Individual development account (IDA)

Individual development account (IDA),

Definition of Individual development account (IDA):

  1. A starter fund for people who need extra help saving for certain purposes, such as college tuition and business expenses.

  2. An individual development account (IDA) is a type of savings account designed to help low-income individuals build assets and achieve financial stability and long-term self-sufficiency. People use IDAs to save money to start a business, pay for education, or buy a home.

  3. IDAs help people build financial stability in several ways. To qualify for an IDA, an individual may have to complete free financial literacy training, which teaches subjects like money management, debt reduction, and investing.

Meaning of Individual development account (IDA) & Individual development account (IDA) Definition