Family Savings Account

Family Savings Account Program
•Aim Toward Financial Self-Sufficiency by Saving Money and Building Assets
•You can receive up to $2,000 in matching funds
PURPOSE OF FSA
To encourage individuals and families to save money, to acquire assets or increase the value of assets they already have (Asset Building), to take control of their financial situation, to save for future goes and to aim toward FINANCIAL SELF-SUFFICIENCY.
CASH INCENTIVE
As an incentive to save for a goal and develop a savings plan, grant funds will be used to match a participant's savings up to a maximum of $2,000 for a two year period -- A 100% RETURN ON YOUR SAVINGS!
Each saver must set a SPECIFIC GOAL for the use of his/her savings and match. Goals may be the following:
•Purchase or Repair of a House
•Post-Secondary Education
•Starting or Expanding a Business
•Purchase of a Vehicle for Work, Educations or Job Training.
•Savings and match funds MUST be used for the goal.
ELIGIBILITY
Family income cannot exceed 200% of the Federal Poverty Guidelines as follows:


Program Is Open To Everyone!
MINIMUM DEPOSIT
A participant must promise to deposit at least $10.00 per week in a separate savings account for at least 12 months and up to 24 months at an approved financial institution. Current participating banks are: Commerce Bank, Community Banks, Mid Penn Bank, PNC Bank and Sovereign Bank.
WORKSHOPS
Each saver MUST PARTICIPATE in at least FOUR FINANCIAL WORKSHOPS during a two year period on topics such as budgeting, savings and investing, credit and credit repair, loans, insurance, wills and tax planning. These valuable workshops are provided at no cost to the participants.
WHOM TO CONTACT?
Persons who are interested in finding out more about the FSA Program should call: Ms. Cynthia Swanson, FSA Coordinator, at 717-939-7884