Promoting Individual Development Accounts (IDAs)
IDAs – or Individual Development Accounts – are matched savings accounts designed to help low- to moderate-income people save toward the purchase of an asset. IDAs are great products for motivating savings habits, and for helping clients reach significant financial goals – like homeownership, opening a small business or paying for college education. IDA programs are typically offered by credit unions or nonprofit organizations that may have specific program criteria – including income levels, financial education requirements and monthly savings goals.