Ohio Residents SaveNow 3.25% Interest Rate Savings Account

I just happen to stumble upon this deal on my local governments website. The program is run through the State of Ohio Treasury Department. The program is called SaveNow, and they are offering a 3.25% interest rate at the end of one year for participants in the plan (3% from the Treasury and 0.25% from the bank).

There is a bunch more information on the fact sheet that was circulated around the State.
2011SaveNOWfactsheet

Here are a couple of key things to note:

1) Individuals must be an Ohio resident
2) One account per person, and only once every other year.
3) Must have an email address to participate.
4) No age restrictions to participate (i.e. you should be able to open plans for your children).
5) The money goes into an interest bearing savings account.
6) No fees, minimum deposit, or balance requirements. However, the next line says there is a minimum $500 individual deposit, so I am not quite sure how that means no minimum deposit.
7) The 3.25% interest rate is only paid on balances up to $5,000. Still at the end of the year, 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.
8) After 10 months, you will need to complete a survey to receive the interest rate bonus.

Participating Banks include:
PNC Bank

First National Bank

Wayne Savings Bank

CF Bank

Unfortunately, there is not an online application; you need to visit a participating bank to open an account.

All bonus money will be deposit into the participants accounts no later than one month after the program completion (i.e. the 13 month).