Preheat oven to 350 degrees Fahrenheit. Spray two 9-inch round cake pans with non-stick spray and set aside.
In a large bowl using either a mixer or a wooden spoon, beat the softened butter for two minutes.
Add in the sugar and mix for an additional 2 minutes, until the mixture is fluffy.
To the bowl, add in the room temperature eggs and beat for 1 minute.
Stir in the vanilla and almond extracts.
Add 2 cups of the flour, along with the baking powder and salt, directly to the bowl. Mix on low speed until combined.
Pour in the buttermilk and mix until incorporated.
Add the remaining ½ cup of flour and mix just until the batter is smooth. Do not overmix.
Gently fold in the finely chopped maraschino cherries with a spatula.
Divide the batter evenly between the prepared pans and smooth the tops with a spatula. Bake the cakes for 28-30 minutes or until a toothpick inserted in the middle comes out clean.
Allow the cherry chip cakes to cool in the pans for 10 minutes before transferring them to a wire rack to cool completely before frosting them with your frosting of choice.