Hanover Bank Substantially Raises 18-Month CD Rate

POSTED ON BY

Deal Summary: 18-Month CD, 2.15% APY, $500 minimum deposit.

Availability: Market area includes Long Island, the greater New York City metropolitan area, and Freehold, New Jersey.

While New York-based Hanover Bank has substantially raised all its CD rates (adding between 50 and 124 bps), only the 18-month CD (2.15% APY) offers a truly competitive rate. The 18-month CD can be opened with $500 minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.85%$500-Hanover Bank18 Month CD
2.85%$500-Hanover Bank18 Month IRA (Traditional, Roth)
Rates as of October 1, 2022.

The 18-month CD is also available as an IRA CD (Traditional, Roth), earning the same APY with the same funding requirements.

According to CSR, the Early Withdrawal Penalty for any of the CDs is 1% of the amount withdrawn, with partial withdrawals allowed.

To view other Hanover Bank CD rates, please refer the CD Section of our Hanover Bank profile page.

Availability

Headquartered in Garden City Park, New York, Hanover 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.

Following last year’s acquisition of Savoy Bank, the market area now includes Long Island, the greater New York metropolitan area, and Freehold, New Jersey.

Opening a CD requires an in-person visit to any of the seven New York branches located in Brooklyn, Flushing, Forest Hills, Garden City Park, New York City (2), and Mineola, or the single New Jersey branch located on Route 9 in Freehold.

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

Bank Overview

Hanover Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 6.76% (excellent) based on March 31, 2022 data. In the past year, Hanover Bank has increased its total non-brokered deposits by $485.07 million, an excellent annual growth rate of 67.41%. Please refer to our financial overview of Hanover Bank (FDIC Certificate # 58675) for more details.

Hanover Bank opened its doors in 2009, with the Asian-Indian community its targeted demographic. 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." Within the past three years, Hanover Bank acquired two New York City-based banks: Chinatown Federal Savings Bank (2019) and Savoy Bank (2021). Currently the 46th largest bank headquartered in New York state, Hanover Bank has assets in excess of $1.4 billion and nearly 16,000 customer accounts.

How the 18-Month CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Hanover Bank 18-Month CD. The following table compares the 18-Month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 6/3/2022.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: New York CD rates, 1-year CD rates

Comments


Hanover Community Bank (NY) Ups VIP Personal Money Market
Deal Summary: VIP Personal Money Market, 2.00% APY, $2.5k minimum deposit

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

In March, Long Island-based Hanover Community Bank (HCB) introduced its VIP Personal Money Market (VIP PMM) account. At the time, the initial 1.75% APY was competitive; the highest national MMA rate in March was 1.80% APY, offered by Bank 7. There have been no rate increases since the VIP PMM made its debut until...

Continue Reading
Hanover Community Bank (NY) Ups 18-Month CD APY
Deal Summary: 18-Month CD, 1.80% APY, $500 minimum deposit.

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

Yesterday, Hanover Community Bank (HCB) raised the rates of some of its CDs, including the 18-month CD (1.80% APY), 15-month (1.75% APY), and 60-month CD (2.40% APY). Of the three, the 18-month is the most competitive. The CDs require a $500 minimum opening deposit, with no stated balance cap.

In early October, the 18-month CD...

Continue Reading
Hanover Community Bank (NYC) Offers Promo CD Rates
Deal Summary: 15-Month CD, 1.70% APY, $500 minimum deposit.

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

In early March, Hanover Community Bank (HCB) opened its second branch location in Queens and offered three competitive CDs to mark the occasion. Six months later, HBC has opened its third branch location in Mineola (Long Island) and is celebrating the Grand Opening by offering another three CDs: 15-month (1.70% APY), 29-month (1.85% APY), and 60-month (2.30%...

Continue Reading
Hanover Community Bank (NY) Celebrates With New CDs

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%...

Continue Reading
Hanover Community Bank Has 2 Holiday Savings Account Specials
Availability: Market area covers a large portion of the NYC metropolitan area, including Nassau, Suffolk, Queens, and Kings Counties, New York.

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).

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...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.