WESTMINSTER — Vermont Matched Savings, a matched savings account program from Southeastern Vermont Community Action (SEVCA), has immediate openings for eligible community members. This program offers participants an opportunity to receive a match of $1 for every $1 saved, all the while learning about money management.
Matched savings accounts are savings accounts that help low- and moderate-income individuals and families reach a savings goal. You deposit up to $1,000 that you have earned through work or self-employment into your account, and state grants provide a match to those funds, up to $2,000, helping you reach your goal more quickly.
“Save just $77 for 13 months, and your savings can be used for eligible investments such as starting or expanding your business, purchasing a first home or paying for home repairs, receiving education after high school, or purchasing tools and/or training needed for work,” program organizers write in a news release.
A qualified financial counselor provides one-on-one support and helps you to purchase your investment. Savings may be withdrawn at any time, and doing so might affect program eligibility.
If you complete the program requirements, at the end of one year, you will be able to make your purchase.
The program also offers information about other services available at SEVCA for which you and/or your household may be eligible.
Participation is open to anyone who has less than $10,000 in net assets (excluding their primary dwelling and one car), is able to make a monthly deposit out of earned income, can complete online financial literacy classes, saves for at least one year before being eligible to use the matching funds, and can meet household income guidelines.
For more information about the program, visit bit.ly/600-sevca, or contact the Financial Fitness Program coordinator, Sue Dillon, for more information at [email protected] or 800-464-9951.