Hanover Community Bank has announced two Holiday Season Specials: Statement Savings (1.25% APY on balances up to $600K) and Premium Custodial Savings Account (2.02% APY on balances up to $10K; balances of $10K+ earn 1.00% APY).
|2.02*%||-||$10k||Hanover Community Bank||Premium Custodian Savings|
|1.15%||-||$600k||Hanover Community Bank||Statement Savings|
The Statement Savings account requires a minimum balance of $500 to earn the stated APY. Interest is compounded daily and credited monthly, and there are no restrictions on deposits and withdrawals. While the rate is not guaranteed for a specific length of time, the 1.25% APY is the Statement Savings account’s guaranteed rate. If the rate should change, the Statement Savings account promotion will end, with a new product taking its place.
The Premium Custodial Savings Account requires a minimum $10 deposit to open, and is available for the benefit of minors under the age of 18. Interest is compounded daily and credited monthly, and there are no restrictions on deposits and withdrawals. The conditions for the 2.02% APY rate guarantee are the same as for the Statement Savings account.
Based 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. Hanover’s primary market area includes Nassau, Suffolk, Queens, and Kings Counties, New York.
Opening a Statement Savings or Premium Custodian Savings account requires an in-person visit to the sole branch located in Garden City Park (Long Island). At this time, Hanover’s online banking platform is limited to account management.
Hanover Community Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent) as of September 30, 2015 data. In the past year, Hanover Community Bank has increased its total deposits by $70.86 Million, an excellent annual growth rate of 57.68%. Please refer to our financial overview of Hanover Community Bank for more details.
Note: the Texas Ratio of 0.00% mentioned is not a typo: as of September 30, 2015, Hanover Community Bank had $0 in non-current loans and owned real-estate with $31.41 million in equity.
Hanover Community Bank (FDIC Certificate # 58675) 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 $223 Million.
How the Statement Savings Compares
When compared to the 354 Savings Accounts tracked by DepositAccounts.com that are available to New York residents, Hanover Community Bank’s Premium Custodian Savings and Statement Savings currently ranks first and second, respectively.
The above rates are accurate as of 12/24/2015.
To search for nationwide Savings Account rates and Savings Accounts rates in your state, please refer to the Savings Account rates section of DepositAccounts.com.