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.
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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:
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