Family Savings Account Program
The family savings account (FSA) program is a matched savings account program. For every $1 you save toward an approved savings goal, the FSA program will match you $1, up to a maximum of $2,000. If you saved $2,000 toward your savings goal, with the match you will have $4,000 to use toward your savings goal.
The Family Savings Account has four approved savings goals. They include the purchase of a home, the start of a business, repairs or improvements to a home and education for the participant or the participant's child(ren).
To participate in the FSA program, you must meet the following requirements:
• Be at least 16 years old,
• Reside in the Greater Pittsburgh area,
• Have a family net worth (assets minus debts) of less than $10,000, and
• Meet the following income eligibility guidelines:
Maximum Household Income
|
Household Size |
Less Than |
|
1 |
$ 33,600 |
|
2 |
$ 38,400 |
|
3 |
$ 43,200 |
|
4 |
$ 48,000 |
|
5 |
$ 51,850 |
|
6 |
$ 55,700 |
|
7 |
$ 59,500 |
|
8 |
$ 63,350 |
NOTE: Welfare benefits, SSI, SSDI and state or federal training program stipends are EXCLUDED as income when determining eligibility.
Along with the eligibility criteria that must be met, you must also agree to the following:
• Make regular deposits of at least $40 per month for the length of your contract
• Attend a series of financial education classes within six (6) months of program enrollment that will help you budget and make good financial decisions
• Stay in contact with the YWCA and follow your savings contract
• Attend an asset specific education session
Those concentrated efforts support women as they become empowered through career and wage advancement. For more information please call: 412-255-6749 or email: assetdevelopment@ywcapgh.org
Click here to download an application.
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