Financial Services Individual Development Accounts

TVCCA is partnering with Liberty Bank and the United Way of Southeastern Connecticut to help clients save for the purchase of a home or vehicle, or to advance their education.

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About the Program

The Individual Development Account (IDA) Program offers a dollar for dollar incentive savings match. Save $1,000 over a certain period and Liberty Bank and United Way of Southeastern Connecticut will each contribute $1,000 toward your goal. Tripling your savings!

Home

Save toward a down payment on a house

Vehicle

Save for the purchase of or down payment on a vehicle

Education

Save for post-secondary education expenses

Overview

Individual Development Accounts (IDAs) are specially matched savings accounts that help establish a regular pattern of savings to purchase a house, vehicle, or higher education.

Participants will open IDA Savings Accounts with our program partner, Liberty Bank. Participants will receive a $2.00 match for every $1.00 they deposit into their account. The maximum amount each partner will match is $1,000, resulting in a combined total of $3,000 for the purchase of your asset. If you are unable to complete this program within three years, you will receive the money you deposited and any interest earned, but you will not be eligible to receive match funding.

Participation Requirements

  • Have you been working for the last 12 months?*
  • Are you a US Citizen or Permanent Resident?
  • Do you have a fair to excellent credit?*
  • Are you ready to make a commitment toward a savings goal of a home, vehicle, or higher education?

* TVCCA will review income and credit criteria in more detail with interested applicants *

Participants must be willing to make a long-term commitment to a savings goal and fully participate in the financial literacy component of the program.

If you meet the Participation Requirements and want more information, please work with your Case Manager at TVCCA to complete the pre-application form. You can also schedule an appointment to meet with the IDA Coordinator, Kim Barry 860-425-6626, kbarry@tvcca.org.