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Ohio Homebuyers Plus: Gain New Customers & Grow Deposits

February 19, 2024


There’s been plenty of buzz around the new Ohio Homebuyers Plus program, which Governor Mike DeWine, Lt. Governor Jon Husted, and Treasurer Robert Sprague rolled out in late 2023. This state sponsored banking product has some serious potential to get residents in a homebuying mindset-which in turn will drive business to participating banks and credit unions. 

The Nuts and Bolts

1. How does the program work?

Potential applicants must locate a participating financial institution and formally apply for a savings account through Ohio Homebuyers Plus. If all eligibility criteria is met, the application will be approved. At that point, the Ohio Treasurer’s office will make a deposit at a below-market rate with the bank or credit union-who then uses the interest generated by the Ohio Treasurer’s deposit to provide the accountholder with an enhanced interest rate on their savings account.

Further, Contributions by the homebuyer or certain family members may be tax deductible from the contributor’s Ohio income tax.

Current Net Premium Interest Rate – 2.59%

The Net Premium Interest Rate is the enhanced interest rate available through the Ohio Treasurer’s office. Additional interest rate enhancements may vary by financial institution. The Net Premium Interest Rate is updated on a quarterly basis.

2. Who is eligible to participate?

To qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an eligible accountholder must:

  • be a resident of the State of Ohio
  • be at least 18 years of age
  • have a primary residence in the State of Ohio
  • only use the account proceeds toward the down payment or closing costs of a home purchase in Ohio

Accounts connected with Ohio Homebuyer Plus must be used within five years, maintain a minimum balance of at least $100, and cannot exceed a maximum balance of $100,000.

3. How does a bank or credit union participate in the program?

A financial institution located in the state of Ohio who wants to participate in the Ohio Homebuyers Plus program should start by emailing [email protected] to get started.

A Win-Win for All Parties

Participating in a government funded program, such as Ohio Homebuyers Plus, is mutually rewarding for all parties involved. More savings accounts with better rates that lead to a more active housing market, has state-wide benefits.

Help with Ohio Homebuyer Plus Program

CSH’s fully dedicated financial institution team offers best-in-class solutions and is fully committed to helping our clients navigate new opportunities. Whether it be opportunity-spotting new programs, helping you with implementation or navigating the future requirements from the OH State Treasury Department, we aim to be your most trusted advisor. Don’t hesitate to reach out and learn more about how we can partner with your institution.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.


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