Posted by William Charles on November 20, 2016
Savings Accounts

Published on November 20th, 2016 | by William Charles

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[Expired]Ohio SaveNOW Program: An Additional 3% APY On Balances Up To $5,000

According to this comment this program has been discontinued.

Reader William L sent me some information regarding Ohio’s SaveNOW program. I’d never heard of it before, so I thought I’d do some research and give my thoughts.

The Basics

The Ohio Treasurer’s Office has partnered with six participating financial institutions to offer the SaveNOW program. The idea is to allow people to build a safety net by saving a portion of their income. Ohoians enrolled in the program will receive the following:

  • 3% interest rate bonus on the account’s average daily balance of up to $5,000 for a two year time period

In addition to this 3% bonus interest rate, you’re also given some financial education during the program and at the end of the two year period you’re given a quick test. There are no income restrictions, so the offer is available to everybody.

Participating Banks

The following banks are listed as participating in this program:

When you sign up for this account you need to get your banker to enroll you in the program, chances are the banker will have no idea what you’re talking about so I’d recommend calling ahead of time so they can research it for you first.

Our Verdict

I’d be interested in hearing more about this program from a reader who has completed it recently (reader William L that mentioned it to me completed it back in 2009). I’m surprised that the participating banks don’t make it clearer to Ohio residents that this program is available, as 3% APY with no requirements is by far the best basic savings account and competitive with the rewards savings/checking accounts as well.

 



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Steve
Steve

Nice find btw. I’m going to do this this week. Curious what happens if you open one account at each banks for the max.

Dan
Dan

I completed it before with PNC. No issues. You really have to persuade the banker though – most have no clue what this is.

Kevin
Kevin

Did you have to go into a branch? Wondering if calling in would be possible…

Jim
Jim

So OH only?

Chris
Chris

This is dead per Ohio treasury: “Good Morning Mr. Colo,

Thank you for contacting the office of State Treasurer Josh Mandel. The SAVE NOW program was suspended in September of 2013, and final interest payments were distributed in 2015.

We have no plans at this time to reopen the program for new enrollments.

If you have any additional questions, please let me know.

Sincerely,

Lizz Lewis

From: noreply@tos.ohio.gov [mailto:noreply@tos.ohio.gov]
Sent: Sunday, November 20, 2016 11:34 PM
To: Constituent Affairs
Subject: ASK JOSH Question from TOS Website”

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