Some accounts are designed to encourage savings for low and moderate income households and will match your savings only for specific expenses. Matched savings accounts will put money into your account for every dollar you save, sometimes two or three more dollars!
Many organizations want you to learn more about money to help you save enough to buy something valuable. This money comes from different places like churches, local charities, companies, or the government. If you are one of the people with a matched savings account, consider yourself lucky.
Select the state where you live and “Begin Search” to find an agency near you with matched savings programs.
An IDA (Individual Development Account) is a special matched savings account where you get donations for saving money. Usually, you get a certain amount of money for every dollar you save yourself. These accounts help you achieve a specific goal within a certain period of time, usually one to five years. IDA programs keep you focused so you can see results.
IDEAs (Individual Development and Empowerment Accounts) are specifically for home buyers. A bank will give you a matching amount of money. You have to save for at least 10 months with an IDEA program. If you complete a homeownership counseling program, find a home you like, and get a mortgage, the bank may give you up to three dollars for every dollar you have saved. You can use this money to pay for your down payment or closing costs.
You can only use the accounts for buying a home, paying for education or job training, starting a small business, or saving for retirement. You must go to financial literacy training classes on how to manage your money and credit and have earned income. Also, IDA programs are very competitive and are not available in every area.