What are Individual Development Accounts (IDAs)?

IDAs and Matched Savings Accounts are a saving product or program. IDAs started back in 1999 after the first initial funding for them came out of the Health and Human Services Department of the Federal Government. They are designed to assist Low-moderate-income communities build assets and provide a pathway out of poverty.

What role does Midas play with IDAs and Matched Savings Accounts?

Midas works with partner organizations that provide programs for LMI individuals looking to build their assists. Midas serves as a financial fiduciary between those organizations and the banks that hold the IDA accounts. Midas also is involved in creating policy that supports the continuation of Matched Savings and expanding saving to programs everywhere.

How can financial institutions participate?

Financial institutions can participate by become a partner in a program and serving as a resource to organizations within their community. That partnership can help fund organizations to start matched Savings programs.

How do I get information about what Midas is doing?

You can sign up for our monthly newsletter here! We send out information about different legislation we are supporting, our annual events, and any changes we are making within the organization.

How do I sign up for a Matched Savings Program?

At Midas, we do not directly run the programs, instead we work with the programs to open the IDA accounts. If you’re looking to join one of our partner organizations, please refer to our membership page to see our list of member orgs and reach out to the organization you are looking to be a part of.