A program for residents in the state of Ohio who are planning to buy a home in the next five years.
Independent guide, not affiliated with the State of Ohio. See sources.
Sun Federal Credit Union pays the best rate on a $25,000 balance: 7.25% APY, worth about $1,813 in the first year. 1st National Bank advertises a higher headline of 12.00% APY, but that rate applies only to its opening tier — on $25,000 it works out to 4.02%. 29 of the 56 institutions still accepting applications publish a rate online. Use the calculator below to rank every one of them at your own balance.
— shown
| Balance | Yield |
|---|---|
| $0.01 – $2,500 | 12.00% APY (11.34% rate) |
| $2,500.01 – $5,000 | 4.00% APY (3.93% rate) |
| $5,000.01 – $100,000 | 3.02% APY (2.98% rate) |
| $100,000.01 and above | 3.23% APY (3.18% rate) |
The 12.00% headline applies only to the first $2,500. Interest compounds daily, paid monthly.
Advertised, not verified: Cinfed's page says 'Earn Up To 10% APY' but loads its tier table dynamically, so the balance breakpoints could not be captured. Treat 10% as a top-tier teaser and ask for the full schedule.
| Balance | Yield |
|---|---|
| $0.01 – $4,999.99 | 7.98% APY (7.70% rate) |
| $5,000 – $99,999.99 | 2.96% rate on the portion above $4,999.99 |
| $100,000 and above | No interest |
Blended APY ranges from 7.98% down to 3.25% as the balance grows.
| Balance | Yield |
|---|---|
| $0 – $10,000 | 7.26% APY |
| $10,001 – $50,000 | 5.26% APY |
| $50,001 – $100,000 | 3.26% APY |
Cardinal's page advertises 'up to 6.16% APY' and 'up to 6.50% APY' in banners while its rate table shows 7.26%. Ask them which is current.
| Balance | Yield |
|---|---|
| $500 – $100,000 | 7.25% APY (7.00% rate) |
Flat rate across the full balance range — one of the few that does not taper.
| Balance | Yield |
|---|---|
| All balances | 7.23% APY |
Flat rate on the whole balance. Rate date is older than most — confirm it still stands.
| Balance | Yield |
|---|---|
| $1 – $999.99 | 7.23% APY advertised / 6.05% APY in disclosure |
| $1,000 – $24,999.99 | 6.17% APY advertised / 5.05% APY in disclosure |
| $25,000 and above | 5.12% APY advertised / 4.55% APY in disclosure |
The bank's headline tiers and its own fine print disagree. Ask which schedule is in force before opening.
| Balance | Yield |
|---|---|
| $500 – $2,500 | 7.23% APY (7.00% rate) |
| $2,500.01 – $10,000 | 7.23% – 4.67% APY (3.75% rate) |
| $10,000.01 – $25,000 | 4.67% – 3.69% APY (3.00% rate) |
| $25,000.01 – $50,000 | 3.69% – 3.24% APY (2.75% rate) |
| $50,000.01 – $100,000 | 3.24% – 2.91% APY (2.55% rate) |
| $100,000.01 and above | 0.05% rate |
Variable rate. Day Air also states a $1,000 minimum to open in its disclosure — verify which applies.
| Balance | Yield |
|---|---|
| All balances | 7.229% APY (7.000% dividend rate) |
Compounded monthly.
| Balance | Yield |
|---|---|
| Up to the stated balance cap | 7.17% APY |
Rate has been effective since August 2024 — worth confirming it is still current.
| Balance | Yield |
|---|---|
| $500 minimum balance | 7.00% APY |
You must keep at least $500 in the account to earn the stated APY.
| Balance | Yield |
|---|---|
| All balances | 6.50% APY (6.314% dividend rate) |
| Balance | Yield |
|---|---|
| All balances | 6.43% APY |
Largest closing-cost credit in the program. Account must be open 90 days to qualify, and it applies to a primary-residence purchase in Ohio, not a refinance. Minimum balance is $100 for the first three years, then $500.
| Balance | Yield |
|---|---|
| $0 – $5,000 | 6.250% APY (6.078% dividend) |
| $5,000.01 – $10,000 | 5.250% APY (5.128% dividend) |
| $10,000.01 – $100,000 | 4.250% APY (4.169% dividend) |
| $100,000.01 and above | 0.050% APY |
Open to members and non-members; non-members must first establish a Kemba membership.
| Balance | Yield |
|---|---|
| All balances | 6.25% APY |
Open to existing and first-time Ohio homeowners. A different institution from Kemba Credit Union (Cincinnati).
| Balance | Yield |
|---|---|
| All balances | 6.18% APY |
The $500 bonus is deposited at opening and may be taxable as interest income on a 1099-INT. Close the account for a non-eligible reason and the bonus is clawed back. Rate is advertised on the bank's homepage rather than a dedicated program page.
| Balance | Yield |
|---|---|
| Up to $100,000 | 6.17% APY |
One of the most recently updated published rates.
| Balance | Yield |
|---|---|
| $25,000 and under | 6.00% APY (5.83% rate) |
| Above $25,000 | Lower tiered rate — ask for the current schedule |
The 6.00% applies only to the portion of the daily balance at or below $25,000.
