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 time 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.
A Youth Individual Development Account (IDA) is a matched savings account. IDA’s provide an incentive to save, and in turn, provide an opportunity to leverage savings by using the IDA as a tool for building assets and wealth. All approved participants will establish a savings account with a qualified financial institution for the purpose of purchasing a particular asset.
Use of IDA Funds: Automobile purchases. (Not motorcycles, ATV’s, or motor scooters.)