Matched Savings Accounts

An individual development account (IDA) is a type of savings account designed to help struggling, working people save in order to invest in an asset. People use IDAs to start or grow a business, pay for education, buy a home, or make another qualified purchase. 

Qualified IDA participants work with program staff to set savings goals and make regular deposits. Participants also receive one-on-one counseling, case management, and financial literacy education covering topics such as budgeting, savings, credit, banking, taxes, and other money management strategies as well as education and training related to their specific asset goals.

FAQs

To participate in our Matched Savings Program:

  • You must be an Indiana resident.
  • You must be employed.
  • Your household income must be below 200% of Federal Poverty Guidelines based on household size.
  • You must be able to save at least $25 per month.

Able to commit to program completion over one to three years.

For each dollar you save, the program provides $3 in matching funds.  To complete the program you save a total of $1500 over one to three years, and the program provides match up to $4500 for purchase of a qualified asset.

Savings can be used to build assets through one of the following:

  • A primary residence located in Indiana.
  • Education and job training.
  • Starting or expanding a small business located in Indiana.
  • Making essential repairs to owner-occupied housing located in Indiana.
  • Purchasing a vehicle for employment, education, or job training purposes.

Participants in the Matched Savings program have 12 to 36 months to save their portion and complete the required financial education.  After the savings goal is complete, participants have up to 12 months to complete their asset purchase.

Specially structured accounts are held at financial institutions that have agreements with CoAction.  When you are approved for and enrolled in the program, the program staff will work with you to establish an account at a specific financial institution.