Individual Development Account (IDA) is a matched-savings program that helps income-eligible Vermonters to save money to buy a home, pursue higher education, or capitalize a small business.

Of the 76 new savers opening IDA accounts this year, 64 (84%) increased their savings. In 2007, among existing savers who have begun to spend their savings, 78 capitalized a small business, 29 were able to pursue post-secondary education, and 14 purchased their own home.

How it Works

• Participants make regular deposits to their IDA savings accounts over a specified period of time.
• Participants attend financial literacy and asset specific training (e.g. understanding credit, taxes and investing, and homeownership counseling).
• Participants' savings accounts are held at a Vermont financial institution.
• Participants' savings are matched at varying rates by third parties such as businesses, government, financial institutions, or philanthropic organizations.

To Find Out More

To find out more about Individual Development Accounts, please contact your local Community Action Agency.