How to Use the Matched Savings Account (IDA) Calculator
Individual Development Accounts (IDAs) are matched savings programs, typically run by nonprofits, community organizations, or state agencies, that help low-to-moderate income participants build savings toward an approved goal such as buying a home, paying for education, or starting a small business. Participant savings are matched at a set ratio, commonly 1:1 to 3:1.
Enter your monthly savings amount, match ratio, and program length to see your total savings, matching funds, and estimated balance at maturity. Most programs only release the matching funds once you complete the program and use the savings for the approved purpose, so check your program's specific rules before you start.
Frequently Asked Questions
An IDA is a matched savings program, often run by nonprofits or state agencies, that matches a low-to-moderate income participant's savings at a set ratio (commonly 1:1 to 3:1) for an approved goal like a home, education, or small business.
Most IDA programs only release the matching funds when you complete the program and use the savings for an approved purpose. Early withdrawal for other purposes usually forfeits the match.
Yes, most IDA programs require household income below a set percentage of the federal poverty line or area median income, along with proof of earned income.