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Hanover Community Bank Review

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Hanover Community Bank Savings
1.00% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2009, Hanover Community Bank has assets totaling $541 million as well as $398 million in deposits, which makes it a medium-size bank. Hanover Community Bank, whose headquarters are in Garden City Park, New York, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 out of 5 stars, Hanover Community Bank should be solidly in contention for your choice of bank. Hanover Community Bank provides customers with a complete choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Hanover Community Bank's standard checking does not have a monthly charge. Banks that offer free checking, in addition to a high interest rate savings account are your best bet for returning the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

5.0
SmartAsset Average: 3.5

Hanover Community Bank features a savings rate of 1.00%, which is fair in comparison to other U.S. banks. Hanover Community Bank's one-year CD has a rate of 2.30% and the five-year CD earns at a rate of 2.80%, while its highest-yielding money market account earns at an APY of 2.00%. Given Hanover Community Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Hanover Community Bank's Savings Rates Compare

Hanover Community Bank Savings 1.00 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Hanover Community Bank has typically extremely low fees compared to the average U.S. bank. With no monthly fee, Hanover Community Bank's checking account is perfect for people who want an easy banking experience. Hanover Community Bank unfortunately does not refund out-of-network ATM charges, which means you will be required to locate a Hanover Community Bank ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Hanover Community Bank is a brick-and-mortar bank, with three total bank locations in New York. With mobile and web apps, Hanover Community Bank makes account access straightforward, even on the go. You can access Hanover Community Bank's mobile app to control your funds by looking at current statements, transferring money and accessing customer service. Hanover Community Bank gets a superb consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Hanover Community Bank ranks as a medium-size bank with assets totaling $541 million and deposits totaling $398 million. Hanover Community Bank has an excellent Texas Ratio of 0.00%, indicating that the bank is in excellent financial well-being and far from failure. Additionally, Hanover Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Hanover Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 1.0% APY $1
Checking Account 0.15% APY $500
Certificates of Deposit
  • 12 Month: 2.30% APY
  • 24 Month: 2.40% APY
  • 36 Month: 2.45% APY
  • 60 Month: 2.80% APY
$500 for all terms
Money Market Account 2.0% APY $2500

Hanover Community Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Hanover Community Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Hanover Community Bank's CD rates are fair compared to the national average.

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Find a Hanover Community Bank Near Me

Hanover Community Bank has three physical locations in the U.S.

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