| Balance | Yield |
|---|---|
| $100 – $10,000 | 6.00% APY |
| $10,000.01 – $100,000 | 4.00% APY |
Published rate date is old — confirm before relying on it.
| Balance | Yield |
|---|---|
| $100 – $10,000 | 6.00% APY |
| $10,000.01 – $100,000 | 4.00% APY |
Published rate date is old — confirm before relying on it.
| Balance | Yield |
|---|---|
| $0 – $25,000 | 5.500% APY (5.840% rate) |
| $25,000.01 – $100,000 | 5.50% – 2.96% APY (2.84% rate) |
Pandora's disclosure contradicts itself. The first tier prints a 5.500% APY against a higher 5.840% rate, which cannot both hold — a 5.840% rate compounds to roughly 6.00% APY. The 2.96% floor on the upper tier is likewise below what its own tier rates blend to, about 3.60% at the $100,000 cap. Confirm the schedule before relying on either figure.
| Balance | Yield |
|---|---|
| All balances | 5.50% APY |
| Balance | Yield |
|---|---|
| All balances | 5.50% APY (5.366% rate) |
Telhio's page title still advertises 6.30% APY while the rate table says 5.50%. The table is the more specific figure.
| Balance | Yield |
|---|---|
| Up to $100,000 | 5.00% APY |
Flat 5.00% on balances up to the $100,000 program cap.
| Balance | Yield |
|---|---|
| Balances above $500 | 5.00% APY |
Quest FCU membership required.
| Balance | Yield |
|---|---|
| Up to $100,000 | 4.75% APY |
Flat rate on the full balance up to the program cap. Interest compounds daily.
| Balance | Yield |
|---|---|
| All balances | 3.56% APY |
| Balance | Yield |
|---|---|
| $0 – $10,000 | 3.50% APY |
| $10,000.01 – $25,000 | 3.50% APY |
| $25,000.01 and above | 3.50% APY |
Same APY at every tier, so the rate does not taper as you save.
| Balance | Yield |
|---|---|
| Up to $100,000 | 3.30% APY |
Open to members and non-members; non-members must also open a regular share account.
Program contact email is at vanwertfederal.com.
Second program contact: morgan.davis@hvb1.com
States a $500 minimum to open and earn the APY; the rate itself is not posted.
No institutions match those filters.
An asterisk on the Treasurer's directory means "not accepting new applications"; those institutions are labelled Closed to new applications here and hidden by default. Two similarly named pairs are genuinely different institutions: Kemba Credit Union (Cincinnati) vs KEMBA Financial Credit Union (Columbus), and Farmers & Merchants State Bank / F&M Bank vs Farmers & Merchants Bank.
Branch distances are straight-line miles. Bank locations come from the FDIC's published branch coordinates; credit union locations come from NCUA branch filings placed at ZIP-code centroids, so those are accurate to a mile or two rather than to the street. Institutions with no location data are never hidden by the distance filter — they are labelled instead.
Ohio Homebuyer Plus was created by House Bill 33 of the 135th General Assembly and is run by the Ohio Treasurer's office in collaboration with the Governor's office. Formally it is a "homeownership savings linked deposit program." In practice it is a special-purpose savings account, opened at a regular Ohio bank or credit union, that carries two advantages an ordinary account does not:
The state deposits its own funds at your institution and accepts a below-market return on them. The institution takes that saved interest expense and adds it to what it pays you. You get a rate no ordinary saver could negotiate.
Two of them, in fact. Contributions come off your Ohio adjusted gross income — yours or those of certain family members — up to $5,000 per contributor per year. The interest the account earns is deductible on top of that, with no dollar cap.
You never deal with the Treasurer directly. You apply through a participating bank or credit union. They submit your eligibility information to the Treasurer's office, which approves or denies it. The account itself is an obligation of the institution, insured by the FDIC or NCUA like any other deposit — the state has no ownership interest in your money.
Accounts are individual only. Joint ownership is not allowed, and neither are LLCs, trusts, guardians, or co-signers. A married couple can each open and fund their own account and pool both at closing. You may hold only one Homebuyer Plus account at a time.
Residency is based on domicile. A non-U.S. citizen authorized to be in the U.S. permanently who has taken steps to establish domicile in Ohio can be considered an Ohio resident; someone here temporarily for college or a work assignment cannot.
Accounts opened on or after April 1, 2025 must be funded with and maintain at least $500. Accounts opened on or before March 31, 2025 are grandfathered at $100.
Once contributions reach $100,000, neither you nor a third party may add more — but interest keeps accruing past the cap.
Funds must be used for an eligible home purchase within five consecutive years of your first account approval date. Transferring banks does not restart the clock.
If you opened on or after April 1, 2025 and reach $100,000, you have only 12 calendar months to buy. Pre-April-2025 accounts keep the full five years instead.
There are no account maintenance fees. Transaction fees may still apply — for instance, wiring funds to a title company at closing.
Accounts may be transferred between participating institutions at your discretion. You close the old one and reapply at the new one; the balance should move within 90 days.
