Alma Bank offers limited account options for people who tend to keep high balances. To find out if Alma Bank is right for you, continue reading the review below.
Although they don’t have a large variety of checking or savings accounts, they do offer relationship accounts to increase your earnings.
Checking Account Options
Alma Bank has a few checking accounts with varying opening deposits and balance requirements.
Their checking accounts come with the standard features that most accounts have.
This is a standard checking account that only requires $10 to open.
There are no monthly fees nor minimum balance requirements.
This interest bearing account will need an minimum deposit of $100 to open.
There is a $10 monthly fee, but you can waive it by keeping a daily balance of $500.
A premium interest bearing account that requires a higher deposit of $1,000 to open, but it earns competitive rates.
Keeping a daily balance of $1,000 will also waive the $10 monthly fee.
You can create a relationship account if you link this checking account to a Personal Premier Savings account.
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Savings Account Options
Alma Bank only has two savings accounts, but they both earn competitive interest rates.
A basic savings account that requires at least $100 to open.
Maintain a daily balance of $100 also can waive the $10 monthly fee.
This premium savings account can be linked with your Premier Checking account in order to maximize your earnings.
There is a much larger opening deposit of $10,000 but this account earns competitive interest rates for being a relationship account.
You will also have to maintain a daily balance of $10,000 in order to waive the $15 monthly fee.
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Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Alma Bank has one money market account that earns competitive interest rates.
ALMA Personal Money Market:
- You will need a minimum deposit of $1,000 to open this account and earn interest
- There is a $15 monthly fee, but it can be waived with a daily balance of $1,000
- Has unlimited deposits
- Access to all online and telephone banking
Compare Money Market Accounts
 • Get started and open a Discover® Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.55%% APY balances $100,000 and over • Earn 3.50% APY balances under $100,000 • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
CD Account Options
Alma Bank offers CDs that earn really high, competitive interest rates. You can open each CD with $1,000.
These terms are available from 1 month to 5 years. To view rates and other information, click here.
The CDs will also automatically renew upon maturity.
Compare CD Accounts
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Reasons to Bank with Alma Bank
- They offer relationship accounts for their premium checking and savings accounts.
- Ideal for those who have pocket money and want a savings account that can earn them competitive rates.
- Their savings and money market accounts earn a pretty high APY.
- Conduct all your banking online or with the Alma Bank mobile app.
- They offer a 24-hour banking telephone service line.
Reasons Not to Bank with Alma Bank
- They are only located in New Jersey and New York with 13 branches in total.
- Their Premium Personal Savings account has a high opening deposit and minimum balance requirements.
- Their monthly fees are higher than most banks.
- Lacking a student checking or savings account.
- Doesn’t offer a senior checking or savings account either.
Alma Bank Routing Number
The routing number for Alma Bank is 026014384.
Contact Customer Service
Alma Bank has a 24/7 banking phone line that you can reach at 866-424-8229.
Their business hours are based on locations so you can also check their website for when they are open.
How Alma Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
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Bottom Line
If you live in New Jersey or New York and is someone who often keeps a pretty high balance and want to earn interest consistently, then Alma Bank may have the accounts you’re looking for.
A lot of Alma’s personal accounts require a pretty high opening deposit and sometimes even higher minimum balance requirements, but that isn’t an issue with those have a lot of extra cash.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Alma Bank has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!
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