Individual Development Accounts - a faster path to reach savings goals

What is an Individual Development Account (IDA)?

Jodi, a VIDA saver

An Individual Development Account (IDA) is a matched savings account. IDAs enable families with limited financial resources to save and build assets fast while developing good financial habits. 

IDAs encourage savings by matching participant deposits, which then are invested in one of the following assets:

  • Homeownership
  • Small business start-up or expansion
  • Post-secondary education or job training
  • Home rehabilitation or repair
  • Employment-related adaptive equipment, technology or specialized training

Here's how IDAs work

Each month an individual saver makes a deposit into a special savings account, called an Individual Development Account or IDA and that deposit is matched by state, federal, or charitable grant funds.

Saving for Education

If you save $1600 ($25/month) + MCSP adds $8000 to your Account = $9600 total money you have for college

$5 to $1 matched accounts are available for qualified individuals who are saving up for post-secondary education, including vocational schools, college and universities, through the Matched College Savings Program (MCSP).

Saving for Assets

$3 to $1 matched accounts are available for qualified individuals who are saving up to purchase certain kinds of assets through the Valley Individual Development Accounts (VIDA) program.