What is an IDA?
An IDA or Individual Development Account is a savings account connected to services to help individuals and families eventually acquire an economic asset toward long-term financial stability. Typical asset goals for the savings and match are homeownership, higher education, job training, and small-business capitalization. The program is designed to help people of modest means through a matched savings account and financial education. To qualify for the IDA program, you would need to have a source of income other than Social Security.
Veridian serves as a partner financial institution and as a depository for participants' savings accounts.
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