Individual Development Accounts
Individual Development Accounts, also known as "IDAs", are a savings account. What makes it special is you receive an additional deposit each time you add to your savings. It is called a match and is usually one to five times the size of each deposit you make. For example, if you receive a 2:1 match, each time you deposit $25, you will get an additional $50 toward your savings goal. You can use IDAs to purchase a home or vehicle, complete a certified training or education program, or start a small business. A typical IDA program includes a four-step process:
- Introduction and Orientation
- Opening the Account
- Financial Training
- Withdrawal, Purchasing Assets, and Beyond. Owning your own car, house, or receiving an education is the best step on becoming financially independant
Current RDI Individual Development Account Programs
Montana Small Business IDA Program
IDAs all have different eligibility requirements, many of which are income based. If you are interested in learning more, email us at rdi@ruraldynamics.org.
