Virginia Individual Development Account (VIDA)

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What it VIDA?

The Virginia Individual Development Accounts (VIDA) program is a special savings program that helps eligible individuals gain financial literacy skills and build assets. For every dollar the participant saves in a designated account, VIDA will match it with two dollars. The combined savings can be used to:

  • Buy your first house
  • Start a business
  • Save for you or your child's education (vocational training, community college, undergraduate or graduate degrees)
In addition to the 2:1 savings match, participants also receive financial literacy and other training and support. The Virginia Community Action Partnership (VACAP), the Virginia Department of Housing and Community Development (DHCD), and others have partnered to provide these services.


EITC and VIDA

By investing some or all of your Earned Income Tax Credit (EITC) in a Virginia Individual Development Account (VIDA), participants can triple the amount of their refund. For each dollar placed in a Virginia Individual Development Account, VIDA will contribute two dollars. Participants may invest any amount up to $2,000, and that money will triple in two years!

There are two questions to answer when considering applying to become a VIDA saver.

Am I Eligible?

The VIDA accounts are available on a first come, first served basis for all eligible, Virginia residents. In order to be eligible, individuals must:

  • be a U.S. citizen or legal alien residing within Virginia;
  • be employed;
  • have a dependent child under the age of 18 living in the household if saving for a business or education;
  • meet income requirements;
  • save a minimum of $25 per month; and
  • be accepted into the program.

Am I Ready?

Current savings accounts are not required, however ideally VIDA participants have established a savings goal for themselves and are willing to save $25 or more per month toward that goal. VIDA savers must be committed to completing financial and asset-specific training to prepare for their asset purchase.

Program participants have two years after their savings account is opened to complete their training and save to meet their asset goal. Participants should realistically review their current goals and commitment level before participating. While the local intermediary will provide moral support and guidance during the process, ultimately it will be the participants' commitment that leads to success.

» Learn more about VIDA