Beware of transfer limits that make it near impossible to get your money if you need it quickly. You can send up to $3,500 per day and $12,500 per month.
You can receive up to $45,000 per day and up to $75,000 per month.
Only other way to get large sums is through a check that they will mail to you.
Also I believe they will not verify ownership of your account with other financial institutions if you want to connect your other bank accounts through their system to get around the limits.
I would NOT bank here if you plan on transferring larger sums of money.
I'm grateful for this site where you can read the reviews before making a commitment with an online bank. In my view, ValleyDirect came up on top for banks offering a 5% return. So I began opening an account, they even accepted a joint applicant. However, when I wanted to fund the account through Plaid, I noticed that I couldn't use any of my accounts that allowed a large daily limit for money transfers, not even Synchrony. That's my biggest issue. I want to be able to move money when I want to and not be limited by say a $5000 daily limit. I tried putting in 3 different banks that allowed large daily transfers and all 3 were not recognized by Plaid. At that point, I just couldn't go through with the application for my own piece of mind. Something to think about.
ValleyDirect has been good to me since I opened an account with them. The competitive savings rate that they’ve recently increased for new and existing customers is what 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.
Opened an account in Nov.2022 with 3.5%, and they actually up that to 4% 2 months later to keep up with other competitors, which is great. Customer service is slow on responding, and there will be inactivity fee charged if there's no deposit or withdrawal within 24 months range, but that's easily avoidable.
Valley Direct was quick to call me directly when I had a problem with an ACH adding funds to my account. I got a call from 2 different customer service reps to help me through the problem even when I was going to give it a couple days to play out. The problem was with the bank I was pulling funds from. I'm not used to that kind of follow up so was surprised and grateful. I look forward to a long relationship with great rates.
hmm, this is a long process, so for the first time I want to transfer money in via ACH, I have to give them my external bank username and password through Plaid. Which I assume means I have to immediately go change my external bank password afterwards.
It takes many days, 2 days later (provided apply before 5 pm ET) to get funds out of your external account and then another 2 days before it is posted to your new Valleydirect account....and then later after your account is open, you can set up transfer now by setting up trial deposits into your external account and then manually entering them... that takes another week.... too many hoops to jump through until they can just auto fund ACH by giving them your external bank and routing #
It seems these accounts offering 2% and above have problems, either funding, or very low limits on ACH withdrawal amounts or they don't post interest monthly, some only quarterly if no activity that month, some you don't get the interest if you close before it posts, some take days to get your money and more days to post to your account, and long hold times if you are a new account, and only can reach them by phone after a 30 minute wait...and no thanks, that is why I prefer to deal with Barclays and Marcus, instead. (and earn a little less interest but safe, quick, large withdrawals, peace of mind)