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Savings

Part of any successful business involves saving money for future growth. Put money back into your business the smart way with valuable Savings and Investment tools.

Tiered Interest Rate
Business Money Market Account

HCB's Business Money Market Account, which offers a higher rate of return than our Business Checking Accounts. It's more liquid than a Certificate of Deposit and remains available to you in case of emergencies.

  • $5,000.00 minimum balance to open account
  • $5,000.00 minimum daily balance to earn interest
  • Tiered interest rate based on balances maintained
  • Interest Compounded daily and paid monthly
  • $10.00 fee if daily balance falls below $5,000.00 any time during cycle
  • 10 deposited items free $.20 per item thereafter
  • Excessive transaction charge of $20.00 per check over six checks allowed during cycle

Tiered Interest Rate
Municipal Money Market Account

Designed for municipalities, our Municipal Money Market Accounts earn a market rate of interest with tiered interest rates based on balances. No service charges are assessed.

  • $5,000.00 minimum balance to open account
  • $5,000.00 minimum daily balance to earn interest
  • Tiered interest rate based on balances maintained
  • Simple Interest paid monthly
  • Excessive transaction charge of $20.00 per check over six checks allowed during cycle
  • To meet the needs of Municipalities

Tiered Interest Rate
Business Statement Savings Account

Enjoy our competitive Tiered Interest Rates if your average daily balance is $500.00 or above. Interest is paid monthly.

  • $500.00 minimum balance to open account
  • $500.00 minimum daily balance to earn interest
  • Tiered interest rate based on balances maintained
  • Interest compounded daily and paid monthly
  • $5.00 fee if daily balance falls below $500.00 any time during cycle
  • $1.50 charge for each withdrawal in excess of six any time during cycle

Interest on Lawyer Account or IOLA Accounts

Hanover Community Bank is a participant in the New York State Interest on Lawyer Account Program known as IOLA. New York State attorneys or law firms holding qualified client funds must participate in the Interest on Lawyer Account Program by establishing an IOLA account in a bank offering the service. This account is for funds received by an attorney on a client's behalf which, in the judgment of the attorney are too small in amount or will be held for too short a period of time to generate sufficient interest to justify the opening of an individual attorney trust account. These funds are used to help finance legal counsel for the state's poor, elderly, disabled, or disadvantaged residents and programs for the Administration of Justice. There is no fee for checks, debit transactions or monthly maintenance.

  • No Service Charge
  • Simple interest is paid on a 365 day year base
  • Interest remitted Monthly to the NY State IOLA Fund

Attorney Escrow Management Account

Escrow management account lets you transact business for your clients without unnecessary monthly fees. Sub-Accounts can be maintained separately.

  • No monthly service charge
  • Record keeping and tax reporting handled by our system
  • Monthly statements for all sub-accounts
  • Simple interest is paid on a 365 day year base

Landlord Tenant Security Account

One account system for all security deposits simplifies your accounting procedures and at the same time will pay you a management fee.

  • All deposits are maintained in individual sub-accounts and are tracked separately.
  • $500.00 minimum balance to open account.
  • No minimum daily balance to earn interest.
  • 1% Management fee remitted from interest earned. Balance paid to tenants.

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