EARN is initiating a new program called the EARN Starter Account. It is a program that teaches low and middle income people how to save money. Here is EARN's explanation of the program.
"To participate, all you have to do is link a
savings account of your choice, deposit money each month, and make no
withdrawals. Every month you reach your deposit minimum, you will earn
rewards! Even if you've never saved before, or have only set aside a
few dollars here and there, the Starter Account is a great way to
kick-start and grow a lifelong habit of saving. Interested? Sign up
now!"
EARN is also hosting a webinar on the Starter Program on August 19, from 1 to 2pm.
The Starter Account is a new component of EARN's programs which include:
The Triple Boost Account, which "is a matched savings account for low-wage workers to save
for their children's education expenses. Savers set aside $500 and
receive $1,500 in match money. The total sum of $2,000 can be spent on
qualified educational expenses for your child. At this time, we are fully enrolled and no longer accepting new applications"
The EARN IDA (Individual Development Account) a matched savings account for
low-wage workers to save for one of three specific goals: purchasing a
first home, higher education, or a small business. With an EARN IDA
account, you save $2,000 over a period of time and receive $4,000 in
match money. The total sum of $6,000 can be invested towards your chosen
goal. At this time, we are fully enrolled and no longer accepting new applications.
The North Dakota Community Action Partnership is in charge of a similar program to EARN's IDA in North Dakota that matches two to one with a combination of federal and non-federal dollars.
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