Savings accounts in which low income families deposit money that is then matched (often in a ratio greater than one to one) by a nonprofit organization or financial institution. Often depositors must save towards a financial goal such as home ownership or education.
Similar to 401(k)s, IDAs help low-income families build the financial assets—homes, businesses, education—that they need to achieve the American Dream. Small investments in matched savings and personal finance education can yield big returns for families, financial institutions, communities and the nation.
An IDA is a matched savings account. When an account is matched it means that another organization, such as a foundation, corporation, or government entity, agrees to add money to your account.
Refer to IDA for definition. See: Resources
A special type of savings program organized by nonprofit organizations. Borrowers keep their money in a bank, and the amount of money that is put in the IDA savings account is matched by the nonprofit organization. These accounts are usually reserved for buying a home, paying for education job training expenses, starting a small business, or saving for retirement.
IDA Special savings accounts for low-income families often restricted to first home purchase, higher education, or small business capitalization. A portion of the deposited funds are matched by one or more of the following institutions: federal and state government, banks and credit unions, community-based organizations, foundations, and churches. Families saving in an IDA program receive the help of a non-profit organization that usually requires financial literacy training.
A type of savings account, offered in some communities, for people whose income is below a certain level.
