Good Afternoon Everyone!
And Happy New Year to you all – here's hoping 2021 is better, safer and healthier for all of us!
My first question for 2021:
As part of the information that was presented during a Certified Financial Counseling training that I just completed, I ran across a reference to Individual Development Accounts. These accounts are intended to help someone purchase their first home, pay for college, start a business, etc.
The member's deposits into the account are supplemented by funds from grants which significantly boosts the balance in the account to help members reach their goals. There is also a financial literacy component that is part of this program.
A local non-profit in the DC area appears to support these accounts - https://www.hocommunitypartners.org/index.php/our-work/saving-for-a-better-tomorrow-individual-development-account-ida-program
We're considering adding this option as a new offering from FedChoice.
Does anyone happen to have any experience with these accounts both from the account opening and financial literacy perspectives?
| Debbie Wright | | Product and Service Strategist |
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