Matched Savings Program / Individual Development Account (CAA of OKC)

Fact (page-stated): Individual Development Accounts (IDAs) are savings accounts opened at participating banks by working parents or working junior/senior high school students. Participants may deposit up to $2,000 of their own money and receive up to a $4,000 match, for a total of $6,000. Funds may only be used for expansion of a business (profitable, operating at least six months, with a legal business structure) or higher education at an accredited Oklahoma university, college or career technology center. Eligibility: must live in Oklahoma City, or Oklahoma or Canadian county; must be employed or self-employed consistently for at least six months; high school students must hold a 2.5+ GPA and work part-time or take part in extracurriculars; household income limits apply by household size. Participants must save monthly for at least six months (up to 18 months to reach goal), open the account with at least $50, attend money-management classes, and complete at least 8 hours of training in their chosen savings purpose.