Alma Bank is a local community bank based in New York City and created in 2007 (www.almabank.com). The Bank provides traditional bank account services, including checking, savings, business accounts and similar. As a local bank, Alma puts a heavy emphasis on community relationships and boosting community accountholders with its financial services.The minimum deposit necessary to take advantage of the rate offered by Alma is an affordable $2,500 balance, which is then secured for two calendar years from the date of CD creation. There are no other fees required to get started, and non-accountholders can participate. Not surprisingly, early withdrawal penalties are levied if the CD is cashed out prematurely. CDs created are insured by the federal government up to $250,000, so those looking a good semi-liquid place to protect cash without worry should consider Alma's offering. CD renewal is also an option after the end of the initial deposit period, but the rate at that time will depend on what the going market offer happens to be.

This particularly deal can be very helpful for older depositors who don't want to risk their funds on uninsured investments but still want to earn a higher rate of return to offset inflation and tax losses. While a 1.11 percent rate isn't near enough to address the full expense of these costs, it's far better than what is being offered right now in national banks.