Frequently Asked Questions about DreamSavers

What is Dream$avers?

Dream$avers is a matched saving program, sometimes called an IDA or Individual Development Account. IDA's are designed to help people improve their lives by learning money management skills and assisting them in saving for long term productive assets such as education, job training, or homeownership.

Is this a “scam” that will cost me money?

No. Match funds are provided by foundations and Federal and State tax credits for this purpose. The money you deposit in your savings account is yours regardless of whether you reach your goal and receive the matching funds.

How do I qualify?

You must be an income-qualified person. The income limits change annually. Your household income must be less than the Maximum Gross Annual Income in the chart below for your household size. Please contact our office to see if you qualify!

Number of people
in Household		 Maximum Gross Annual
Household Income
1 31,000
2 35,450
3 39,850
4 44,300
5 47,850
6 51,400
7 54,950

How does the match work?

The match rate may depend on the source of funding or what your goal is. Generally, the match rate is 3:1, or $3.00 for every $1.00 you save.

How much can I save?

6 months to less than 12 months:
Minimum Saving Amount: $1000
Maximum Match: $3000

12 months to 36 months:
Minimum Savings Amount: $2000
Maximum Match: $6000

How much money can I deposit in my savings account?

You can deposit as much money as you want into your savings account, but the maximum amount of matching funds that can be received is $6,000.

Do I have to deposit the same amount each month?

No, you are not required to deposit the same amount each month, but you must make a deposit each month. It is recommended that you deposit the amount indicated on your Savings Plan Agreement in order to reach your goal within the time desired.

Why doesn’t my match money show up on my savings account statement?

The match money never goes directly into your savings account. It is held in a separate account. The match money that is set aside for you shows on the Dream$avers statement that is mailed to you with the bank statement. The Dream$avers statement shows how much money you have saved and how much money is set aside for you.

Do I have to pay taxes on my savings account?

You may need to report interest you earn from your savings. Keep in mind that the financial institution will report the interest you earned.

What happens if my income goes up, will I be disqualified from the program?

No, you will not be disqualified from the program if your income goes up. The goal is to help people improve financially—if your income goes up we feel successful and we hope you do too!

So, who really controls the money I deposit?

You do. We cannot refuse to sign a withdrawal request. However, we do decide if your withdrawal is unauthorized, an official emergency withdrawal, or a withdrawal for your savings goal. Our decision will affect whether or not you can receive matching funds.

Do I have to go to the “designated” financial institution to do my banking?

You must open the IDA savings account and make withdrawals at the designated financial institution. After you have opened the IDA, you can make your deposits at any branch of the financial institution.

Training Requirements

8-12 hours of Financial Education (free Financial Fitness class)

6-30 hours of Asset Specific Training (free home buying class, spend time with an academic advisor, etc.)

What if I have not used my match money by the end of my term in the program?

The participation time in this program is minimum 6 month and maximum 3 years. You will have two or three months to start using your savings and matching funds. If you do not use the match after that amount of time, you will lose the match money but keep your savings.