Fast Track IDA & Standard IDA – The Differences

Tori DillingerAdministrative Assistant

Individual Development Accounts (IDA) are back for 2019! IDAs are savings accounts that the state of Indiana can match for income-qualified individuals towards the purchase of assets. This year, we have IDA Fast-Track Accounts & Standard Accounts. There are some big differences between the two – both are intended to help give low-to-moderate income families a boost in acquiring assets. 

For those familiar with the program, the main difference between the two is the match & the time restrictions. Standard IDAs are a long-term savings plan and the Fast-Track IDAs must be spent by July 31, 2019.  The Standard IDA offers a 3:1 match up to $1,500 rather than Fast-Track IDA 4:1 match up to $1,000. The time restrictions on a Standard IDA requires only $800 can be matched in the first year ($2,400 in match), then $700 ($2,100 in match) the year after. 

Below is a summary of our IDAs:

2019 Individual Development Accounts.png

To learn more about what is a qualifiable purchase with an IDA, contact us at 812-423-3169 and ask for Tony. Also, you can find useful infographics on our Facebook page and this website. 

To fill out an application, contact Tony by phone or by email at AnthonyA@HOPEofEvansville.org