Earn $162.50 by investing in Ohio savings program

By Marc Kovac

COLUMBUS — Want to earn an extra $162.50, just for stashing money away for a rainy day?

That’s the total Ohioans could snag if they met the maximum savings account goals that are part of a new state program aimed at helping people make better financial decisions.

State Treasurer Kevin Boyce and his predecessor, Attorney General Richard Cordray, unveiled the SaveNOW program at a press conference near the Statehouse Thursday.

The treasurer’s office has partnered with four banks — PNC/National City, Wayne Savings in Wooster, Liberty Savings in Wilmington and MainSource Savings in Troy — to offer a cash bonus payment for eligible savers.

Here’s how it works: Ohioans sign up at one of the participating banks for a SaveNOW savings account, which carry no fees or minimum balances.

Participants must be Ohio residents, and single deposits are capped at $500.

“They’re going to learn the habit of saving through this program, which is very important,” Cordray said. “And we’ve lost that habit that my grandparents and parents had, especially those who grew up during the Depression.”

Participants then will spend the next year receiving newsletters (via electronic mail or on the Internet) covering mortgages, credit, household and other financial literacy issues.

At the end of the year, they’ll complete assessments showing what they learned.

“First and foremost, this is about smart money choices,” Boyce said. “Each of us goes about our daily lives making decisions everyday on our finances. Sometimes we’re not equipped with the tools to understand all the things we need to make good choices.”

Those who complete the course will receive a one-time bonus interest payment of 3.25 percent, based on the average monthly balance on their accounts.

Standard savings accounts currently carry an annual percentage yield of 0.15 percent or less, according to National City.

The maximum payout for the bonus payment is set at $162.50, as opposed to the $7.50 an account holder would earn for keeping $5,000 in a standard account for 12 months, according to National City.

Kay Geiger, PNC regional president of the Southern Ohio/Cincinnati, added in a released statement, “By offering the SaveNOW enhanced-interest-rate program in all of our bank branches across the state of Ohio, we are empowering our customers to build their financial wealth and acumen for success today and in the future.