What Is a Matched Savings Account?
Matched Savings Accounts are savings accounts that help low and moderate income individuals and families reach a savings goal. You deposit money that you have earned through work or self-employment into your account and state grants provide a match to those funds, helping you reach your goal more quickly.
How Much Money Can I Save?
The program will give you a match for every dollar you are able to save up to $1,000.00.
What Can I Save for?
- Purchase first home or repair
- Start a business
- Education or job training
- Purchase a vehicle or repair
Financial and Asset Education
- You also learn about money, through comprehensive financial training.
- You receive help in purchasing a home, purchasing a car, starting a business, taking courses or job training.
Participation is open to anyone who meets the following guidelines.
- Participants must have less than $10,000 in net assets (excluding their primary dwelling and one car.)
- You must make a monthly deposit out of earned income.
- You must complete online financial literacy classes.
- You must save for at least one year before you’re eligible to use your savings and match.
- Household income guidelines:
Partner Financial Institutions
Your savings are deposited in a joint account with SEVCA at TD Bank. Deposits and withdrawals are closely monitored. We want to make sure you meet your savings goals! We will send you a monthly statement showing the amount of matching funds you have earned.
When can I withdraw money from my account?
You really have two types of accounts: your own savings account and a trust account holding your match funds.
In order to receive the match, you withdraw your match funds after you have been enrolled in the program for at least one year, you’ve met all of the requirements in your individual savings plan, and you’re ready to purchase your asset. Then, we’ll withdraw the matching funds and your savings and cut a check to the person or organization that you are purchasing your asset from.
Will this affect my eligibility for other public assistance?
The funds held in your IDA account cannot be taken into consideration when determining if you qualify for Social Security, food stamps, Medicaid, etc.
Are you ready to save?
Call us today!