Innovative Changes offers Individual Development Accounts (IDAs), a matched savings program that enables individuals/families with limited financial resources to save and build assets. Through IDAs, one can traditionally save for one of three goals: home ownership, small business start up and post secondary education. IC$ offers savings for those seeking to pursue post secondary education opportunities to further their career and in the long term, their household financial resiliency.
Who qualifies?
- Must be at least twelve years old
- Household net worth must not exceed $20,000, excluding one vehicle and a primary home
- Adjusted gross annual income of the household must not exceed one of the following by household size: 80% of area median income by county of residence, 80% of state median income, 200% of poverty.
- Household must provide documentation of all earned income
- Pre-savings: IC$ requires that applicants demonstrate their ability and commitment to the savings program by maintaining their own savings account and making deposits of at least $25 a month for two months in a row, without withdrawals, prior to the submission of their IDA application. Applicants will submit two months of bank statements for the account at time of application. The accumulated total of the two months savings, up to $75, or as allowed by VIDA, may be included in their IDA account as prior savings.
- Potential Savers must attend an IC$ Education IDA orientation prior to submitting an application. To register for an orientation click here.
- Potential Savers who are borrowers in IC$’ loan program must be in good standing with their loan(s) in order to apply. Being in good standing means that their loan is not in default.
- After attending the orientation, participants will be invited to apply based on IC$’ current enrollment priorities.
How does the match work?
The match rate is $3.00 dollars of program funds for every $1.00 dollar of personal savings.
How much money can I deposit in my savings account?
You can deposit as much money as you want into your savings account, but there is limit to how much will be matched. You must complete a VIDA Application with an IC$ IDA Specialist to determine match amount.
Do I have to deposit the same amount each month?
No, you are not required to deposit the same amount each month but you must not deposit less than what you indicated in the Savings Plan Agreement. Lump sum deposits that are more than what your household’s earned income will not be matched unless otherwise specified.
What else is required of me if I participate in an IDA program?
Financial education is a requirement to receiving your IDA. This includes our four part Financial Household Resiliency workshops + 2 additional classes on planning and financing your education.
For more information about other IDA programs visit the VIDA website.
