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[Best savings and money market rates] Ohio SaveNOW Savings Account Program Min. 3.25% Ohio Treasury Of State

By , February 21, 2010
http://www.tos.ohio.gov/index.php/li...posits/savenow


SaveNOW is the first program in the nation to use a State Treasury’s linked deposit authority to offer bonus interest on savings accounts for citizens.

Many Ohioans lack a financial safety net to cope with life’s unexpected events. The Ohio Treasury and partnering banks are offering SaveNOW, a savings account with 3.25% bonus interest partnered with financial education, to improve the financial health of Ohioans and their families.

How it Works
How it Works When participating banks agree to offer an interest bonus of at least .25% on a new savings account, the Treasury offers an additional 3% interest bonus. The bonus interest is made possible when the Treasury places a deposit at the bank and the interest earned on the investment is passed on to the saver as a 3% interest rate bonus at the end of one year.

Benefits
There are plenty of great benefits to offering the SaveNOW program at your bank:

Encourages customers to open new savings accounts.
Offers a large deposit banks wouldn’t otherwise access
Creates community goodwill during economic stress.
Opportunity to participate in the first program of its kind in the nation.

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