Matched Savings Program

About the Matched Savings Program (IDA)

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 $750 of their own money into their account and receive up to a $1,500 match, for a total of $2,250.  Match funds come from non-federal sources and are subject to availability.

These funds can only be used for:

  • purchasing a home (down payment and/or closing costs on first home only).
  • expanding a viable small business.
  • higher education at an accredited Oklahoma university, college, or career technology center.


    • Must live in Oklahoma or Canadian counties.
    • Must be employed for three months or self-employed for at least six months.
    • High school students must maintain a grade point average of 2.5 or better and working part-time or in extra-curricular activities.
    • Adults working and living in the home must be at or below the following income guidelines.

Eligibility may vary depending on assets.

Household Size and Maximum Income Limits

  • 1 person   =   $25,760
  • 2 people   =   $42,158
  • 3 people   =   $47,915
  • 4 people   =   $53,000
  • 5 people    =  $62,080
  • 6 people    =  $71,160
  • 7 people    =  $80,240

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. 

Program Details

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:

  • Setting short- and long-term financial goals
  • Creating and maintaining a budget
  • Building and/or repairing credit
  • Identifying and avoiding financial pitfalls

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.

Contact IDA Coordinator at (405) 232-0199, ext. 3207, or email, to schedule your orientation.



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