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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

Hanover Community Bank started in 2009 and has its headquarters in Garden City Park, New York. Hanover Community Bank handles assets of $541 million along with $398 million in deposits, which makes it a medium-size bank. Hanover Community Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We ranked Hanover Community Bank at a 4.4 out of 5 stars, suggesting it is a great choice and should warrant serious consideration. Hanover Community Bank offers the complete slate of product offerings, 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 ordinary checking account does not have a monthly fee. Institutions that offer free checking as well as a high savings APY are your best option for returning the most income from 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 has a savings rate of 1.00%, which is poor in comparison to the national average. Hanover Community Bank's CD rates are 2.55% and 2.90% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 2.00%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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 charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Hanover Community Bank's checking account is ideal for those who need a hassle-free checking account. Hanover Community Bank does not refund out-of-network ATM charges, meaning you'll need to search for a Hanover Community Bank ATM or eat the ATM charge.

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. It also offers access to mobile and web apps for straightforward access and banking on the go. Hanover Community Bank's mobile app allows you to control your funds by checking current statements, sending and receiving money as well as reaching support representatives. Hanover Community Bank gets an excellent consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is currently a medium-size bank and handles $541 million in assets as well as deposits totaling $398 million. Its Texas Ratio is 0.00%, indicating that Hanover Community Bank is in outstanding financial condition and unlikely to fail. 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: 2.55% APY
  • 24 Month: 2.80% APY
  • 36 Month: 2.85% APY
  • 60 Month: 2.90% APY
$500 for all terms
Money Market Accounts 2.0% APY 2.0% APY $10000 $15000

Hanover Community Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Hanover Community Bank does not have the best savings rate, which means you should consider taking a look 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 in comparison to the national average.

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Find a Hanover Community Bank Near Me

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

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