Montgomery County, PA Community Action Development Commission

Family Savings Account

  • Program Status: Open
  • Designed to help families save money.

Watch your money grow

The Family Savings Account program is designed to help families save money.  Families are asked to save a minimum of $10 a week or $40 a month.  After staying in the program for 1-2 years the PA DCED will give familes the same amount they have paid into the savings account assuming all requirements have been met.

Eligibility

  • Must save a minimum of $10/week or $40/month.
  • Must remain in the program for 1 or 2 years to recieve matching funds.
  • At participation completion, applicant must be able to fulfill the goal stated to collect the total savings.

Income Guidelines

Fees

None.

What Does the Program Provide?

The PA Dept of Community Economic Development (PA DCED) will give you the same amount you have paid into the savings account assuming you have met the requirements.

Example 1: Enroll for 1yr to save $1,000/yr - total savings is $2,000.
Example 2: Enroll for 2yrs to save $1,000/yr - total savings is $4,000.

Program Background and Details

Participants must have a specific asset-acquiring goal for the use of the money.  Approved goals are: purchasing a home, home repairs, purchasing a car, business startup, and further education for yourself or child.

Participants have to take at least 4 of 7 approved financial education modules hosted by one of the partner agencies, arranged through CADCOM.

The maximum amount that can be saved is up to $2,000 over a two year period.