Also, you can deposit up to $500,000 when opening a CD online. If you live near a Valley Bank branch in Alabama, Florida, New Jersey or New York, stop in to learn more about the CD options that aren’t available online. Also, remember that step-up CDs typically pay lower interest rates than standard CDs. That said, Valley Bank doesn’t provide any terms for its step-up CDs, so you must call or visit a local branch to get more information. Valley Bank Step-up CDs: This specialized CD allows you to request a rate increase during your term.While the bank says jumbo CDs typically pay higher interest rates, it doesn’t disclose its terms, and you can’t open an account online. Valley Bank Jumbo CDs: You can open a jumbo CD with a minimum deposit of $100,000.This rate will fluctuate over time, remaining 0.10% above the Federal Reserve’s federal funds rate‘s upper limit (the Fed’s range is currently 5.25% to 5.50%). Valley Bank Variable-rate CDs: Valley Bank and Valley Direct offer a 36-month CD with a variable interest rate.Although competitive, the interest rates are slightly below the best CD rates available.

Term options include six and 12 months through Valley Bank and 12 and 36 months through Valley Direct.

Valley Bank Fixed-rate CDs: The bank offers fixed-rate CDs with an opening deposit of $500 or more.

Here’s a quick summary of what’s available online: But only a few of those terms are accessible online, either with the bank directly or through its online-only division, Valley Direct.

Valley Bank offers terms ranging from six to 60 months. If you want to open other CDs from the comfort of your home, however, you’ll need to look elsewhere.Īnnual percentage yields (APYs) and account details are accurate as of December 5, 2023. And while only two are available online, their minimum opening deposit is relatively low, at $500, and the rates are competitive - offering APYs of 4.75% and 5.00% on fixed six- and 12-month terms. Valley Bank offers a handful of certificates of deposit (CDs), including fixed and variable interest rate options.

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