7.50% APY* Ohio Homebuyer Plus Savings Program

Saving for a home in Ohio just got easier.

*Annual Percentage Yield is accurate as of August 19, 2024 and is subject to change after account opening. This account has a minimum of $100 to open with a maximum contribution limit of $100,000. This is a variable rate account, and the rate is subject to change at any time. The account can be open for a maximum of 5 years. Program may be discontinued at any time.

FCBank, in conjunction with the Ohio Treasurer’s office, is pleased to offer the Ohio Homebuyer Plus Savings Program, helping Ohioans grow their savings faster for future home purchases. Ohio Homebuyer Plus offers specialized, tax-advantaged savings accounts for Ohioans to use on their homebuying journey. Individuals who open an account will have access to above-market interest rates and may also qualify for certain Ohio state income tax deductions.

Get started at your local FCBank office

Special Interest Rate

Exclusive Interest Rate

7.50% APY*

Earn a premium rate as you save to purchase a home in Ohio.

Tax Savings Benefit

Up To $25,000

You may qualify for certain Ohio state income tax deductions, up to $25,000. Please consult your tax advisor to discuss your situation.

Eligibility:

Resident of the State of Ohio
At least 18 years of age
Primary residence in the State of Ohio
Only use the account funds towards the down payment, eligible expenses or closing costs of a home purchase in Ohio
Homebuyer must review, understand, and adhere to the terms outlined in the programs Participation Statement.

Account Features:

$100 minimum balance to open and earn interest
Account may not exceed a balance of $100,000
Grow your savings with additional contributions and interest up to five years.
Total account balance must be used within five years of account opening on qualified home purchases.

Fast-track your homebuying journey

Ohio Homebuyer Savings Program is a unique opportunity for aspiring homeowners.

Whether you’re a first-time homebuyer or looking to upgrade, this program can make a significant difference in your journey toward homeownership.

Review the Ohio Homebuyer Plus Participation Statement

Ask your banker how you can earn up to $500 off closing costs with your new mortgage through FCBank’s Homebuyer Plus Program.

Get started at your local FCBank office

Or use this form and we will reach out to you within two business days with next steps to open your account.

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Have Questions? We Have Answers.

Learn more about this savings program like eligibility, potential tax benefits, and how FCBank can help you reach your homeownership goals sooner with these Frequently Asked Questions below.

Are there any income requirements to open an Ohio Homebuyer Plus savings account?

No. Ohioans at any income level who meet the eligibility requirements may open an account through the Ohio Homebuyer Plus program.

Can anyone other than me take a tax deduction for contributions made to my account?

Yes. The state income tax deduction for account contributions may be claimed by the saver or a parent, spouse, sibling, stepparent, or grandparent of the saver. The contributor is responsible for retaining the related documentation. See Ohio Revised Code Section 5747.85(A)(3) for more information.

Can I purchase a vacation home or income property with the savings in an Ohio Homebuyer Plus account?

No. Account proceeds must be used toward the down payment and/or closing costs associated with the purchase of a primary residence in Ohio.

Can I use the funds to build a new home?

As stated in Ohio Revised Code Section 135.71(A), the program is designed to make available premium rate savings accounts for the accumulation of funds to pay for the down payment and closing costs associated with the purchase of a home. The funds may be used to purchase a pre-existing home or a newly built home that is ready to be occupied.

However, the funds cannot be used to purchase vacant land for the intention of building a new home or to make payments on a construction loan. In both of those situations, there is no home ready to be occupied.

Can my spouse and I both use our accounts to purchase a home?

Two individuals who are legally married are both eligible to open and fund individual accounts and use funds from those accounts for a down payment, closing costs or other eligible expenses associated with a new home purchase.

Can we have a joint Ohio Homebuyer Plus account?

No. The account must be individually owned by the saver; joint ownership is not allowed.

However, two people can open their own accounts and fund them separately.

Can I open a Homebuyer plus account at more than one financial institution?

No. The program only allows for one Ohio Homebuyer Plus account per Ohio resident.

Is there a limit to the size of the lot for the home?

The home being purchased must be classified as residential real property and must qualify for the owner-occupied property tax reduction provided by Ohio Revised Code Section 323.152(B). Only homesteads and manufactured or mobile homes taxed as real property qualify for the owner-occupied property tax reduction.

Once I have an Ohio Homebuyer Plus account at one financial institution, can I transfer it to another if they offer better terms?

Accounts may be transferred between participating financial institutions at the discretion of the saver.

What if my circumstances change or I move out of the state and do not purchase a primary residence in Ohio?

If an accountholder's circumstances change or if they move out of state, they keep all of the money saved as well as the interest accrued in their account. Additionally, if the accountholder is no longer eligible, their Ohio Homebuyer Plus account will close and the enhanced earnings end.

Funds not used for an eligible home purchase may result in State of Ohio tax reporting requirements and possible tax liabilities.

Do I need to provide supporting documentation to the bank to complete withdrawals on the account?

No. The Ohio Homebuyer Plus account holder has full access and responsibility in using the funds in the account for qualified expenses per the program's agreement and is responsible for retaining appropriate documentation to substantiate the use of the account funds.

FCBank is obligated to submit to the Ohio Treasurer's office monthly reports of any Homebuyer Plus Savings account changes and/or transactions completed on them.