“Promoting Social and Economic Self-Sufficiency”
             Family Savings Account
    

Family Savings Account
of Southeastern Pennsylvania

The Family Savings Account (FSA) Program is an innovative statewide matched savings program for low income individuals to encourage self-sufficiency through savings, financial management education and asset accumulation.
   
Developed by WORC in partnership with the Commonwealth of Pennsylvania, The Family Savings Account assists individuals, whose income is below 200% of the federal poverty level, in building their personal financial strength by learning the value of saving money and developing a fundamental knowledge of financial opportunities.

Successful account holders can accumulate enough assets to put a down payment on a home; fully fund one year's tuition at a Pennsylvania community college without supplemental grants or loans; or provide equity in a business to obtain a micro loan.

WORC piloted the program in 1997 in Southeastern Pennsylvania with 100 account holders and continues to operate the program in partnership with several community organizations.

Our partner financial organizations include PNC, Republic First Bank, New Horizons Community Federal Credit Union, Hudson United Bank, Union National Bank, Progress Bank, First Keystone Federal Savings Bank, Sentry Federal Credit Union, Ukrainian Self Reliance Federal Credit Union, and New Life Credit Union.

Increase Your Assets

Defined Saving Goals
   
Each account holder in the Family Savings Account Program will be required to save toward one of the following personal goals: home purchase, home repair, financing a small business or higher education for the participant or a child.

Asset Accumulation
   
Participants must save at least $10 per week in a restricted savings account for 12 months to two years. Although saving $10 per week may seem high, experience has shown that motivated low-income individuals can and do achieve this goal by developing new spending priorities and/or finding temporary part-time work to bolster their monthly income.
   
Each account holder can receive up to $2,000 in matched funds to go towards their goal.
   
Participants may choose to save on an individual basis or collectively through savings groups. Savings groups function like mini investment clubs, enabling members to meet the minimum eligibility requirements for certain types of investment vehicles.

Financial Education
   
All participants will take courses that provide a basic understanding of personal financial strategies: personal budgeting, credit, banking products and options, access to loan products, education, home-ownership, business, investment options, retirement planning and taxes. These financial management classes are also available online at http://www.worcFinancialEd.com for a small fee.

Who Is Eligible?
   
PA residents whose household income meets the following guideline, and who have a household net worth of less than $10,000 (excluding the primary residence and one car):

For family units with more than eight (8) members, add $6,520.00 for each additional member.
   
Note: There is a $30.00 non-refundable enrollment fee to participate in the program and a $40.00 non-refundable closing fee upon graduation.

When Can You Learn More About This?
   
Come to one of our regularly scheduled orientations. If you qualify, call immediately to sign up for this great opportunity. Space is limited so please hurry!   Please call WORC at 215-564-5500.