Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

SmartMoney Accounts | Participant Orientation

2,047 views

Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

SmartMoney Accounts | Participant Orientation

  1. 1. smartmoneysavingsaccounts
  2. 2. our products• Not available through the banks• For low- and moderate-income households• Designed to encourage savings• Safe, Smart and Savvy
  3. 3. Save Up with $20 or $50Deposit $20 monthly for 18 months and earn $165 (21% APY)Deposit $50 monthly for 12 months and earn $163 (18% APY)
  4. 4. Ramp Up with $500Open with $500 and make deposits of $40 monthly for14 months and earn $252 (23% APY)
  5. 5. Ramp Up moreExtend your $500 account at $40 monthly foran additional 12 months and earn $73 (5% APY)
  6. 6. SAFE accounts for your child’s educationSave up to $500 ($20-$85 monthly) for up to 24 months andearn $3 for every $1 (300%) saved towards education-related expenses for your qualifying child.
  7. 7. save for IDAIDA (Individualized Development Account) Choose one of three savings goals
  8. 8. save for educationMake $85 monthly deposits up to $1,000 for 12 monthsand earn $2.50 for every dollar saved ($3,500 maximum) orMake $85 monthly deposits up to $1,750 for 24 monthsand earn $2 for every dollar saved ($5,250 maximum)
  9. 9. save for small bizMake $85 monthly deposits up to $1,000 for 12 monthsand earn $2.50 for every dollar saved ($3,500 maximum) orMake $85 monthly deposits up to $1,750 for 24 monthsand earn $2 for every dollar saved ($5,250 maximum)
  10. 10. save for homeMake $85 monthly deposits up to $1,000 for 12 monthsand earn $2.50 for every dollar saved ($3,500 maximum) orMake $85 monthly deposits up to $2,000 for 24 monthsand earn $2 for every dollar saved ($5,250 maximum)
  11. 11. income limits For $20, $50 & $500 accounts• Household size of one cannot exceed $46,400• Household size of two cannot exceed $53,000• Household size of three cannot exceed $59,650• Household size of four cannot exceed $66,250• Household size of five cannot exceed $71,550• Household size of six cannot exceed $76,850• Household size of seven or more cannot exceed $82,150
  12. 12. income limits For children’s education accounts• Household size of two cannot exceed $34,200• Household size of three cannot exceed $38,450• Household size of four cannot exceed $42,700• Household size of five cannot exceed $46,700
  13. 13. income limits For IDA accounts• Household size of one cannot exceed $22,340• Household size of two cannot exceed $30,260• Household size of three cannot exceed $38,180• Household size of four cannot exceed $46,100• Household size of five cannot exceed $54,020• Household size of six cannot exceed $61,940• Household size of seven cannot exceed $69,860• Household size of eight cannot exceed $77,780
  14. 14. requirements add’lly For children’s education accounts• Have a child or dependent between 10-18 years old• At least one employed person in the household• Have recent tax statements• Reside in the County of Los Angeles• Have valid social security or ITIN• Only use savings for permitted uses
  15. 15. requirements add’lly For IDA accounts• Attend 8-hour workshop for first-time home savers• Attend 6-hour workshop for small biz or continuing education savers• Be at least 18 years old• Reside in the County of Los Angeles• Have valid social security or ITIN
  16. 16. next steps?❶accounts as possible Enroll in as many smartmoney❷Grab a flyer, tell a friend

×