Valley National Bank recently added four promotional CDs to their product line. Of all the "Summer Is Heating Up" CDs (9-, 13-, 18- and 24-months), the 24-month Promotional CD (1.60% APY) is the most noteworthy.
The minimum open deposit is $500 and there is a $1 Million maximum balance cap.
As stated on the "Summer Is Heating Up" CD application page, the Early Withdrawal Penalty reads as follows:
Early withdrawal is subject to a $25 fee plus 2.00% of principal.
Thanks to the "Anonymous" DA reader who let me know about these CDs.
Valley National Bank is headquartered in Passiac, New Jersey, and offers its services and products to residents in 16 counties throughout northern and central New Jersey, the New York Boroughs of Manhattan, Brooklyn, Queens, and Long Island, New York.
Valley National Bank also has 21 branches in central and south Florida, which were acquired from 1st United Bank in late 2014.
Opening any of the "Summer Is Heating Up" CDs can be done at any of 225 branches located in New Jersey (159), New York (45), and Florida (21), or online.
N.B. At this time, there are two separate Valley National Bank websites, with separate online applications. If you choose to open a Promotional CD online, make sure you use the correct site: NJ and NY residents, and FL residents.
Valley National Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.51% (excellent) based on March 31, 2015 data. In the past year, Valley National Bank has increased its total deposits by $3. Billion, an excellent annual growth rate of 26.55%. Please refer to our financial overview of Valley National Bank for more details.
Valley National Bank’s history has been one of steady growth and expansion. Founded in 1929 as the Passaic Park Trust Company (FDIC Certificate # 9396), the Bank changed its name in the mid-1930s to the Bank of Passaic and Trust Company. In 1956, the purchase of the Bank of Allwood began 58 years of development, including the acquisition/purchase of 21 New Jersey, 4 New York, and 1 Florida financial institutions, and two name changes. Today, Valley National Bank has assets in excess of $18 Billion and has a market area covering one of the most populated part of the country.
How the CD Compares
When compared to the 229 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New Jersey residents, Valley National Bank’s 24-month Promotional CD currently ranks third.
When compared to the 311 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New York residents, Valley National Bank’s 24-month Promotional CD currently ranks fifth.
When compared to the 257 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Florida residents, Valley National Bank’s 24-month Promotional CD currently ranks third.
The above rates are accurate as of 7/10/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.