An Individual Development Account (IDA) is a matched savings account that enables families with limited financial resources to save and build assets. IDAs encourage savings by matching participant deposits, which then are invested in one of the following assets (your E3 IDA can only be used for post-secondary education):
- Small business start-up or expansion
- Post-secondary education or job training
- Home rehabilitation or repair
- Employment-related adaptive equipment, technology or specialized training
IDAs are about more than receiving match money. They are about building skills that will help individuals and their families move up the ladder of self-sufficiency.