Frequently Asked Questions

The Delawareans Save! Individual Development Account (IDA) program is a special savings program that assists you in building assets and increasing wealth. It is part of the federal Assets for Independence program. It will match your savings two-fifty for each dollar saved for specific purposes. You can save a dollar and earn at least two-fifty!

What’s the Catch?    There is no catch! 

Where Does the Money Come From?

The funds for the match are provided by the U.S. Department of Health and Human Services, the Delaware State Housing Authority, Discover Bank, JPMorgan Chase Foundation, ING DIRECT, Deutsche Bank Trust, Citigroup Foundation, and GMAC Bank. The program is supported by these institutions in order to teach savings and improve the financial stability of working lower income Delawareans. 

How Does the Program Work?

1. Contact an IDA partner agency. See the list of partner offices on this website.

2. Attend an information session

3. Attend an eligibility appointment.

4. Complete the financial fitness program.

5. Open an IDA saving account. 

6. The IDA saving account is established between you and Delawareans Save! at either Artisans' Bank or Wilmington Trust

7. Obtain assistance to reach your goal. Attend all of the required asset training.

8. Meet your goal and receive at least a 2.5:1 match.

9. Purchase your asset!

How Much Can I Save?

The maximum that you may save and get matched is $1,500 per person or $3,000 per household. If you save $1,500, we match it with $3,750 for a total of $5,250. You must save a minimum of $25 and up to a maximum of $250 per month to receive the corresponding matching dollars.  (Please note: In order to save $1,500 in 36 months, you will need to make some monthly deposits of more than $25.  If you only save $25 a month  for 36 months, you will have a total of $900, not $1,500, at the end of 36 months.)

What Can I Use the Money For?

You can use the money for the following goals:

• Homeownership:

IDAs can help to pay for down payment and/or closing costs of a home that will be your primary residence in the state of Delaware, if you are a first-time homebuyer. Homeownership counseling is required.

• Education/Training:

Use your Delawareans Save! dollars to help pay for attending a community college, four-year college or university or vocational training school. Your IDA can be used to pay for tuition, fees, books, supplies and equipment that are required for this education.

• Small Business:

How Long Can I Save?

The minimum time that you must save in order to receive a match is 6 full months. The maximum time that you may save in the program is 36 months, depending on the date that you begin saving.

What are the Income Guidelines? 

Delawareans Save! has specific income eligibility requirements that the program site will discuss with you. Many Delaware households qualify.  See the Income Guidelines page on this website to see if you qualify.

Where is the Match Money Kept? 

You will receive a quarterly saving statement reflecting your individual savings, interest earned and matched savings.  The matching funds are kept in a separate account until you complete the program.

What Happens When You Save Enough?

After you have saved enough and completed the qualifications of the program, meet with your Delawareans Save! counselor and provide all paperwork for the withdrawal request. A check will be issued to you and the vendor for your asset purchase.

I Have Credit Trouble.  Can I Still Open an IDA?

Your personal counselor will help you to work through your credit problems  and teach  money management skills to you!  As soon as you are ready, you will be able to open an IDA.

I’m Interested.  What Do I Do Now?

Call the Delawareans Save! office nearest you!  See the list of partner offices on this website.

Delawareans Save is administered by First State Community Loan Fund