Alma Bank (NY) Has Competitive CD Promos and Money Market Promos
New York's Alma Bank is currently offering a variety of CD promotions, with the 13-month CD (1.26% APY) and the 15-month CD (1.31% APY) having the best rates.
Both CD promotions require a $2.5K minimum deposit of new money, with a maximum balance cap of $250K per CD.
According to an extremely polite and well informed CSR, the Early Withdrawal Penalty for either the 13-month or 15-month CD is 6 months interest.
Thanks to DA member, Sperry8, for a Forum posting about this deal.
Money Market Account Promotion
Alma Bank is also offering a Money Market Account (MMA) promotion that guarantees a 1.25% APY on balances between $10K and $500K for six months from account opening. A complete listing of the APYs on this tiered rate MMA is as follows:
- 1.25% APY – Balances of $10K-$500K
- 0.35% APY – Balances greater than $500K
- 0.15% APY – Balances of $1K-$9,999
- 0.00% APY – Balances less than $1K
There are several limitations on the MMA:
- Personal or business checking account required.
- New money is required.
- Limit one account per customer.
- MMA promotion only valid at Borough Park, Kings Highway and Bronx branches.
Headquartered in Astoria (Queens), New York, Alma Bank’s market area covers the NCY metropolitan area, including northern New Jersey.
Opening an account at Alma Bank requires an in-person visit to any of nine New York branches located in Astoria (3), Bayside, Bronx, Brooklyn (3) and New York City and 4 New Jersey branches located in Clifton, Fort Lee (2), and Tenafly. Alma Bank’s online platform is currently available for account management and bill pay services.
Alma Bank (FDIC Certificate #58424) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.53% (excellent) based on December 31, 2014 data. Alma Bank has an excellent capitalization level of 13.63%, a result of holding $940.13 Million in assets, with $128.11 Million in equity. Please refer to our financial overview of Alma Bank for more details.
Alma Bank is a young financial institution, having been established in 2007 by Efstathios Valiotis and 100 other shareholders who wanted a new bank to serve the Greek American community in New York. Alma Bank opened its doors with $50 Million in capital, the largest New York state chartered bank opening. The Bank derives its name from a settlement in the Xanthi region of Greece, which is part of the Myki community.
How the CDs Compare
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New York and New Jersey residents, Alma Bank’s 13-month and 15-month CD promotions are competitive.
The above rates are accurate as of 4/8/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.