Aspire. Plan. Invest.
IDA Program
Compass’s flagship Individual Development Account (IDA) program provides financial education and matched savings accounts for working, low-income families to help them save toward homeownership, small business development, or postsecondary education. The two-year program includes the following components:
- Matched savings. Participants commit to a monthly savings goal of $25-$75 per month for at least one year, with the option to save for a second year. Compass provides a 3:1 match for participant savings. In addition, participants are required to deposit 10% of their federal tax refund into their IDA.
- Basic financial education and training. Financial education is the centerpiece of the Compass IDA program. The core curriculum covers budgeting, banking, savings, credit repair, and other personal money management issues. Expert volunteers from financial services companies also provide in-depth workshops on topics such as taxes, insurance, investing, saving for college, and talking to children about money.
- Financial coaching. Through a unique financial coaching model, Compass seeks to equip participants with the knowledge, skills, and confidence required to sustain long-term financial stability. With support from financial services professionals and from local community organizations, participants receive individual support in achieving their goals.
- Asset purchase. At the end of the two year savings period, participants can apply their savings toward an approved asset purchase, including homeownership, small business development, or post-secondary education.
Compass currently offers its core IDA program in Lynn and in Boston.