You Can Earn $8 for Every $1 You Save with WVIDA
The WVIDA Initiative is an asset building tool designed to help low-income families with special savings accounts known as IDA (Individual Development Accounts). IDAs empower them to work toward their goals of owning a home, starting a new business, or getting an education. What makes an IDA so special is that for every dollar you save there is a match. This means saving money makes you money.
The WVIDA Initiative offers up to an 8:1 savings match. That means that for every $1 an IDA participant saves, another $8 will be added to his or her total account balance (up to a maximum of $4,000). The WVIDA program is administered by KISRA and is open to West Virginia individuals or families whose income is less than 200% of the federal poverty level and net worth is less than $10,000 excluding a residence and car. TANF recipients are automatically eligible, provided that there is some income in the household. All participants attend a 12-part workshop series on personal finance and money management as well as asset-specific preparation classes to sharpen the skills essential for long-term success.
To learn more, contact KISRA-WVIDA or call (304) 768-1300.