Individual Development Accounts (IDA)
8-August 2015 IDA revised011515
IDA is a matched savings incentive program for low-income residents of Riverside County. Participants must have earned income from a job or self-employment to be eligible for the program. Participants attend a series of both mandatory and elective workshops to increase financial knowledge as well as to become better prepared for their goal. They open a savings account and contribute to it to reach the goal of $1,000 savings to be matched.
How is this different from other savings accounts?
A "savings match" is a promise to supplement an IDA participant's savings deposits at a specific rate; in other words, a 4:1 savings match means that for every one dollar a RivCo IDA participant saves (up to a maximum of $1,000), he or she will earn another 4 dollars toward the purchase of his or her total asset (maximum match of $4,000).
Matching funds can ONLY be used for one of three goals:
1. Start or expand a small business,
2. Advanced educational or vocational training, or
3. Buy a first home.
IDA Workshops Schedules: