Individual Development Accounts
An Individual Development Account (IDA) is specifically designed for low- to moderate-income individuals and families. Deposits made to an IDA are matched by government and private sector sources. The program rewards responsible saving and allows economically-challenged citizens to save for three primary purposes: down payment on a first home, tuition for post-secondary education or to start a business.
- Specifically designed for low- to moderate-income households
- Deposits are matched $2 for every $1 saved (up to $2,000) by government and private sector sources
- Includes free financial education
- Use funds towards a college education, a new home or to start a business
|Minimum Balance to Obtain APY||Compound Method||APY|
|All balances earn interest||Monthly||0.03%|
Effective date: 3/10/2014
An IDA is a program designed to help low- and moderate-income individuals save to purchase their first home, pay for post-secondary education or start a business. Families must qualify for an IDA through a participating government or non-profit agency. Annual Percentage Yield (APY) is accurate as of effective date shown above and is subject to change without notice. Minimum opening deposit is $10. APY is variable and may change after account opening. Fees may reduce earnings.
The eligibility criteria for Idaho's IDA program include:
- Be at least 18 years old
- Live in Idaho
- Have a stable source of earned income
- Meet established household income and networth guidelines
Interested parties must qualify for an IDA through a participating government or non-profit agency. Contact United Way of Treasure Valley for more information.