Traditional, old fashioned names are definitely trendy at the moment -- so i'm sure he wont get teased @ school. If you and OH both love the name Albert -- i say go for it!
I have to admit tho, i'm not fond of the name -- and honestly i have a friend with a nephew named Albert & everyone cringes when she tells them his name (especially behind her back). Just keep in mind, i think the name (or the "trend") isn't for everyone -- but no name suits everyone iykwim.
I agree with some other posters tho -- prefer the nn Albie -- cute!