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What is the
family savings account? The family savings account program is the
only savings program of this kind in Blair County. Available slots
are limited. Qualified participants will be enrolled in the FSA
on a 1st come, 1st served basis.
if you are serious about doubling your hard earned savings ...Don't
wait!
Earn more on your savings
Double your money in just two years
Make asset building a reality
Double savings for down-payment
On a car, house or business
Go back to school
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Use for kids college costs
Get needed repairs to home
Double your money in two years
Free money!
Earn $ to $ match on your savings
More info inside |
 Family
Savings Account helps you save for things you need.
Get a 1 to 1 match on your savings with an FSA account
The Family Savings Account (FSA) is a federal and state program
to help you save money and receive a 1 to 1 match on your savings
after a two-year period.
Example:
When you save just $10.00 A week ($40 a month x 24 months = $960)
you will receive a match of the same amount saved. (in this example,
the saver would receive 2 x $960 = $1,920) Or ...Save up to $1,000
per year. ($80 A month x 24 months = $1,920.) You will receive a
match of the same amount saved. (in this example, the saver would
receive 2 x $1,920 = $3,840) Savers are limited to saving $2,000
for two-years to receive a $2,000 match. ($4,000) Here's the deal
You select your own savings goal.
Some examples:
Buy a car
Tuition costs for training or education
Add to tap account for children
Home improvements
Home buying (down payment)
Start a business
Repair credit - If buying a home
Supplement daycare costs
The FSA coordinator
will answer your questions and provide info on income eligibility.
Blair County Community Action Agency (BCCAA) has been selected by
the state of Pennsylvania to coordinate the Family Savings Account
for Blair County. A local financial institution will also partner
with BCCAA. Participants in the FSA will receive monthly statements
on their accounts.
The financial institution agrees to waive costs for maintaining
the savings account. Savers must agree to not withdraw savings for
24 months to receive state and federal match dollars.
FSA income
eligibility guidelines (200%) 2/14/02
| Family
size |
125% |
150% |
200%
|
| 1 |
$11,075 |
$13,920 |
$17,720 |
| 2 |
$14,925 |
$17,910 |
$23,880 |
| 3 |
$18,775 |
$22,530 |
$30,040 |
| 4 |
$22,625
|
$27,150 |
$36,200 |
| 5 |
$26,475 |
$31,770 |
$42,360 |
| 6
|
$30,325 |
$36,390 |
$48,520 |
| 7 |
$34,175 |
$41,010 |
$54,680 |
| 8 |
$38,025 |
$45,630 |
$60,840 |
More than 8 family members - for each additional person, add: $
3,850 $ 4,620 $ 6,160
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