Individual Development Accounts are designed
to encourage savings for low and moderate income households and
individuals. Your savings will be matched for specific savings goals,
such as education or buying a home. Matched savings accounts will put
money into your account for every dollar you save, sometimes two or three
dollars!
IDAs represent an important underutilized solution to the problems of access
and financial aid for post secondary education for low-income working students.
Educational IDA's
·Youth Empowering Security and
Success (YE$$)
An IDA match savings of a 1:1 match, with a maximum
match of $1,000 for employment or education-related expenses. Call the
Career Training Institue for more information and eligibility requirements at
406-443-0800. YE$$ serves Lewis and Clark, Jefferson, and Broadwater
counties.
·Montana Students Save
Participate in
Montana Students Save and your local participating Credit Union
and the Student Assistance Foundation can help YOU get more education and
increase your financial know-how. Montana Students Save will help
qualified, low-income families save for post-secondary education. For every $1
you save, you will earn a $6 match. Save up to $500 and get up to $3,000 more
in matching funds! For more information on Montana Students Save click here.
·Gallatin County Saves
The Gallatin County Saves program is helping
families with limited incomes save for college or job training. For every
$1 saved, the Gallatin County Saves program matches it with $3. Save up to $500
and you will be eligible for the maximum match of $1,500! Click here
to access a list of Frequently asked questions or to download an application.
·Rural
Montana Saves
The Rural Montana Saves Program is
dedicated to helping participants save for and enter post-secondary education
programs (such as attending college or university or job-training) in fields
that will assist them in gaining higher wage employment.
The Rural Montana Saves Program will offer a 3:1 savings match, meaning that for
every dollar a participant saves as part of the program, he or she will be
eligible to receive another three dollars. So if you save the minimum amount of
$150 throughout the course of the program and meet all the other program
requirements you will be eligible for $450 to purchase the agreed upon asset.
The maximum match that the participant will be eligible to receive is $1,500.
So to take full advantage of the Program, participants should save $500 which
will allow for $1,500 at the end of the program. To access a list of frequently
asked questions or to download an application, click
here.
Neighborworks Montana has an IDA Program to
help open the door to homeownership. The IDA program is a 4:1 match
savings account. You, as a participant, save up to $1,000 and receive a match
of $4,000. This gives you a total of $5,000 for down payment and closing cost
assistance towards the purchase of your first home. The purpose of the
program is two-fold; to help establish savings and budgeting habits to prepare
for homeownership, as well as to establish a relationship with a lending
institution. Visit the website
for more info on programs available and income requirements.
§Family Economic Security Program
The Family Economic Security Program is a
federally funded program designed to help Montana families build assets that
will enable them to become financially secure. These assets include buying a home,
furthering education or starting a new business. The program is available in
all Montana counties with varying degrees of service. Most programs incorporate
IDA's (Individual Development Accounts) as part of the services provided.
The Family Economic Security Program serving Cascade and Lewis and Clark
Counties offers a Personal Asset match savings track with a 1:3 match up to $1,650 to assist with the purchase of a tangible personal asset, such as a washer and dryer. Click here for
an application for the Family Economic Security Program in Cascade or Lewis and
Clark Counties, or call Karen at 406-454-5710.
§Helena Community Credit Union
First-time homebuyer IDA Program
An IDA program to assist with the purchase
of a first home, with a 1:3 match. This program serves Lewis and Clark,
Broadwater, Jefferson, and Powell Counties. To learn more about the
program click
here and/or contact Donna Schiller at 406-495-6042.
§Building Security through Assets
and Financial Education (BSAFE)
BSAFE is an Individual Development Account
(IDA) Program that helps low-income domestic violence survivors save money to
buy a home, go to school, or start a small business. This program matches
savings at a 1:2 match, with a maximum of $4,000 match. Click here to
go to the BSAFE Program Website supported by the Montana Legal Services
Association.
