Individual Development Accounts: Map of Programs

An Individual Development Account, or IDA, is a special savings account for people with low incomes. When you save in an IDA, your savings are matched. This means that for every dollar that you save you can receive another dollar or more. While most organizations will provide a one-to-one match, others might provide up to an eight-to-one match.Typically, IDA savings and match money can be used to buy a house, pay for education or job training, or to start a small business. Please keep in mind that the allowed asset may depend on the providing organization.

In addition to earning matching dollars, you will learn about budgeting, saving, banking and more when you open an IDA. In most cases, individuals who open IDAs (account holders) are required to attend financial education classes. Accountholders may also receive one-on-one counseling and other training depending the specifics of their local program.

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