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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

Alma Bank was founded in 2007 and is headquartered in Astoria, New York. Alma Bank manages $1 billion in assets along with deposits totaling $910 million, ranking it as a medium-size bank. Alma Bank 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 in-person service, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.4 out of 5 stars, suggesting Alma Bank is a solid pick to be your bank. Alma Bank has a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking account does not carry a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for accruing the most income from your deposits while having convenient access to your funds.

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

Alma Bank features a savings rate of 0.40%, which is fair compared to the national average. Alma Bank's one-year and five-year term lengths CDs earn at a rate of 1.95% and 2.80%, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

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 has generally extremely low fees compared to other U.S. banks. Alma Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is perfect because it charges no out-of-network ATM fees. Alma Bank unfortunately does not refund out-of-network ATM charges, meaning you will need to search for an Alma Bank ATM or pay the cost of withdrawal.

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. With mobile and web apps, Alma Bank makes account access straightforward, even on the go. It offers all-day access to representatives. Alma Bank's online and mobile banking platforms receive reasonably high scores from customers. The Alma Bank mobile app rates a 4.2 out of 5 (out of 5 customer reviews on iOS and Android) compared to the national average of 3.8. Alma Bank's mobile app allows you to manage your accounts by monitoring account balances, sending and receiving money and reaching support representatives. Alma Bank receives an exceptional consumer satisfaction score based on relatively few 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 and handles assets totaling $1 billion and deposits totaling $910 million. Alma Bank's Texas Ratio is 26.06%, denoting that the bank is in satisfactory financial well-being. 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 Account 0.3% APY $10000

Alma Bank has several deposit products including 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 taking a look elsewhere 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 as compared against the national average.

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Find a Alma Bank Near Me

Alma Bank has 13 physical locations across the U.S.

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