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Alma Bank Review

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Alma Bank Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 2007, Alma Bank has assets totaling $1 billion and $910 million in deposits, ranking the institution as a medium-size bank. Alma Bank, whose headquarters are in Astoria, New York, has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 out of 5 stars, Alma Bank should be solidly in contention for your choice of bank. Alma Bank has a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Alma Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Alma Bank's standard checking does not carry a monthly charge. Banks that offer free checking as well as a high interest rate savings account are your best bet for returning the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.6
SmartAsset Average: 3.5

With a savings rate of 0.40%, Alma Bank ranks poorly in comparison to the national average. Alma Bank's CD rates are 1.95% and 2.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given Alma Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Alma Bank's Savings Rates Compare

Alma Bank Savings 0.40 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Alma Bank generally has extremely low fees compared to the average U.S. bank. With no monthly fee, Alma Bank's checking account is perfect for those who want a hassle-free checking account. For those who often withdraw money from the ATM, Alma Bank is perfect because it has no out-of-network ATM fees. Alma Bank unfortunately doesn't refund out-of-network ATM charges, meaning you'll have to search for an Alma Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Alma Bank is a brick-and-mortar bank, with 13 total bank locations in New Jersey and New York. It also offers access to mobile and web apps for simple access and banking on the go. It offers all-day customer service. Alma Bank gets relatively high marks from users for its mobile platform. Out of 5 customer reviews on both Apple and Android platforms, the Alma Bank mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). You can utilize Alma Bank's mobile app to control your bank accounts by checking account balances, transferring funds as well as reaching support representatives. Alma Bank receives an excellent consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.7
SmartAsset Average: 4.8

Alma Bank ranks as a medium-size bank with assets totaling $1 billion as well as deposits totaling $910 million. Alma Bank's Texas Ratio is 26.06%, indicating that Alma Bank is in fine financial health. Additionally, Alma Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

26.06%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Alma Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.4% APY $100
Checking Account 0.25% APY $1000
Certificates of Deposit
  • 12 Month: 1.95% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.55% APY
  • 48 Month: 2.70% APY
  • 60 Month: 2.80% APY
$2500 for all terms
Money Market Accounts 0.3% APY 0.35% APY $10000 $15000

Alma Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Alma Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Alma Bank's CD rates are fair in comparison to the national average.

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Find a Alma Bank Near Me

Alma Bank has 13 locations in the U.S.

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