Last Updated: 04/18/2025
Hanover Bank Certificates of Deposit
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in CD Accounts from Hanover Community Bank
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
3.00% - 5.00%(Verified 06/21/2024)
Minimum Opening Deposit
Starting at $500
Certificate Term
- 3 months
- 6 months
- 12 months
- 13 months
- 15 months
- 18 months
- 2 years
- 3 years
- 5 years
Hanover Bank Certificates of Deposit Review
Hanover Bank Certificates of Deposit are offered by Hanover Community Bank, a bank founded in 2009 and based in Mineola, NY. Hanover Bank Certificates of Deposit are available in 50 states and Washington, DC.
Key Takeaways
- Only one CD type available. Hanover Bank Certificates of Deposit only offers traditional CD accounts.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 5.00%, which is much higher than the national average for a CD account.
- $500 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
- Wide selection of CD terms. Hanover Bank Certificates of Deposit allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Hanover Bank Certificates of Deposit
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Hanover Bank Certificates of Deposit FAQ
Are CD from Hanover Community Bank federally insured?
Yes, your Hanover Community Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What types of CDs does Hanover Community Bank offer?
Hanover Bank Certificates of Deposit provides the following types of CDs.- Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
What rates does Hanover Community Bank offer on its CDs?
Hanover Bank Certificates of Deposit offers an APY starting at 3.00% and ranging up to 5.00%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.
What terms does Hanover Bank Certificates of Deposit offer?
Hanover Community Bank offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Month APY | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 4.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 3.00% - 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 15-month APY | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 18-Month APY | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 13-Month APY | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with Hanover Community Bank?
Hanover Bank Certificates of Deposit require a minimum deposit of $500 to open an account.
What is the grace period for Hanover Bank Certificates of Deposit?
Hanover Bank Certificates of Deposit does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Hanover Community Bank charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.
Hanover Community Bank charges an early withdrawal fee.
Hanover Community Bank does charge any of the fees we track.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:00PM
Saturday
Closed