Imagine a savings account where every dollar you deposit is matched with another dollar. You'd be getting free money. Wouldn't you jump at the opportunity?

Well, you can through an Individual Development Account (IDA) program. In general, money saved in IDAs may be used to buy a home, pay education expenses, or fund a new business.

Private nonprofit organizations or other companies sponsor most IDA programs, although some receive government money. For every dollar you save, the sponsor will usually add at least $1—and maybe more—to your IDA savings.

Since different groups support different IDA programs, requirements and the match level may vary. Still, you can see that the prospect of regular matches allows your savings to add up quickly.

To determine whether you’re eligible for an IDA, ask your Community Action Agency case worker, bank, credit union, or local housing authority. Or, visit www.idanetwork.org for a list of programs.

Read on for more information about IDA programs.