Individual Development Accounts (IDAs) are savings accounts established at participating banks by working parents or working junior or senior high school students.
For every dollar saved, CAA will match up to $2.
Participants can deposit up to $2,000 of their own money into their account and receive up to a $4,000 match, for a total of $6,000. Match funds come from non-federal sources and are subject to availability.
Eligibility may vary depending on assets.
*Income requirements may vary depending on whether taxes are filed as single, head of household, or married filing jointly. Please call for clarification.
Note: Other qualifications may apply and will be reviewed at the first meeting with the IDA Coordinator. For participants receiving EITC, income guidelines may vary. Income and program guidelines are subject to change.
Upon enrollment, each participant and IDA Coordinator will create a Savings Plan that will determine how much they want to save and how long they will take to save that amount. Participants must save monthly for at least six months, but have up to 18 months to reach their savings goal (up to $750).
The savings account is opened with at least $50 at one of the participating banks. A one-time larger deposit (up to half of the savings goal) from an earned income tax credit refund can also be used in order to help participants boost their account balance.
While participants are saving, they must attend money management classes covering:
Once the participant has chosen what they will save for (business, home ownership, or higher education) they also must attend at least 8 hours of training in that area.