Individual Development Accounts Benefit Financial Institutions

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Celia Cole /(512) 320-0222 x110

April 8, 2005

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An Individual Development Account (IDA) is an interest-bearing, tax-free savings account created to help low- and moderate-income families build assets and move into the middle class. Each dollar a participant saves in an IDA is matched by public or private sources (e.g., banks, foundations, etc.). IDA deposits are exclusively limited to earned income.