Hanover Community Bank (NY) Celebrates With New CDs

POSTED ON SATURDAY, MARCH 25, 2017 BY Ken Tumin

UPDATE 3/25/2017: 21- and 29-month CD and Relationship Savings rates increased.

Deal Summary:

13-Month CD, 1.35% APY, $500 minimum deposit

21-Month CD, ~~1.55%~~ 1.75% APY, $500 minimum deposit

29-Month CD, ~~1.65%~~ 1.90% APY, $500 minimum deposit

Relationship Savings, ~~1.15%~~ 1.25% APY, up to $250k

Availability: Market area covers a large portion of the NYC metropolitan area, including Nassau, Suffolk, Queens, and Kings Counties, New York.

To celebrate the opening of its new Forest Hills (Queens) branch, Hanover Community Bank (HCB) is offering three competitive CDs (13-month, 1.35% APY; 21-month, ~~1.55%~~ 1.75% APY; 29-month, ~~1.65%~~ 1.90% APY). The CDs require a $500 minimum opening deposit, with no stated balance cap.

APY	MIN	MAX	INSTITUTION	PRODUCT
1.80%	-	-	Hanover Community Bank	29 Month CD
1.60%	-	-	Hanover Community Bank	21 Month CD
1.30%	-	-	Hanover Community Bank	13 Month CD

Accounts mentioned in this post. Rates as of August 22, 2017.

According to CSR, the Early Withdrawal Penalty for the 13- and 21-month CD is 1% and 2% for the 29-month CD.

Relationship Savings

HCB is also offering a Relationship Savings account (1.25% APY, up to $250k). The minimum opening deposit for the Relationship Savings account is $100.

The Relationship Savings account is available to customers who have an existing or open a new Totally Free checking account. This offer also requires that the checking account have either a monthly Direct Deposit of $250 or more, OR four debit card transactions each month.

APY	MIN	MAX	INSTITUTION	PRODUCT	DETAILS
1.25%	-	$250k	Hanover Community Bank	Relationship Savings

Accounts mentioned in this post. Rates as of August 22, 2017.

As its name suggests, the Totally Free checking has no monthly service fee or minimum balance requirement, but does required a $100 minimum opening deposit. The first five ATM fees (both HCB and “foreign” banks) in a statement cycle are reimbursed.

Availability

Headquartered in Garden City Park, New York, Hanover Community Bank is a locally-owned commercial community bank offering its services and product line to small-to-medium businesses, the professional community, and local residents. HCB’s primary market area includes Nassau, Suffolk, Queens, and Kings Counties, New York.

Opening a CD and/or a Relationship Savings account requires an in-person visit to either of the two New York branches located in Garden City Park (Long Island), and the newly opened Forest Hills (Queens) branch.

At this time, Hanover’s online banking platform is limited to account management and bill payment services.

Bank Overview

Hanover Community Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent) as of December 31, 2016 data. In the past year, HCB has increased its total non-brokered deposits by $84.92 million, an excellent annual growth rate of 41.87%. Please refer to our financial overview of Hanover Community Bank (FDIC Certificate # 58675) for more details.

Note: the Texas Ratio of 0.00% mentioned is not a typo: as of December 31, 2016, HCB had $0 in non-current loans and owned real-estate with $43.32 million in equity and loan loss allowances on hand for coverage.

Hanover Community Bank opened its doors in 2009, with a target demographic of the Asian Indian community. By 2012, the Bank was in the process of re-positioning itself with a new Board of Directors and new management team, headed by Michael P. Puorro. In little more than one year, Mr. Puorro was recognized in the Long Island Business News for "his successful turnaround of a minority chartered institution previously on the brink of financial disaster." Today, Hanover Community Bank continues to thrive with assets in excess of $380 million.

How the CDs Compare

When compared to the 366 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Hanover Community Bank’s 29-Month CD APY currently ranks first.

When compared to the 278 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Hanover Community Bank’s 21-Month CD APY currently ranks second.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

How the Relationship Savings Compares

When compared to the 386 Savings Accounts tracked by DepositAccounts.com that are available within the market area, Hanover Community Bank’s Relationship Savings APY currently shares the top spot with Popular Direct’s High Rise Savings Account.

To look for the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table or our Rates Map page.

The above rates are accurate as of 3/25/2017.

Comments

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3 Comments.

NYCDoug | Mar 26, 2017 | Comment #1

I verified in person, at the Forest Hills branch, what I had read in their promotional literature: that the 1.25% Relationship Savings rate is not guaranteed, and can be changed by them at any time. No thank you!

Hanover | Mar 28, 2017 | Comment #2

Relationship Savings: Relationship Savings Accounts are available to customers who open or have an existing non-interest bearing Checking Account. The Checking Account must have either of the two following transaction activities per statement cycle: An electronic direct deposit of $250.00 or greater; or four point of sale debit card transactions. The Annual Percentage Yield (APY) is accurate as of 3/7/2017 and is subject to change without notice. Minimum opening deposit for each account is $100.00. Balances of $0.01, up to $250,000.00, earn 1.25% APY. Balances greater than $250,000.01 earn 0.00% APY. Fees could reduce earnings. Rate is subject to change after account opening.

Hanover | Mar 28, 2017 | Comment #3

Thank you for visiting our new branch. It is true that we don't put a guarantee date on our savings account rates. Our savings accounts are all variable rate accounts. That being said, we rolled out the Relationship Savings over a year ago and the rate has not gone down as of this writing. We feel that building trust with our customers is most important and we accomplish that with our actions. Many institutions that give a guarantee period subsequently reduce the rate drastically the day after the guarantee date. We have chosen not to take that approach with our customers.