The AddsUP Savings Plan, developed in partnership with Good Shepherd Microfinance, helps people living on low incomes to develop financial independence.
People on low incomes who have successfully paid off one of NAB’s microfinance loans are encouraged to save $500, which is then matched by NAB dollar-for-dollar.
The program inspires customers who have never saved before to develop a positive long-lasting habit by rewarding their commitment.
Am I eligible?
To qualify for the matching process, you must:
- have successfully repaid a NILS (No Interest Loan Scheme) or a StepUp Loan;
- hold a current Centrelink Card, Pension Card or be a recipient of the Family Tax Benefit Part A and B;
- have saved $500 in a period of 6 months to a year;
- have made consistent payments in amounts less than $100 dollars; and
- have made no more than three withdrawals from the account in the prior 12 month period.
Participation in this program from eligible community partners is only available once for each customer and matching only happens once in the lifetime of the account.
Participants can access funds at any time and can stop saving at any point, although this may mean they are no longer eligible for the plan. Clients taking part in the AddsUp Savings Plan will not incur additional costs.
The AddsUP Savings Plan is a feature available with the NAB Smart Reward Saver Account and is accessible via selected community partners in collaboration with Good Shepherd Microfinance.
How does it work?
To get access to the AddsUP Savings Program, you’ll need to:
1. Finish paying your NILS® or StepUP Loan(s).
2. Meet with an eligible local community loans worker to learn more about the AddsUP Savings Plan.
3. You’ll receive a letter of recommendation from the community loans worker.
4. The NAB Community Finance Banker will ring you to open your NAB Smart Reward Saver Account in conjunction with the AddsUP Savings Plan.
5. Once the account is open, you’ll need to visit your local NAB branch to have your new account activated.
6. If you’re a new NAB customer (without an existing NAB account) you’ll need to bring identification to complete a 100 point ID check in order to activate the account.
Download the AddsUP Savings Plan Terms & Conditions
Download information about the AddsUP Savings Plan
Download information about AddsUP for Victoria, New South Wales, Tasmania, Australian Capital Territory and Queensland
Download information about AddsUP for Western Australia, South Australia and Northern Territory
For more information about AddsUP, please email Addsup@nab.com.au or phone 1800 559 772.