Savings Program Overview
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 PA, 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 microloan.
WORC piloted the program in 1997 Southeastern Pennsylvania with 100 account holders - it has now grown to one of the largest statewide programs and continues to operate the program in partnership with several community organizations.
Our partner financial organizations include PNC, Citizens Bank, Republic First Bank, Bank of America, Asian Bank, New Life Credit Union, New Horizons Community Federal Credit Union, Ukrainian Self Reliance Federal Credit Union, Union National Bank, First Keystone Federal Savings Bank, and M&B Bank.