801-539-1590 admin@nwsaltlake.org
Select Page

Individual Development Accounts

Are you looking to get even more out of the money you save? With the IDA Program, every dollar you save gets matched up to a 2 to 1 rate. Those funds can then be used to buy any of the four approved assets. Read on to learn more!

Knowledge to help you save

The IDA program provides the knowledge to help you save and the opportunity to invest wisely in your future. Apply for the program by enrolling in our 6- to 8-hour financial management course where we cover basic financial topics and how to apply them in your life. Once you complete the course, we will contact you to begin the application process.

Get $2 for every $1 you save!

You can save up to $1,000 in your IDA account and your savings will be matched with an additional $2,000, giving you a total of $3,000! Savings can be used toward a first home, small business, higher education, or assistive technology devices for work related activities. You will save $15 or more each month for 6-36 months.

Program Qualifications

To qualify for the IDA program you must:

✔  Be a Utah Resident

✔  Be at least 18 years old

✔  Own less than $10,000 in net assets
(excluding one house and one car)

✔  Have a yearly income that does not exceed…

$25,760 for a 1-person household

$34,840 for a 2-person household

$43,920 for a 3-person household

$53,000 for a 4-person household

$62,080 for a 5-person household

$71,160 for a 6-person household

$80,240 for a 7-person household

$89,320 for a 8-person household

(increasing by $9,080 per person for larger households)

Program Qualifications

IDA program participants must:

 Complete 6-8 hours of financial training courses

 Maintain regular contact with financial counselor

 Participate in asset-specific training

✔  Make monthly deposits of at least $15

 Save in the program for a minimum of 6 months (but not more than 36)

 Funds must be used towards a down payment on your first home, tuition at an accredited school (or books at a school’s bookstore), small business startup/capitalization, or assistive technologies for work related activities.

 A saver can do more than one cash out for more than one asset

 IDA funds cannot be used to pay down existing debt (student loans, mortgage, business loans, or other existing debt)

Find Out if You Qualify

Answer 6 easy questions to find out if you qualify for the IDA program.

IDAs help you succeed

To get started, sign up for a series of one of our financial management training courses. Courses are offered througout the state at a variety of locations and times. You must register for the class in order to attend.

“I feel so grateful and blessed to have been apart of IDA.”

“I feel so grateful and blessed to have been apart of the IDA program. It was so easy to put aside money each month and feel like it was well worth it. This is an amazing program and I wish more people could take advantage of it. – 2018

“The IDA program has helped me tremendously.”

“I graduated from the University of Utah last week and this is a scary time to be jumping into the adult world. Home ownership (a key to building wealth) is becoming increasingly unattainable and that’s why I turned to IDA shortly before graduation. Going through your financial classes prepared me to be responsible with my money and came at the perfect time for me, right before my financial situation changed drastically as a graduate. I planned and set some goals in the class that I’ve stuck to since that are helping to be ready to buy a home (and start building wealth) in two years. Thank you for your program.” -Alexis 2017

“We are so excited to finally get our first home!”

“It has been 2 years in the making but has been very worth it with the help of our Individual Development Account through AAA Fair Credit Foundation. We now have 2 kids that will love using the extra space 🙂 We would recommend this program. This program has not only taught us the benefits of saving but also the benefits of budgeting and educating ourselves financially. To make big purchases like this you must be able to manage your funds responsibly. Thanks so much to AAA Fair Credit Foundation for providing this service and for empowering families!” – Bryce 2017