Individual Development Accounts

Individual Development Accounts (IDAs) are matched savings accounts designed to help survivors save toward a specific asset goal. Participants’ savings earn matching funds when program requirements are complete, so that savings grow quickly. IDA savers are required to participate in financial education, asset-specific training, and one-on-one budgeting and credit counseling sessions.

What can IDAs be used for?

  • The Classic IDA is a federally funded program through the Assets for Independence Act.  The Classic IDA can be used toward the purchase of a first home, post-secondary education (either for the survivor or for a dependent), or to start or expand a small business.
  • The Car IDA is a privately funded program through the Allstate Foundation.  The Car IDA helps survivors purchase vehicles to eliminate the barrier transportation has on gaining employment, housing, and school.
  • The Matched Savings IDA is a privately funded program through the Allstate Foundation.  The Matched Savings IDA is a great way for survivors to establish an emergency fund or prepare for large expenses.

Who is eligible for the IDA program?

  • Applicants must either be: 
  • Participants must have a net worth of less than $10,000.00.
  • Participants must have a household income of less than 200% of the Federal Poverty Level or must have qualified for Earned Income Tax Credit (EITC) on their most recent tax return.
  • Earned income is required for the Classic IDA, but not for the Car or Matched Savings IDA.