AddsUP Savings Plan
NAB in collaboration with Good Shepherd Microfinance has developed the AddsUP Savings Plan. This joint initiative, focuses on helping Australians living on low incomes develop financial independence through savings.
The program does not impose restrictions on the object of savings, the frequency or the amount saved, however it is important for recipients to consider their savings objectives and gain some basic financial literacy throughout the course of the program.
The AddsUP Savings Plan is a feature available with the NAB Concession Card Account and is accessible via selected community partners in collaboration with Good Shepherd Microfinance.
Australians living on low incomes that have successfully completed a NILS (No Interest Loan Scheme) or a StepUp Loan and have a current Centrelink Card, Pension Card or recipients of the Family Tax Benefit Part A and B are eligible to apply.
Once a client has successfully completed a NILS or StepUp Loan, their community worker will discuss the AddsUP Savings Plan, if it's offered through their community organisation.
To qualify for the matching process, clients will need to have saved (between) $300 to $500 in a period of 6 months to a year, at which point NAB will match their savings dollar-for-dollar, up to a maximum of $500. The matching component feature of the AddsUP Concession Card Account aims to encourage customers who have never saved, to develop a positive long-lasting habit by rewarding their commitment.
Participation in the program is only available once for each customer and matching only happens once in the lifetime of the account.
Clients can access funds at all times and can stop saving at any point. The AddsUP Savings Plan is free of interest and banking frees*** (non-NAB ATM fees still apply).
How it Works
To get access to the AddsUP Savings Program, customers will need to:
Finish paying NILS® or StepUP Loan(s).
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Meet with the local community loans worker to learn more about the AddsUP Savings Plan.
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Receive a letter of recommendation from the community loans worker.
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The NAB Community Finance Banker will ring the customer to open his/ her AddsUP Concession Card Account.
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Once the AddsUP Concession Card Account is open, the NAB Community Finance Banker will ask the customer to go to their local NAB branch to have their new account activated.
New NAB customers (who don't have existing NAB accounts) will need to bring identification to complete their 100 point ID check in order to activate the account.
Once the AddsUP Concession Card Account is open, customers will be required to start making regular deposits to their account(s) as discussed with their NAB Community Finance Banker. There are many deposit options available to customers however Centerpay is not available for the AddsUP Concession Card Account.
A minimum of $300 must be saved within 12 month of opening the account to qualify for matching. This means that for fortnightly payments of $20, customers will be eligible for matching at the 12 months mark. Alternatively, for fortnightly payments of $40, customers will be eligible for matching at the 6 month mark. The deposit amounts can vary over the period and customers can be matched at any time during the 6 to 12 months since opening and activating their account(s).
For more information on the AddsUP Plan or if you are a customer waiting to be contacted for your new Adds UP Concession Card Account, please refer back to your local community agency.
