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Ohio giving savers 3% extra APR to encourage saving
Old 04-04-2009, 12:17 AM   #1
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Ohio giving savers 3% extra APR to encourage saving

My state has begn a program to encourage people to save. Put money in a participating bank (up to $5000), agree to read state-provided literature on financial literacy issues, take and pass a test at the end of a year, and get an extra 3% interest on your money. The banks also kick in .25% above their normal passbook rate, for a total incentive of 3.25% (on top of the regular microscopic rate). Could be worth about $130 extra after a year.

A link with more info.

Our tax dollars at work. Well, it's far from the dumbest thing I've seen. During the press conference announcing the program a reporter asked if this new program wasn't contrary to messages from Washington urging citizens to spend more to stimulate the economy. The State Treasurer noted that it is still very important that people spend their money, and that this modest program is just designed to help people establish a rainy day fund.

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Old 04-04-2009, 07:24 AM   #2
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Thanks, samclem. My mother lives in Ohio and banks with PNC (which acquired her accounts at NCC), although I don't know if she will want to bother with the evaluation (but perhaps for an extra $162.50 she will).

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Old 04-04-2009, 06:16 PM   #3
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I think this would be a great program to initiate next time. Unemployment dips below 5%, and boom times are here. Right now I don't think it is contrary to a stimulus program.
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Old 04-05-2009, 10:28 AM   #4
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Ah that help explains why Ohio has a horrible tax bite. Of course I havent lived their since Celeste.
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Old 04-05-2009, 03:52 PM   #5
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Thanks Samclem! I've been moaning about the steady drop in ING interest. I will definitely be checking this out.
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Old 04-06-2009, 09:37 AM   #6
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A little more info -


Ohio Treasurer Kevin L. Boyce Launches SaveNOW Bonus Program

I don't see a start date of when these will be available.

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