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Now accepting applications from Phillips y Coahoma County residents! (Limited Accounts Available, Check Eligibility Below)

Double

your savings2X

With a matched savings account

Inicio Repair | Homeownership | Post-Secondary Education | Entrepreneurship

You
Guardar
$1,000

+

IDA
Matches
$1,000

=

Total
$2,000

How the IDA Program Works

Primer paso

Compruebe su admisibilidad

The program is open to income-qualified Phillips y Coahoma County residents who met Earned Income Tax Credit requirements in 2024 (see chart).

Number of Qualifying Children or Relatives Single/Head of Household OR Qualifying Surviving Spouse OR Casado con declaración separada Casado con declaración conjunta
Zero $18,591 $25,511
One $49,084 $56,004
Two $55,768 $62,688
Three or more $59,899 $66,819
Paso 2

Apply

You’ll need to provide specific documents to verify your identity, income, and chosen savings path.

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Required Documents

Valid State-Issued Photo ID

State ID, driver’s license, U.S. passport, or military ID

2024 Form 1040

Pages 1 and 2 of your 2024 tax return

Saving Path Documentation

Specific documents based on your chosen saving path (See below)

Propiedad de la vivienda

Funds can be used for downpayment and closing on a home of which I am listed as owner or co-owner.

Required Document
A letter from your lender stating you have been approved for a loan and are in the process of obtaining a home.

Reparaciones del hogar

Funds can be used for major appliance replacement due to wear and tear, and/or home improvements or repairs to my home.

Required Document
The property card from my county’s assessor’s office listing me as owner or co-owner of the property.

 

Iniciativa empresarial

Funds can be used for an existing or start-up business.

Required Document
An executive summary of my business including how I plan to use the funds.

Post-Secondary Education

Funds can be used for educational expenses and tuition for yourself or your qualifying child.

Required Document
A current or future class schedule as proof of enrollment.

Important Note

You must choose one saving path and provide the corresponding documentation during the application process.

Primer paso

Open Your IDA Account

Our Program Officer will contact you to help open your FDIC-insured savings account at Southern Bancorp Bank.

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Account Closure

Your IDA account automatically closes when funds are distributed.

Icono de inicio

Start Saving

Start building your savings at your own pace, with up to 6 months to reach your $1,000 goal.

Flexible Deposits

Save gradually over time or deposit larger amounts when convenient

30-Day Start Window

Make your first deposit within 30 days, then save up to 6 months total

Always Accessible

Maintain complete access to your saved money at all times

Primer paso

Complete Financial Education Course

Complete the FDIC Money Smart course during your savings period to build essential financial skills.

Primer paso

Receive Your Matched Funds

Funds will be deposited within 7 business days of reaching your savings goal and completing the education course.

Comprobar mi admisibilidad

Para determinar tu elegibilidad para el programa, completa el formulario a continuación. Si eres elegible, podrás comenzar el proceso de solicitud de inmediato. Si no eres elegible, se te notificará después de completar este formulario.
Nombre(Obligatoria)
Dirección(Obligatoria)
Filing Status(Obligatoria)
Number of Qualifying Children(Obligatoria)

Preguntas frecuentes

¿Qué se considera reparación?
Renovaciones, reparaciones, adiciones, paisajismo, mejoras de eficiencia energética, electrodomésticos, accesorios y persianas.
What qualifies as post-secondary education?

Enrollment in post-secondary institutions such as colleges, universities, trade schools, cosmetology schools, and similar programs. To qualify, individuals must provide proof of current enrollment, active coursework, and an outstanding balance owed to the institution.

Can the homeownership or home repair funds be used for a rental, or does it have to be the primary residence?
El uso de fondos es únicamente para residencias principales de propiedad.
¿Cuánto tiempo tienen para ahorrar los participantes de IDA?
From the account opening date, participants have a period of 6 months maximum to reach their savings goal. You can save and complete the savings goal sooner.
¿Existe un tiempo mínimo de ahorro?
Participants must make an initial deposit within 30 days of opening or their account will be closed. They also must meet their savings goal and complete the Money Smart Course certification within six months of account opening.
¿Cuándo comienza el periodo de ahorro?
El período de ahorro comienza cuando se abre la cuenta de ahorros IDA.
¿El curso es aprobado/reprobado o simplemente completado?
The course must be passed for a certificate to be produced. The certificate is required for the financial education component of the IDA savings program.
¿Con qué frecuencia alguien necesita hacer una contribución de ahorro?
Sugerimos depósitos mensuales, pero se permiten depósitos únicos o varios.
¿Cómo pueden los participantes realizar los depósitos de ahorros requeridos?
  • Los participantes tienen la flexibilidad de realizar los depósitos de ahorros requeridos en un solo depósito de suma global o en múltiples depósitos durante los 6 meses de duración del programa.
  • Funds may be deposited at a local branch in Phillips or Coahoma county. If an account is opened via email, the IDA Program Officer will provide instructions on making remote deposits.
¿Cuánto se necesita como depósito inicial para abrir la cuenta?
$20
How are the IDA matched funds distributed?

Matched funds (up to $1,000) are deposited into your personal IDA account. Receipts must be submitted within 3 business days of receiveing matched funds.

¿Se pueden transferir inmediatamente los fondos igualados a una cuenta corriente regular?
Sí, los fondos se pueden transferir inmediatamente.
Una vez que se transfieren los fondos de igualados , ¿es necesario cerrar la cuenta IDA?
La cuenta se cerrará cuando el saldo sea cero. No es necesario que el participante realice alguna acción.
¿Cuánto tiempo se pueden dejar fondos en esa cuenta?
Each participant has 6 months to use the funds from when they open their IDA matched savings account.
¿Por qué se necesita un formulario W-9?
Se requiere el formulario W-9 para informar los fondos igualados como ingresos sujetos a impuestos al IRS. Este vigila el cumplimiento de las normas tributarias.
¿Los ahorros de una persona también están sujetos a impuestos?
No, only the match portion of the funds is considered taxable income. A participant’s savings portion is not taxed.
¿Qué sucede si alguien no presenta un formulario W-9?
Sin un formulario W-9 completo, no podemos procesar los los fondos de igualados , ya que debemos informar sobre estos fondos al IRS.
¿Dónde está el número de ruta y el número de cuenta de una cuenta IDA?
  • Routing Number: 082901334
  • The account number can be found in the account documents.

¿Preguntas?

Envíenos un correo electrónico a IDA@banksouthern.com

IDAs are FDIC insured accounts opened and maintained in Southern Bancorp Bank, Member FDIC, using matched funds provided by the Walton Family Foundation.