Matched Savings Accounts (IDAs)
Individual Development Accounts (IDAs) are matched savings accounts that allow individuals and families to save and generate money for a specific savings goal.
For every $1 you save, you receive a match of an additional $3. If you save the maximum amount of $3,000 of your own money during the course of the program, you will receive $9,000 of matching funds to be used for your goal.
NeighborImpact offers the following types of IDAs:
- Participants’ household income must be lower than those listed in the table below, with a net worth of less than $60,000 at the time of enrollment.
- Participants must complete four workshops on personal finance, in addition to one-on-one coaching. Additional education is required for specific IDAs.
- Further restrictions and requirements apply.
“It was scary not knowing if I was going to be able to put $45 in an
account every month with having to provide for two children being a
single parent, I just had to make sure it happened…Finally in 2011, I am
signing on a house, my dreams came true!” -- NeighborImpact IDA Client
“Because of this program I am about to own my first home. This is a dream come true for me and my son.” -- NeighborImpact IDA Client