Savings Program
The Ohio Homebuyer Plus Savings Program, supported by the Treasurer's office, gives individuals1 access to above-market interest rates to help grow your money and get into your dream home faster.
Earn a premium rate as you save towards purchasing your future home in Ohio.
Get a bonus to your Osgood Bank checking or savings account within 30 days of meeting all eligibility requirements of your Homebuyer Plus Savings Account. 2
Individuals who open an account may also qualify for certain Ohio state income tax deductions. Consult your tax advisor to discuss your specific situation. 3
Review Program Requirements
Read through the Participation Statement to ensure you understand the Homebuyer Savings Plus Program
Apply For Your HBSP Account
An Osgood Bank representative will help you open your individual savings account.
Fund Your HBSP Account
We recommend setting up a direct deposit so you can reach your goals without another to-do on your list.
Save For Your Future Home
Collect your bonus deposit and start saving towards your future home purchase.
Participant Requirements
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Review the Ohio Homebuyer Participation Statement from the Ohio Treasurer's Office
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Be an Ohio resident at least 18 years of age
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Have your primary residence in the State of Ohio
Existing & Aspiring Homeowners Eligible
- $500 minimum opening deposit
- $100,000 maximum contributions
- Deduct up to $5,000 from your Ohio State taxes for each year the account is opened (5 year/$25,000 max).
Explore The Complete Home Buying Guide
Buying a home should be a joyful experience. To help make it so, we have gathered advice from mortgage experts into one, easy to follow how-to guide that will accompany you through every step of your home buying journey. Whether this is your first time buying a home or you're ready to do it again, this roadmap will help you confidently purchase a home you love.
Get The Guide.
Quick Answers to Common Questions
No. Ohioans at any income level who meet the other eligibility requirements may open an account through the Ohio Homebuyer Plus program.
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.
No. The program only allows for one Ohio Homebuyer Plus account per Ohio resident.
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.
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.
Osgood Bank 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.
Osgood Bank cannot offer tax advice. Please consult a competent tax advisor for questions pertaining to tax information.
The funds cannot be used other than for a down payment on a home or approved closing costs. If you use the funds for another purpose, you should consult with a tax professional regarding any implications.
Given program requirements from the State of Ohio, the account will need to be closed. Should this occur, you would need to consult with a tax professional regarding any implications.
*APY = Annual Percentage Yield. This is a variable rate account. $500 minimum opening deposit, $100 minimum balance, and a maximum contribution limit of $100,000. Account can be open for maximum of 5 years. See account disclosure for full program requirements.
1 Individually owned accounts only. Joint accounts not permitted.
2 To earn the opening deposit bonus, at time of payout, all accounts at Osgood Bank must be in good standing and the account holder must be approved by the State of Ohio for program participation. Osgood Bank will deposit the match bonus to a checking or savings account at Osgood Bank within 45 business days once all conditions are met. Limit one match bonus per Social Security number. Bonus payout may be taxable as interest income and reported on IRS Form 1099-INT. Consult your tax advisor. Osgood Bank reserves the right to change this offer at any time.
3 Individual tax deduction limited to $5,000 per year on State of Ohio tax return. Consult a tax professional regarding federal and state tax implications.