds
  • Available Nationwide


  • Debit card not included

Valley Direct Online High Yield Savings logo

Learn more


Finding an online bank to deposit funds can greatly increase your savings, especially with banks like Valley Direct paying as much as 5% APY. But is Valley Direct worth it?

Here’s what you should know.

Who Is Valley Direct?

Valley Direct is an online division of Valley Bank which has been in business since 1927 and has a solid financial history. They operate with transparency and respect and always put their customers first.

Since opening, they’ve had many acquisitions, including the most recent additions, The Westchester Bank and Bank Leumi USA.

Valley Direct High Yield Savings Requirements

To open a Valley Direct High Yield Savings account, you must meet the following requirements:

  • Be at least 18 years old and a US resident
  • Have a Social Security number and a valid US government-issued ID
  • Have at least $1 to open an account
  • Have an existing account at an external bank to transfer funds or the ability to write a check for a mobile deposit

What to Expect

When opening a high-yield savings account at Valley Direct, you must provide your login credentials to your existing bank account to allow Valley Direct to instantly verify and link to it, which is a considerable downside.

With a linked bank account, you can make instant transfers or withdrawals. If you don’t link an account, you must use the mobile deposit feature to deposit checks remotely.

When you open an account, if you’re adding any beneficiaries, you’ll also need their name, birthdate, and Social Security number.

  • Interest Rate – 4.75% APY
  • Availability – Nationwide
  • Monthly Fee – $0
  • Early Termination Fee – N/A

How to Open a Valley Direct High Yield Savings Account

It takes only five minutes to open a Valley Direct high-yield savings account. If you have all the necessary information stated above, you can click here to open an account. First, choose whether you are an existing or new Valley customer.

You’ll provide basic information, including your first and last name, phone number, email address, birth date, and Social Security number.

How to Add Money to a Valley Direct High Yield Savings Account

The easiest way to add money to a Valley Direct high-yield savings account is to link your existing bank account by providing your login credentials when you open an account. It takes 1 to 3 business days for the funds to transfer.

If you don’t want to provide your login credentials, here are other ways to deposit funds:

  • Initiate a transfer from an external bank, providing the routing and account number to your new Valley Direct account.
  • Initiate an inbound transfer from an external account using the Valley Direct app.
  • Send money via Zelle to your Valley Direct account.
  • Use the Valley Direct mobile deposit function to deposit a check using your smartphone.
  • Set up direct deposit with your employer or any other entity that pays you regularly.

Pros and Cons

High-yield savings accounts are generally good, but there are some pros and cons to consider when working with Valley Direct.


  • Available nationwide
  • Pays more than 10x the national average APY
  • Offers many ways to deposit funds


  • Doesn’t have a nationwide ATM network
  • The account doesn’t include a debit card

Valley Direct Reviews From Real Users

ValleyDirect has been good to me since I opened an account with them. The competitive savings rate they've recently increased for new and existing customers keeps me with them. Their customer service has been helpful to me when I needed it.

Valley Bank has been around for a while and is in the top 50 banks in terms of assets nationally. They definitely don’t get enough attention for their competitive offerings, but they should! I’ve now moved all of my banking to Valley.

Rudyard 5-Star Review

I opened an account here last year. I have enjoyed getting a rate that is above Marcus, Ally, or any of the better-known names. What I have not enjoyed is having my mailbox flooded (and I mean flooded) with absolute nonsense offers for credit cards, mortgages, and other credit products. I've tried to opt out and cannot. It is just a terrible waste.
BillyO 1-Star Review


When Will My Initial Investment Be Available?

Depending on how you funded your account, it could be 1 to 3 business days before your deposit posts. However, the transfer is instant if you transfer funds from an existing Valley Bank account.

When Will My High Yield Savings Account Begin Earning Interest?

Your high-yield savings account begins earning interest on the same business day that the funds clear, so it depends on the method you use to transfer the funds.

How Is Interest Calculated?

Interest compounds daily at Valley Direct; however, they credit accounts monthly.

Are Valley Direct High Yield Savings Accounts FDIC Insured?

Yes, Valley Direct high-yield savings accounts are FDIC insured up to $250,000 per depositor.

Is a Valley Direct HYSA Best for You?

If you are already a Valley Bank customer or don’t mind waiting a few days for your deposit to clear, you can earn a decent APY at Valley Direct.

Since it’s a savings account, the lack of a debit card shouldn’t be a deal-breaker. Just know that it’s tougher to access your funds without a linked account, which not everyone is comfortable doing.

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