What is an IDA?	Assets	Education
To Qualify	Financial Institutions	IDAs in Vermont

"Vermont's IDA program is still in its infancy, but a promising tool to allow low-income families to invest in their futures, build assets and achieve economic independence."

Gov. Jim Douglas

Individual Development Accounts (IDAs) are matched savings accounts designed to help low-income families accumulate savings and move from poverty to economic self-sufficiency by investing in an asset.  

IDAs are emerging as one of the most promising tools to enable low-income families in Vermont, and across the nation, who are trying to buy their first home, pay for post-secondary education, or develop a small business.  

Participants enrolled in an IDA program can save up to $500 per year in a two-year matched savings program. Under Vermont’s IDA program, participants can accumulate a total of $1,000 in savings over two years of savings and obtain an additional $2,000 in match money.

Here's how it works!

Participants make regular deposits to their IDA savings accounts over a specified period of time.

Participants attend economic literacy training to improve their financial management skills as well as asset specific training.

Participants' savings accounts are held at a Vermont financial institution.

Participants' savings are matched, at varying rates, by third parties (such as businesses, state, local, or federal governments, financial institutions, or philanthropic organizations).

A community-based organization administers the IDA program, including monitoring the participants deposits and facilitating economic or asset-specific training.