Southern Bancorp: Earn as you save during the holidays with IDA

Qualifying Arkansans can triple their money in a unique savings program from Southern Bancorp – earning an additional $2K by saving less than $700.

And if they tie their Federal Tax Refund to the program, accumulating the savings is as easy as going to the mailbox or checking a box online.

“IDAs (Individual Development Accounts) are matched savings accounts designed to help brighten a person or family’s financial future,” said Anthony Young, President of Southern Bancorp Community Partners. “Funds may be used to help with education or training, home maintenance or ownership, or small business expenses.” 

Eligible savers make deposits that are matched up to a maximum of $2,000. Applicants must open an IDA before the end of 2023 but have several months to fund it, either through small contributions or by designating their Federal Tax Refund for deposit. 

If you: 
– meet income qualifications; 
– have net worth resources that total less than $10K (homes and vehicles are not included); and 
– have at least one dependent under the age of 18; 
then you may qualify for an IDA. 

This IDA program is open for a limited time for applicants on a first come, first served basis. Matching funds are not guaranteed, so don’t wait – apply before the end of this year! Determine your eligibility and complete an application at banksouthern.com/ida/.

IDAs are FDIC insured accounts opened and maintained in Southern Bancorp Bank using matched funds provided through the Arkansas Department of Human Services/Temporary Assistance for Needy Families program.

Contact IDA@banksouthern.com or 870.802.9145 with questions.