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.

Homeownership IDA’s

§  The Montana Homeownership Network dba NeighborWorks Montana

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.