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Matched Savings Account
Southern offers two types of matched savings accounts to help people purchase appreciable assets like homes, businesses, and education. Those who qualify, can save money, receive financial counseling, and have their savings matched enabling them to reach their goals more quickly.
Southern supports the Aspiring Scholars Project to encourage families to save for their children’s post-secondary education expenses. Under Arkansas’ Aspiring Scholars Matching Grant Program, enrolled families receive matching funds for their children’s UPromise GIFT college savings account.
Individual Development Accounts (IDAs) are matched savings accounts that help income-qualified families buy their first home, make improvements to their home, pay for post-secondary education or job training, or start or expand their own business.
IDA program requirements:
- Income must fit within guidelines
- Participants must not have more than $10,000 in assets (not including their home and one car)
- Open and maintain an account for a minimum of six (6) months
- Make a $20 minimum deposit every month
- Save $667
- Use the funds toward one of the program goals: homeownership/home improvement; post-secondary education; small business start-up or expansion
- Complete economic skills classes: a five-part workshop and an asset-specific class.
Once the participant reaches the savings goal of $667, Southern matches the savings $3 for every $1 saved for a total of $2000 toward their goal.
Please contact us for more information on using matched savings accounts to reach your goals.