Hanover Bank Substantially Raises 18-Month CD Rate

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.

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According to CSR, the Early Withdrawal Penalty for any of the CDs is 1% of the amount withdrawn, with partial withdrawals allowed.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 46^th 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.