Programs

Saving Circle

Would you like to improve your financial situation? Is there something you or your family need, but it seems like you’ll never be able to save enough money?

Participants save money towards the purchase of necessities.

How does it work?

The Saving Circle Program helps low-income individuals and families to save for needed assets including furniture, medical expenses, a computer, education, a small business, or other household necessities.

The program uses special matched savings accounts to match participants’ savings 3:1 up to a specified limit. Participants have up to six months to save toward their asset goal.

For every $1.00 saved, SEED will match it with $3.00.

Am I eligible?

To qualify, you must…

  • live in Winnipeg
  • be at or below the program’s income cut-offs (see below)
  • have a strong desire to improve your financial future
  • not be a current or past IDA (Individual Development Account) participant
  • not be a past Saving Circle participant
  • not live with a current or past Saving Circle or IDA (Individual Development Account) participant

How do I apply?

You can apply to the Matched Saving Programs at SEED by phoning to register for an information session the first business day of each month, starting at 9:00am. Please phone 204-927-9947 and leave your name and phone number after the voicemail prompt. Limited spots are available each month and your call will be placed in the order it was received.

In the meantime, you may be eligible to apply at one of our partnership sites.

The Saving Circle program is run in partnership with the Alternative Financial Services Coalition (AFSC), Assiniboine Credit Union, the Province of Manitoba, the United Way of Winnipeg.

Low Income Qualification Chart

Household Size Maximum Gross Household Income
1 person $18,712
2 persons $23,296
3 persons $28,639
4 persons $34,772
5 persons $39,437
6 persons $44,478
7 or more persons $49,520

SEED Winnipeg looks at household income to help determine eligibility for our programs. We use Statistics Canada’s Low-Income Cut-Off (LICO) as a guide (we use 75% of LICO). Other factors besides LICO are also considered.