Find out how we calculate the interest on the various types of accounts offered at Albank. Please select from the types of accounts listed below.
Business Interest Checking
Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
$0.00 to $99,999.99 | 0.35% | 0.35% |
$100,000.00 or more | 0.40% | 0.40% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded monthly and credited to your account on your monthly statement date. You must maintain the Daily Minimum Ledger Balance in the account each day to obtain the disclosed Annual Percentage Yield (APY). At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. APY is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
Personal Interest Checking
Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield | |
Standard Interest | $0.00 or more | 0.35% | 0.35% |
*Bonus Interest | $0.00 to $10,000.00 $10,000.01 or more | 0.75% 0.35% | 0.75% 0.35% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded monthly and credited to your account on your monthly statement date. You must maintain the Daily Minimum Ledger Balance in the account each day to obtain the disclosed Annual Percentage Yield (APY). At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. APY is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
Relationship Interest Checking
Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield | |
Standard Interest | $0.00 to $24,999.99 $25,000.00 to $99,999.99 $100,000.00 or more | 0.35% 0.40% 0.45% | 0.35% 0.40% 0.45% |
*Bonus Interest | $0.00 to $24,999.99 $25,000.00 or more | 0.75% 0.35% | 0.75% 0.35% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded monthly and credited to your account on your monthly statement date. You must maintain the Daily Minimum Ledger Balance in the account each day to obtain the disclosed Annual Percentage Yield (APY). At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. APY is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
Senior Interest Accounts
Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
$0.00 to $4,999.99 | 0.35% | 0.35% |
$5,000.00 to $24,999.99 | 0.40% | 0.40% |
$25,000.00 or more | 0.45% | 0.45% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded monthly and credited to your account on your monthly statement date. You must maintain the Daily Minimum Ledger Balance in the account each day to obtain the disclosed Annual Percentage Yield (APY). Interest will be paid on the entire balance based on the interest rate that corresponds to the applicable tier. At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. APY is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
Money Market Deposit Accounts
For Personal and Business
Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
$0.00 to $2,499.99 | 0.00% | 0.00% |
$2,500.00 to $24,999.99 | 0.65% | 0.65% |
$25,000.00 to $49,999.99 | 1.30% | 1.30% |
$50,000.00 to $99,999.99 | 1.55% | 1.55% |
$100,000.00 to $249,999.99 | 1.70% | 1.70% |
$250,000.00 to $499,999.99 | 1.80% | 1.80% |
$500,000.00 to $999,999.99 | 1.90% | 1.90% |
$1,000,000.00 and over | 2.00% | 2.00% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded monthly and credited to your account on your monthly statement date. You must maintain the Daily Minimum Ledger Balance in the account each day to obtain the disclosed Annual Percentage Yield (APY). Interest will be paid on the entire balance based on the interest rate that corresponds to the applicable tier. At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. APY is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
Interest on Lawyer Trust Account (IOLTA)
Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
$0.00 to $2,499.99 | 0.00% | 0.00% |
$2,500.00 to $24,999.99 | 0.65% | 0.65% |
$25,000.00 to $49,999.99 | 1.30% | 1.30% |
$50,000.00 to $99,999.99 | 1.55% | 1.55% |
$100,000.00 to $249,999.99 | 1.70% | 1.70% |
$250,000.00 to $499,999.99 | 1.80% | 1.80% |
$500,000.00 to $999,999.99 | 1.90% | 1.90% |
$1,000,000.00 and over | 2.00% | 2.00% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded monthly and credited to your account on your monthly statement date. You must maintain the Daily Minimum Ledger Balance in the account each day to obtain the disclosed Annual Percentage Yield (APY). Interest will be paid on the entire balance based on the interest rate that corresponds to the applicable tier. At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. APY is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
Account Type | Daily Minimum Ledger Balance Required To Earn APY | Interest Rate | Annual Percentage Yield |
$500.00 | 0.35% | 0.35% | |
$500.00 | 0.35% | 0.35% | |
$1,000.00 | 0.35% | 0.35% | |
$1.00 | 0.35% | 0.35% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded quarterly and credited to your account on the last business day of the Interest Quarter. Our Interest Quarters are: December 01 to February 28; March 01 to May 31; June 01 August 31; September 01 to November 30. If you close your account before interest is credited, you will NOT receive the accrued interest. At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. Annual Percentage Yield (APY) is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
$100.00 or more | 0.35% | 0.35% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Ledger Balance in your account each day. Interest is accrued daily, compounded monthly and credited to your account on your monthly statement date. You must maintain the Daily Minimum Ledger Balance in the account each day to obtain the disclosed Annual Percentage Yield (APY). At our discretion, we may change the interest rates at any time. Penalty will be assessed for early closing. APY is accurate as of December 1, 2024. Fees could reduce the earnings on the account.
