Hanover Community Bank (NYC) Offers Promo CD Rates

POSTED ON BY

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% APY). Of the three, the 15-month is the most competitive. The CDs require a $500 minimum opening deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30%--Hanover Community Bank60 Month CD
1.85%--Hanover Community Bank29 Month CD
1.35%--Hanover Community Bank15 Month CD
Accounts mentioned in this post. Rates as of October 16, 2017.

According to CSR, the Early Withdrawal Penalty for the 15-month CD is 1% of the amount withdrawn.

Relationship Savings

HCB also offered a Relationship Savings account last March that earned a competitive 1.25% APY, up to $250k. While the CDs in this new promotion have rates higher than what was offered in March, the Relationship Savings' APY has remained the same, losing its competitive edge. 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.

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 requires an in-person visit to any of the three New York branches located in Garden City Park, Forest Hills, and Mineola.

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, and not a typo) as of March 31, 2017 data. In the past year, HCB has increased its total non-brokered deposits by $37.97 million, an excellent annual growth rate of 31.27%. 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 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 $412 million.

How the CD Compares

When compared to the 288 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Hanover Community Bank’s 15-Month CD APY currently ranks fourth.

The above rates are accurate as of 9/6/2017.

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

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

Comments
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
4.00% 60-Month CD & 2.30% 18-Month CD at Hanover Community Bank in NY - Local Only
Update 1/13/10: The CD rates have fallen. Please check the bank's website for the latest rates.

Hanover Community Bank is offering three competitive CDs: a 2.30% APY 18-month CD, a 2.75% APY 36-month CD and a 4.00% APY 60-month CD. Minimum deposit is $500. These rates are listed at the top of the bank's personal banking page as of the morning of 1/12/2010.

It appears a branch visit is required to open an account. It's a small bank with one branch located at Garden City Park, New York.

The bank was just established...





Continue Reading