Last Updated: 01/14/2026
Hanover Bank Money Market Deposit Account
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Last Updated: 01/14/2026
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Highlights
APY (Annual Percentage Yield)
3.9%(Verified 11/25/2025)
Minimum Balance to Earn APY
$1
Minimum Opening Deposit
Starting at $1
Hanover Bank Money Market Deposit Account Review
Hanover Bank Money Market Deposit Account is offered by Hanover Community Bank, a bank founded in 2009 and based in Mineola, NY. Hanover Bank Money Market Deposit Account are available in 50 states and Washington, DC.
Key Takeaways
- Earn up to $1,500 in cash bonuses. Start your savings journey this January with promo code HEADSTART — available for new customers only.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.9%, which is much higher than the national average for a money market account. However, you must keep a minimum balance of $1.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Small minimum initial deposit. You only need $1 to open an account.
Pros & Cons of Hanover Bank Money Market Deposit Account
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Hanover Bank Money Market Deposit Account FAQ
Are money market accounts from Hanover Community Bank federally insured?
Yes, your deposits are insured 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 Money Market Deposit Account rates?
| Rates | Amount |
| APY | 3.9% |
Hanover Bank Money Market Deposit Account offers an APY of up to 3.9% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a balance of $1. This is higher than the typical APY for online-only checking accounts, which is around 1% APY.
What are the fees for Hanover Bank Money Market Deposit Account?
Hanover Bank Money Market Deposit Account does not charge a monthly maintenance fee.
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| Monthly Service Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum balance for Hanover Bank Money Market Deposit Account?
Minimum deposit of $1. You must make an initial deposit of at least $1 to open this account.
Interest rate minimum balance of $1. You must keep the account balance above $1 to earn interest.
What features and perks does Hanover Bank Money Market Deposit Account offer?
This account includes the following features:
- Mobile Banking Services - Hanover Bank Money Market Deposit Account 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