Last Updated: 04/18/2025
Hanover Bank Elite High Yield Personal Money Market
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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
5.04%(Verified 08/02/2024)
Minimum Balance to Earn APY
$5,000
Minimum Opening Deposit
Starting at $0
Hanover Bank Elite High Yield Personal Money Market Review
Hanover Bank Elite High Yield Personal Money Market is offered by Hanover Community Bank, a bank founded in 2009 and based in Mineola, NY. Hanover Bank Elite High Yield Personal Money Market are available in 50 states and Washington, DC.
Key Takeaways
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 5.04%, which is much higher than the national average for a money market account. However, you must keep a minimum balance of $5000.
- $0 monthly account fees available. This account charges a monthly fee of up to $10, but the fee may be waived if you keep a minimum balance of$5,000.
- No minimum initial deposit. There is no minimum balance required to open an account.
Pros & Cons of Hanover Bank Elite High Yield Personal Money Market
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Hanover Bank Elite High Yield Personal Money Market FAQ
Are money market accounts from Hanover Community Bank federally insured?
Yes, your Hanover Community Bank money market accounts 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 are the interest rates for Hanover Bank Elite High Yield Personal Money Market rates?
| Rates | Amount |
| APY | 5.04% |
Hanover Bank Elite High Yield Personal Money Market offers an APY of up to 5.04% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a balance of $5000. This is higher than the typical APY for online-only checking accounts, which is around 1% APY.
What are the fees for Hanover Bank Elite High Yield Personal Money Market?
This account charges a monthly maintenance fee of up to $10. You can avoid this fee by maintaining a balance of $5,000.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monthly Service Fee | $0 - $10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum balance for Hanover Bank Elite High Yield Personal Money Market?
No minimum initial deposit. Hanover Community Bank does not require a minimum initial deposit to open an account.
Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $5,000.
Interest rate minimum balance of $5,000. You must keep the account balance above $5,000 to earn interest.
What features and perks does Hanover Bank Elite High Yield Personal Money Market offer?
This account includes the following features:
- Mobile Banking Services - Hanover Bank Elite High Yield Personal Money Market allows you to manage your money through online banking and a dedicated mobile app.
What is the customer service phone number?
The customer service number for this account is (866) 541-2431.
What is the support contact email?
The support contact email for this business credit card is contact1@hanoverbank.com.
How to open an account with Hanover Community Bank
- Visit the Hanover Community Bank website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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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