Compound Interest Calculator
CD 15-month Account from Hanover Community Bank with 3.50% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 15-month Account from Hanover Community Bank with 3.50% APY and $500 minimum deposit 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 $28,212. The interest earned would be $8,212 and the tax amount on the interest earned would be approximately $2,464.

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
$5,442 over 10 years
Cash Savings $20,000
Average Interest Earned $307

 
Hanover Community Bank Interest Earned $5,748

 

 

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:
0.22%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 43 30
2 20,043 43 30
3 20,087 44 31
4 20,130 44 31
5 20,174 44 31
6 20,218 44 31
7 20,262 44 31
8 20,306 44 31
9 20,350 44 31
10 20,394 44 31
TOTAL: $438 $307

Hanover Community Bank Scenario

Rate:
3.50%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 700 490
2 20,700 725 507
3 21,425 750 525
4 22,174 776 543
5 22,950 803 562
6 23,754 831 582
7 24,585 860 602
8 25,446 891 623
9 26,336 922 645
10 27,258 954 668
TOTAL: $8,212 $5,748

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
December 1, 2023 3.50%
November 24, 2023 4.25%
October 11, 2023 4.60%


Featured CD Rates

ONLINE BANKS APY? MIN?

5 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: ↓0.15% on May 13.
3 Month CD.

Last change: ↑0.09% on March 12.
6 Month Jumbo CD.

Last change: ↓0.05% on May 9.

Last change: ↓0.36% on March 12.
Early Withdrawal Penalty is 3 months interest.



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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