IDA 2024

INDIVIDUAL DEVELOPMENT

ACCOUNT (IDA)

What is an IDA?

An individual development account (IDA) is a matched savings account. The program is sponsored by the State of Indiana. The program is designed to help individuals be able to purchase assets to improve economic mobility.

Participants in the program save $1500 over the course of 2-3 years and the state matches the saved amount x3.

Saving $1500 gives you $4500 in matched funds, totaling $6000 to spend.

 

Examples of Asset Purchases:

  • New Home Purchase
  • New Vehicle
  • Energy-Efficient Upgrades
  • Essential Home Repairs
  • Small Business Costs
  • Education Fees and Supplies
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