The Treasurer may terminate participation if no contributions are made for three years and the balance is under $500. You get a mailed notice and 90 days to respond.
Leave Ohio and you are no longer eligible: the account closes and enhanced interest stops. Funds not used for an eligible purchase may create Ohio tax reporting obligations.
Life happens, and the program accounts for it. If circumstances outside your control and unforeseen at account opening intervene — an employer forcing an out-of-state relocation, sudden job loss, serious illness and the medical bills that follow — you may keep all the money saved and the interest accrued.
This is the most misunderstood part of the program. ORC 5747.85 does not create one deduction — it creates two separate ones, and the dollar caps everyone quotes apply to only the first.
Capped at $5,000 per contributor, per year
Money contributed to the account comes off Ohio adjusted gross income. This is the number with limits attached: $5,000 a year per contributor per account, $10,000 for spouses filing jointly (still $5,000 each), and a $25,000 lifetime ceiling per contributor per account.
No dollar cap
The interest the account earns is separately deductible by the account owner, and the statute does not subject it to the $5,000 annual limit or the $25,000 lifetime ceiling. Those caps govern contributions only.
Why that second one matters so much here. This is the program paying above-market rates — several institutions publish 6–7% APY. Ordinarily that interest would be taxable income. Here it comes off your Ohio return with no ceiling, so the enhanced rate is worth more than the same rate in an ordinary savings account. The bigger your balance grows, the more the uncapped half is doing the work.
The two deductions do not always land on the same tax return, and that is the underused part of the program.
No 1099 is issued for withdrawals. Neither the Treasurer nor your institution generates federal or state tax reporting when you take money out. You are responsible for retaining documentation and reporting any ineligible withdrawal on your Ohio return. The Ohio Department of Taxation does receive account usage data.
This page is not tax advice. Consult a tax professional about your own situation.
The home must be classified as residential real property and qualify for the owner-occupied property tax reduction under ORC 323.152(B). If a purchase falls through after you have already withdrawn, you may re-contribute the full amount without penalty — but it must be back in the account within 90 days of the first withdrawal, with documentation.
No. There is no first-time buyer requirement. Existing homeowners buying a new primary residence in Ohio are eligible, and several institutions advertise the program specifically to repeat buyers.
No. Ohioans at any income level who meet the eligibility criteria may open an account.
No — accounts are individually owned. But two legally married individuals are each eligible to open and fund their own account, and to use funds from both toward the same home purchase. In effect a couple can shelter up to $200,000 in contributions across two accounts.
It is a statewide program. The Treasurer's guidance is explicit: contact any participating institution and ask about opening online or over the phone.
Yes. Accounts may be transferred between participating institutions at your discretion. You close the account at the old institution and reapply at the new one; the balance should transfer within 90 days. Note that your five-year clock runs from your earliest account opening date — transferring does not reset it.
Only if the home is ready to be occupied. You may buy a pre-existing home or a newly built one that is complete. You may not use the funds to buy vacant land to build on, or to make construction loan payments — in both cases there is no home ready to occupy.
At the end of the five years (or the 12-month window if you hit the balance cap on a post-April-2025 account), the institution closes the account and either returns the funds or moves them into an ordinary account in your name. The closure may be reported to the Ohio Department of Taxation, and funds not used for eligible withdrawals may create Ohio tax reporting requirements and possible liabilities.
Yes. Balances are an obligation of the institution and are deposit insured — FDIC for banks, NCUA or private share insurance for credit unions — generally up to $250,000 per depositor per institution in the same ownership capacity. The Treasurer's office holds no ownership interest in your account.
Two reasons. First, half the formula — the Current Savings Rate — is set by each institution independently, so they compete. Second, tiering: a headline "up to 12.00% APY" may apply only to the first $2,500, with the rest of your balance earning around 3%. An institution paying a flat 5% on the whole balance can easily beat a flashier tiered offer once you have real money saved. Read the tier tables in the comparison above.
Yes, and it is one of the better-kept features of the program. A parent, spouse, sibling, stepparent, or grandparent may contribute and claim the Ohio deduction on their own return, up to $5,000 per year each. They will not get a year-end statement, so they need to keep their own records. Note the split: they deduct what they contribute, while you — the account owner — deduct the interest the account earns.
No, and this is the most common misreading. ORC 5747.85 creates two deductions. The $5,000 annual and $25,000 lifetime caps apply to contributions only. The interest the account earns is deductible separately by the account owner and the statute does not subject it to either cap. Since this program pays above-market rates, that uncapped second deduction is a large part of the benefit — and it grows as your balance does.
Rates, tier tables, effective dates and incentives were read from each institution's own public Homebuyer Plus page; each row links to its source. Institutions that render rates via JavaScript-loaded widgets or publish nothing online are marked "Not published — call." Branch coordinates come from the FDIC BankFind locations API for banks and NCUA credit union branch filings for credit unions, with ZIP centroids from the U.S. Census 2024 ZCTA Gazetteer.
Program questions go to the Treasurer's office: CDprograms@tos.ohio.gov · 1-800-228-1102