Individual Development Accounts

Individual Development Accounts (IDAs) are special matched savings accounts that assist people to save and build assets. Syracuse Cooperative Federal Credit Union has IDA programs for 4 savings goals:

First-Time Homebuyer IDA

Our New Homeowner IDA provides up to $11,500 to people saving for the purchase of their first home. We offer two special Matched Savings programs for first-time homebuyers: the First Home Club and Assets for Independence. If you qualify for both, you can receive the maximum of $11,500 - for every $1 you save, you get a match of between $4 and $6!
Income limits apply.

Do I Qualify?

For the First Home Club:
1-2 Person Households: Maximum income of $54,320.
3+ Person Households: Maximum income of $62,468.

For Assets for Independence:
1 - If you qualify for the EITC, Earned Income Tax Credit, then yes!
2 - Or, if your income is less than: $21,660 for one person; $29,140 for a household of 2; $36,620 for 3; $44,100 for 4; $51,580 for 5.

If you have any questions - or if you're ready to get started - call Christina at (315) 473-0250.

Small Business IDA

Our Small Business IDA provides a 1:1 match. Participants can save $1,000 and receive a $1,000 match to use for inventory or working capital for a small business. Funding for this general Small Business IDA program is provided by the Catholic Campaign for Human Development.

The Gifford Foundation Matched Savings Program for Entrepreneurs provides a special fund for IDAs for entrepreneurs with a disability.

For both programs, income limits do apply.
For a household of 1, the maximum income is $35,650.
For a household of 2, the maximum income is $40,750.
For a household of 3, the maximum income is $45,850
For a household of 4, the maximum income is $50,950
For a household of 5, the maximum income is $55,050.

To enroll in either program, or with any questions, call Christina at (315) 473-0250.

Education IDA

Cooperative Federal can help you save for an education or certification program! We provide a match of $1 for every $1 that you save, up to $1,000.
The matching funds may be used to pay for tuition, books, or any other pre-approved equipment or supplies needed to obtain post-secondary education or certification.

Vehicle IDA

We can also help you save for a vehicle-purchase. Participants must demonstrate that the vehicle is needed to travel to school, work, or for small business use.

For both Education & Vehicle IDAs, income limits are as follows:
For a household of 1, the maximum income is $35,650.
For a household of 2, the maximum income is $40,750.
For a household of 3, the maximum income is $45,850
For a household of 4, the maximum income is $50,950
For a household of 5, the maximum income is $55,050.

To enroll in the Education or Vehicle IDAs, or if you have any questions, please call Christina at (315) 473-0250.
Funding for Education and Vehicle IDAs is generously provided by the Catholic Campaign for Human Development.