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Matched Savings Accounts / IDAs
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A matched savings account, also known as an "Individual Development Account" or IDA, is a special savings account for people with low to moderate incomes. These accounts are designed to help families and individuals of modest means establish a pattern of regular saving and, ultimately, reach a specific financial goal.
Typically, IDA savings and match money can be used to buy a house, pay for education, or start a small business. Each program has its own set of qualifications and restrictions.
Funding for IDAs is limited and typically comes from state, federal, and private sources.
Several Montana credit unions, in partnership with MCUCD and other nonprofit groups, are participating in IDA programs across the state.
Matched Education Savings Account (MESA) Program
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Asset Goal: Tuition, fees and books at one of Montana's participating schools (not limited to those listed below).
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Income Limits: A household of one must have an annual income equal to or less than $22,340. For each additional household member, add $7,920; OR, you qualify for the federal Earned Income Tax Credit (EITC). For more EITC eligibility information visit www.MontanaFreeFile.org.
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Current Status: There are currently openings all MESA programs.
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Program Contact: For more information, contact Karen Smith at 1-800-745-5546 ext. 124, or via email at karen@mcun.coop.
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Learn more about the MESA Programs today:
• Carroll College MESA
• Ron Verbeck Montana Tech MESA
• University of Montana MESA
• Montana State University / Gallatin College MESA
• Montana Statewide MESA
Rural Montana Saves
Matched Savings Account Program
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Asset Goal: Costs associated with attending College, University, Vocational School, Technical College, or Job Training.
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Counties Served: Beaverhead, Big Horn, Blaine, Broadwater, Carbon, Carter, Chouteau, Custer, Daniels, Dawson, Deer Lodge, Fallon, Fergus, Garfield, Glacier, Golden Valley, Granite, Hill, Jefferson, Judith Basin, Lake, Liberty, Lincoln, Madison, McCone, Meagher, Mineral, Musselshell, Park, Petroleum, Phillips, Pondera, Powder River, Powell, Prairie, Ravalli, Richland, Roosevelt, Rosebud, Sanders, Sheridan, Stillwater, Sweet Grass, Teton, Toole, Treasure, Valley, Wheatland, and Wibaux.
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Eligibility: You are over the age of 18 and have at least one minor child living in your household. OR, you are age 16-19.
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Income Limits: A household of two must have an annual income equal to or less than $29,420. For each additional household member, add $7,640.
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Current Status: There are openings in all participating counties.
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Program Contact: Rural Employment & Opportunities at 1-800-546-1140 or rmsinfo@reomontana.org.
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Learn more about Rural Montana Saves today!
Gallatin County Saves
Matched Savings Account Program
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Asset Goal: Costs associated with attending College, University, Vocational School, Technical College, or Job Training.
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Serves: Gallatin County
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Eligibility: You are over the age of 18 and have at least one minor child living in your household. OR, you are age 16-19.
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Income Limits: A household of two must have an annual income equal to or less than $29,420. For each additional household member, add $7,640.
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Current Status: There are currently openings.
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Program Contact: Career Transitions at (406) 388-6701 or kristi@careertransitions.com
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Learn more about Gallatin County Saves today!
Building Security through Assets and Financial Education (BSAFE) IDA Program
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Asset Goal: Higher Education, Purchase of a First Home, or Start a Small Business.
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Counties Served: The entire state of Montana.
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Eligibility: Participants must have been in an abusive relationship within the past five years.
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Income Limits: A household of one must have an annual income equal to or less than $21,780. For each additional household member, add $7,640. OR, you qualify if you qualify for the federal Earned Income Tax Credit (EITC). For more EITC eligibility information visit www.MontanaFreeFile.org.
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Current Status: All openings are currently filled; You may be placed on a waiting list for future openings.
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Program Contact: For more information, contact Karen Smith, Montana Credit Unions for Community Development, at karen@mcun.coop or (800) 745-5546 ext. 124.
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Learn more about BSAFE today!
 Helena Community Credit Union First-Time Homebuyer IDA Program
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Asset Goal: Purchase of a first home
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Counties Served: Lewis and Clark, Broadwater, Jefferson, and Powell
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Income Limits: A household of one must have an annual income equal to or less than $21,780. For each additional household member, add $7,640. OR, you qualify if you qualify for the federal Earned Income Tax Credit (EITC). For more EITC eligibility information visit http://www.montanafreefile.org/.
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Current Status: There are currently openings in all participating counties.
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Program Contact: For more information, contact Dona Losett at Helena Community Credit Union, (406) 495-6042.
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Learn more about the Helena Community Credit Union First Time Homebuyer IDA Program today!
NeighborWorks Montana First-Time Homebuyer IDA Program
Gallatin County SAFE Program
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The SAFE Program is an innovative program designed for women in financial crisis in Gallatin County to help them acheive economic self-sufficiency.
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Who can participate? In order to qualify, you must be a Gallatin County woman who has experienced a recent financial crisis related to:
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Job loss
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Medical costs
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Change in family status
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Disaster (fire, theft, accident, etc)
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SAFE Participants Receive:
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Financial literacy training to learn how to better manage money.
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A matched savings account, matched 1 to1 up to $250, providing you with $500 in savings when you complete the program.
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A $300 line of credit to help you build or re-build your credit.
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Current Status: Currently there are openings.
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Program Contact:
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Rocky Mountain Credit Union
8645 Huffine Ln
Bozeman, MT 59718
406-586-1505
www.rmcu.net.
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Sky Federal Credit Union
777 E Main St
Bozeman, MT 59718
406-587-1750
www.skyfcu.org.
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For more information click here.
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