What is an IDA?
An IDA (Individual Development Account) is a savings account designed to help low to moderate income individuals, families and young people establish a pattern of saving money over a period of time for the purposes of purchasing an asset-a home, small business or higher education.
What is a savings match?
A savings match means that for every $1 you save, we will give you $4 for a total of $5, up to $5,000. The match incentive is similar to an employer match for a 401(k) or other retirement savings plan and is provided by a variety of government, private and social sector sources.
Other than saving my money, what else do I need to do?
You will need to attend financial literacy classes, case management sessions and asset-specific training-all free to you as a participant.
How much money do I have to save?
You need to save a minimum of $30 per month up to $1,000.
How long do I have to save my money?
You will have at least 12 months to save and in some cases will have up to 36 months to reach your goal.
Can I save over $1,000?
Yes, you can save as much money as you can, however you will only receive match dollars for the first $1,000.
Where do my savings get deposited?
You will open an account with one of our partnering financial institutions and direct deposit is available.
Can I withdrawal my money if I need to?
If you have to withdrawal your money before the end of your savings period, you will jeopardize your match funding. If you run into an emergency, speak with your case manager about various forms of available assistance.
How do I get my match funds?
Once you have completed your savings, financial literacy and asset specific training, will identify who you would like to invest your match with your case manager. United Way will issue a check for $4,000 towards your asset.
Is this a scam?
No! The United Lives IDA program is governed and funded through grants with Federal, State and local community based dollars in order to help local residents develop assets. We have partnered with local community based organizations to ensure that you as a participant are successful in saving and purchasing your asset. For more information about the AFI program, click here. http://www.acf.hhs.gov/programs/ocs/afi/
How do I know if I qualify?
Take our eligibility quiz to find out if you qualify!