For Individuals and Businesses
Term Length | Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
$1,000.00 | 3.92% | 3.95% | |
$1,000.00 | 3.74% | 3.75% | |
$5,000.00 | 0.55% | 0.55% | |
$5,000.00 | 0.75% | 0.75% | |
$5,000.00 | 1.00% | 1.00% | |
$5,000.00 | 1.35% | 1.35% | |
$5,000.00 | 1.55% | 1.55% | |
$5,000.00 | 1.60% | 1.60% |
Jumbo Certificates - $100,000.00 or more
Please call a Personal Banker at (773) 267-7300 for the Interest Rates and Annual Percentage Yields of our Jumbo Certificates. The required minimum deposit is $100,000.00 or more.
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Balance in your account each day. Interest is accrued daily, compounded and credited in accordance with your Interest Payment Schedule credited to your account or by bank check from your account’s issue date. The rate of interest will be paid until the maturity date of the account. The Annual Percentage Yield (APY) assumes that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. You must maintain the minimum opening deposit amount in your account every day to obtain the APY. Penalty will be assessed for early withdrawal. APY is accurate as of December 1, 2024.
Traditional Individual Retirement Accounts
Term Length | Rate Type | Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
Fixed | $500.0 | 3.88% | 3.95% | |
Fixed | $500.00 | 3.69% | 3.75% | |
12 Months | Fixed | $500.00 | 1.35% | 1.35% |
18 Months | Floating | $500.00 | 1.50% | 1.50% |
18 Months | Fixed | $500.00 | 1.50% | 1.50% |
30 Months | Fixed | $500.00 | 1.55% | 1.55% |
Roth Individual Retirement Accounts
Term Length | Rate Type | Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
Fixed | $500.0 | 3.88% | 3.95% | |
Fixed | $500.00 | 3.69% | 3.75% | |
12 Months | Fixed | $500.00 | 1.35% | 1.35% |
18 Months | Floating | $500.00 | 1.50% | 1.50% |
18 Months | Fixed | $500.00 | 1.50% | 1.50% |
30 Months | Fixed | $500.00 | 1.55% | 1.55% |
Educational Individual Retirement Accounts
Term Length | Rate Type | Daily Minimum Ledger Balance To Earn APY | Interest Rate | Annual Percentage Yield |
Fixed | $500.0 | 3.88% | 3.95% | |
Fixed | $500.00 | 3.69% | 3.75% | |
12 Months | Fixed | $500.00 | 1.35% | 1.35% |
18 Months | Floating | $500.00 | 1.50% | 1.50% |
We use the Daily Balance Method to calculate the interest on your account. This method applies a daily periodic rate to the Balance in your account each day. Interest is accrued daily, compounded and credited monthly to your account from your account’s issue date and at maturity. The Annual Percentage Yield (APY) assumes that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
18 Months Floating Rate: This is a Variable Rate Account. Your Interest Rate and APY may change at any time. Interest is accrued daily, compounded and credited monthly to your account on the last calendar day of each Calendar Month and on your account's maturity date.
Penalty will be assessed for early withdrawal. APY is accurate as of December 1, 2024.
