Individual Development Accounts(IDAs) are saving accounts for working-poor families who are trying to build towards purchasing an asset such as their first home, paying for college education, or starting a small business. These accounts are matched savings accounts in which the money saved will be matched with donations from government agencies, non-profit organizations and private companies. IDAs are especially made for the low-income American population who are trying to build their American Dreams. IDAs often help the poor to save or acquire assets. They can be used as checking and savings accounts, and also as a means to accumulate wealth. IDAs are similar to 401(k) plans and other matched savings accounts but it can serve a wide range of purposes for low-income families.
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