New Hampshire IDA provides matched savings accounts that helps state residents with limited incomes quadruple the money they save and jump start their futures.
You may be eligible to open an IDA if you or someone in your household has some income from work and your household:
- is eligible for Temporary Assistance for Needy Families (TANF), or
- has earnings at or below double the federal poverty line or within the income limits for Earned Income Tax Credits (EITC), and
- has a net worth of no more than $10,000.
You start by connecting with one of the community partners in the IDA statewide network and attending at least six hours of financial training.
IDA savers must deposit at least $25 each month into their IDA savings accounts. For each dollar saved, up to $2,000, they receive $3 as a saving match. Someone who saves the maximum $2,000 will receive a $6,000 match; she will have a total of $8,000 to put toward her goal.
IDA savers must also complete at least 10 hours of financial fitness and asset management training for every year they are in the program. Training topics include money management – saving, financial planning and budgeting. Depending on a saver’s goal, training will also cover topics such as how to buy a home or what to consider when pursuing an educational goal.
Savers can start using their IDA funds to pay for their goals when they have met the training requirements and have been in the program for at least six months.
If savers leave New Hampshire IDA for any reason, they keep any money they have deposited in their IDA savings accounts and have not used toward their goal. They will not receive any matching funds.
Ready to start? Find the program that fits your needs: