Ohio SaveNow 3% Savings Account
We last looked at the Ohio resident program offered by the State, called SaveNow, back in 2011. At that time, the State of Ohio introduced the SaveNow program and offered residents a locked 3.25% savings account. Residents were also allowed to partake in the program every other year. Since the programs introduction, it now offers a comparable program with slightly different terms.
Here are a couple of key things to note:
1) Individuals must be an Ohio resident
2) One account per person.
3) Must have an email address to participate.
4) No age restrictions to participate (i.e. you are able to open plans for your children as a custodial account).
5) The money goes into an interest bearing savings account.
6) No fees, minimum deposit, or balance requirements.
7) The 3.00% interest rate is only paid on balances up to $5,000. In this market, that is a nice rate of return. Plus you have the knowledge that the money is at least liquid if you do need to get at it, compared to a CD.
8) You will need to complete an educational survey to receive the interest rate bonus.
Participating Banks include:
Fahey Bank
First National Bank
Interest rate bonus will be deposited in the 13th and 25th months of participation in the program.
Save Money, Travel More!
Source: InACents
