Matched Accounts

EARN is the nation’s largest and fastest-growing microsavings program for low-income workers. Our asset building model combines financial education, matched savings accounts, asset-specific investment training, and connections to the financial mainstream. EARN Savers have opened more than 3,000 accounts and deposited over $4 million of their own hard-earned dollars since 2002. We match their savings for investment in life-changing goals such as going to college, purchasing first homes, or starting small businesses.

Through EARN, Bay Area low-income workers can open Individual Development Accounts and begin saving money for and building knowledge about investment in high-yield assets, including homeownership, post-secondary education or training, and micro-enterprise development. Saver deposits are matched 2:1 up to $2,000 through a combination of local and federal match funding, for total potential savings of $6,000. Every Saver receives 8 hours of financial management training, which covers budgeting, spending, credit repair, and long-term planning. Savers also complete at least two asset-specific workshops per year, covering such topics as starting a small business, budgeting and credit, managing debt, intro to finance, financial aid for education, and first-time home purchase.

In our financial education classes, Savers gain the skills, knowledge, and confidence to successfully manage their finances and establish relationships within the economic mainstream. In addition to mandated financial education, Savers are also offered a bank account, free tax preparation to leverage the Earned Income Tax Credit, and a wide range of monthly financial workshops organized by our partners.

EARN also offers a family-based matched product called the SAFE account (Savings Account For Education), in which families go through money management training together, and save together for a child’s educational enrichment and college readiness. SAFE accounts are for families with children ages 10-16, and families receive a 3:1 match on $500, accumulating a total of $2,000. These funds can be used for college tuition and expenses as well as for educational enrichment that prepares students to attend college, and increases their competitiveness as applicants.

EARN’s Savers continue to beat the odds by saving and investing for their future, increasing their economic stability, and preparing to leverage their assets into even greater gains for themselves and for their families. Every quarter, we prepare a quantitative and qualitative analysis of our impact on people’s lives.