This is a fixed rate and fixed term account. The interest rate and annual percentage yield (APY) remain constant for the term of the account based on the corresponding term and balance. Alma Bank offers terms – 1 month, 3 months, 6 months, 9 months, 1 year, 2 years, 3 years, 4 years, and 5 years. We use the daily balance method to calculate interest on this account. This method applies a daily periodic rate to the balance in the account at the end of each day. The interest on Time Deposit Accounts will be credited monthly on 365/365 basis (366/366 in leap year.)

Interest may be paid by adding back to the principle, transfer to your deposit account, by check or via ACH to your account at another financial institution. To obtain the annual percentage yield disclosed, interest earned prior to maturity date must remain in the account. All Time Deposit Account will automatically renew at the same terms at the current available rate in effect on the account’s maturity date. There is a ten-day (calendar day) grace period, which begins the day following the maturity date.

Early Withdrawal penalties may apply if you decided to close your Time Deposit Account prior to maturity date or after grace period is over. Detail information on fees and restrictions will be available upon request by calling our Customer Service representatives at (718) 267-ALMA (2567). You may also stop by any of our branch locations near you during normal business hours.