Individual Development Accounts (IDAs)
IDAs are matched savings accounts where the money you save is matched by an organization that works to invest in your future. People use IDAs to save towards the investment of a lifelong asset such as education, small business, or home purchase. Opportunity Fund works with SparkPoint at Skyline College to offer a 2:1 IDA to qualified SparkPoint participants to use toward their education.
For example: A person saving $2000 would receive a match of $4000, which equals a total savings of $6000.Learn more
SparkPoint Center at Skyline College has partnered with Community Financial Resources to offer monthly incentive drawings for participants who practice positive financial behavior changes such as:
- Increasing their savings,
- Attending financial workshops
- Meeting regularly with a financial coach
Each positive financial behavior earns participants a chance to win a monthly drawing prize of $125.
Prepaid Debit Cards
Community Financial Resources offers a low fee pre-paid debit card for SparkPoint participants. The card functions as a checking account, purchase and money transfer card, a money management tool and can be easily linked to an interest-bearing savings account. Meet with a financial coach to discuss the benefits of a pre-paid debit card.
Savings and Checking Accounts
Find the right banking tool for you that will assist you in managing your money and will keep it safe. San Mateo Credit Union offers benefits for SparkPoint participants who are interested in opening new bank accounts, including new start bank accounts for those who have been denied an account because of information provided by ChexSystems.
The Chex Systems, Inc. network is comprised of member Financial Institutions that regularly contribute information on mishandled checking and savings accounts to a central location. ChexSystems shares this information among member institutions to help them assess the risk of opening new accounts. ChexSystems only shares information with the member institutions and does not decide on new account openings. Contact the SparkPoint Center for more information or to schedule an appointment with a San Mateo Credit Union representative.