Toast almonds in a saucepan over medium heat until lightly golden.

Place bacon in a large skillet and cook over medium-high heat, turning occasionally, until crispy and evenly browned, 8 to 10 minutes. Drain and cool slightly before chopping into bits.

Combine mayonnaise and Cheddar cheese in a mixing bowl. Toss in bacon, green onions, almonds, and cayenne. Stir with a spatula until combined. Wrap and chill in the fridge at least 1 hour before transferring to a serving bowl.