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 this week, when 25 bps were added.
The minimum opening deposit is $2.5k, which is also the minimum balance level to earn the stated APY. Balances below $2.5k do not earn any interest and will assessed a $10 monthly maintenance fee.
As a “true” money market account, the VIP PMM has check writing ability and an ATM card is available upon request. There is a $10 excess transaction fee for each withdrawal beyond the six allowed per month.
When I first saw the VIP PMM's new rate, I was a bit hesitant to write about it, because local MMA deals tend to be rate teasers with rates that just don’t hold up. The Bank’s other MMA (Personal Money Market Account) has a noteworthy history: from 2014 to 2017, it offered a fairly competitive rate (0.95%), while internet bank Savings/MMA rates topped out in the low 1% range. HCM may now be focusing on the VIP PMM rate, letting the Personal MMA rate remain static.
Headquartered in Garden City Park, New York (Long Island), 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.
A VIP Personal Money Market account can be opened at any of the three New York branches, located in Garden City Park, Forest Hills, and Mineola.
HCB’s online banking platform is currently limited to account management and bill payment services.
Hanover Community Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on March 31, 2018 data. In the past year, HCB has increased its total non-brokered deposits by $95.83 million, an excellent annual growth rate of 30.86%. Please refer to our financial overview of Hanover Community Bank (FDIC Certificate # 58675) for more details.
Hanover Community Bank opened its doors in 2009, with the Asian Indian community as 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." In a press release dated August 16, 2016, the Bank announced,
the completion of its proposed holding company reorganization effective as of the close of business August 10, 2016. As part of the reorganization, Hanover Bancorp, Inc. has become the parent of the Bank, and Bank shareholders will receive shares of the Company in exchange for their shares of bank common stock.
How the VIP Personal Money Market Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available within the Bank’s market area and are not limited by low balance caps, Hanover Community Bank’s VIP Personal Money Market APY currently ranks third.
The above rates are accurate as of 8/24/2018.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.