Compound Interest Calculator
CD Account from Hanover Community Bank with 4.50% APY



Use or Change These Amounts and Rates

The product CD Account from Hanover Community Bank with 4.50% APY and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $31,059. The interest earned would be $11,059 and the tax amount on the interest earned would be approximately $3,318.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account

The Results for Hanover Community Bank

Savings Boost of
$6,943 over 10 years
Cash Savings $20,000
Average Interest Earned $798

 
Hanover Community Bank Interest Earned $7,742

 

 

See comparison detail table

This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.56%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 111 78
2 20,111 112 78
3 20,223 112 79
4 20,335 113 79
5 20,449 114 80
6 20,562 114 80
7 20,677 115 80
8 20,792 116 81
9 20,907 116 81
10 21,023 117 82
TOTAL: $1,140 $798

Hanover Community Bank Scenario

Rate:
4.50%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 900 630
2 20,900 941 658
3 21,841 983 688
4 22,823 1,027 719
5 23,850 1,073 751
6 24,924 1,122 785
7 26,045 1,172 820
8 27,217 1,225 857
9 28,442 1,280 896
10 29,722 1,337 936
TOTAL: $11,059 $7,742

Take Action

The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.


Recent Rate Changes



Date APY
March 14, 2024 4.50%
December 22, 2023 4.75%
December 1, 2023 5.00%
October 11, 2023 5.35%
September 8, 2023 5.15%
September 1, 2023 5.00%
August 20, 2023 3.00%


Featured CD Rates

ONLINE BANKS APY? MIN?

6 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%.

Last change: ↑0.46% on December 15, 2023.
3 Month CD.

Last change: ↑0.60% on April 19.
Warning: Early Withdrawal Penalty is 12 Months interest.

Last change: ↑0.20% on September 8, 2023.
6 Month CD.

Last change: ↓0.05% on March 15.
3 Month CD.



Customer Reviews for Hanover Community Bank


  • February 5, 2020 |

    The employees of this bank are helpful but the bank's systems and procedures for obtaining your account information STINK. If you want a bank that provides you quarterly (or even annual) statements by mail for your accounts, there are none provided here. It is "do it yourself" banking, like dealing with an Internet-only bank. You have to print out your own "statements" and their system keeps changing at least once per year for the detail you can actually print. If you don't login at least once every 3 months, your online account access is cancelled even though you still have active accounts. You then have to "re-enroll" for access all over again. The "re-enroll" activation process can't be completed successfully using Windows 10 browser (the website doesn't tell you that) --you have to use Google Chrome or something else. Right now in the "latest" version of the ever-changing software, all you can print is the total balance in each account, not the detail of monthly activity. So I am supposed to do it myself yet can't get decent detail information in hard copy. NOT ACCEPTABLE. If you want to deal with a true Internet bank, go for it elsewhere. At least in that case you should be able to print out full detail and they won't delete your access just because you haven't logged in recently. When my current CDs at Hanover mature, the money will be going somewhere else.

  • July 17, 2016 |

    I am pleased with your conservative approach to banking. Thank you!


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