Chicago-based Countryside Bank is rolling out a new program for first-time homebuyers in the area who need help saving for a down payment.
Besides assistance from bankers who will help create a customized savings plan, the bank’s new First-Time Home Buyers Savings Plan also includes the option of a high yield savings account that has an annual percentage yield of 5%. That’s right, 5%.
The bank created the account to help borrowers achieve one of the hardest parts of buying a home: the down payment.
“We are dedicated to offering banking that helps build your best life. We understand that buying a first home can seem daunting, or even unattainable, and the biggest obstacle for people is often saving for a down payment, so we custom-tailored a plan to make it easier,” said John Wheeler, president and CEO of Countryside Bank. “Our motto is ‘It’s Grow Time’ and we truly are committed to putting our customers on the fast track to reach their goals, including home ownership.”
The bank emphasized that there are no hidden fees or agendas with this plan.
Rather, the fine print states that customers must have a Countryside Bank Grow Checking account and also be a First-Time Home Buyer as defined by the U.S. Department of Housing and Urban Development in order to qualify.
This means the program is available to individuals who have had no ownership in a principal residence during the past three years (including with a spouse).