Life is full of the unexpected. Use SaveNOW as a tool to establish and build a financial safety net so that the next time you have an unexpected expense, you can use your savings account and not go into debt. Also, think about how SaveNOW can help you in teaching your children or grandchildren about the importance of saving money and compound interest. If financial education for young people is your goal, please also make sure to review other Ohio Treasury financial education resources
and our Money Matters 101
Here is more about how to become a SaveNOW saver! Who is Eligible for SaveNOW?
Ohio residents are eligible to become savers. You can start out small, with no minimum balance required, and gradually increase your contributions. The main goal is to save! There is no age requirement to participate. However, certain restrictions may apply for custodial accounts for minors at each participating bank. How to Become a Saver:
How does My SaveNOW Account Work?
- To apply, a saver opens an interest-yielding savings account at a participating bank, applies for the SaveNOW participation, and completes the initial financial education survey.
- Once approved, the saver will receive financial education newsletters throughout the two-year period.
- At the end of the second year, the Saver completes the second financial education survey.
- At the end of each year of participation, the Saver receives a 3% interest bonus on the average daily balance over the prior year.
- After the end of the two-year SaveNOW program, the savings account will return to the bank’s market rate.
- SaveNOW accounts are opened through participating banks. Click here for a complete list of participating banks.
- SaveNOW accounts have no fees and no minimum balance requirements
- SaveNOW accounts have a single daily deposit limit of $500, except for lump-sum payments such as a tax return, insurance settlements or inheritance payments.
- SaveNOW accounts earn the 3% bonus-interest rate at the end of each year based on your average daily balance.
- SaveNOW accounts are eligible to receive the interest-rate bonus on up to $5,000. Account balances greater than $5,000 will receive an interest rate determined by the bank.
- SaveNOW participation is limited to two years, and limited to one account per person.