Individual Development Accounts (IDA)
IDA Accounts are matched savings accounts that are designed to help participants save for the purchase of a designated asset. Participants save funds for a specific tme period. Upon successful completion of all savings requirements, Chi Ishobak will contribute to those funds with a specified matching ratio. Financial education is a necessary component to the IDA Program and is required to obtain matching funds.
Youth Transportation IDA
Tribal youth between the ages of 13 and 17 are able to take advantage of a 1:1 match rate from Chi Ishobak for savings contributions up to $25 monthly for the purchase of an automobile. This program has a potential 60-month savings period which could result in $3,000 ($1,500 participant savings; $1,500 match funds) total savings for a new car. Teen Financial Wellness education is the second requirement to receive matching funds. This program helps our youth to create pathways to financial well-being, establish banking relationships, and empower the accomplishment of goals.
Items required for submission:
- Youth Transportation IDA application form