AddsUP Savings Plan
NAB in collaboration with Good Shepherd Youth & Family Service has developed the AddsUP Savings Plan. This plan focuses on helping Australians living on low incomes develop financial independence through savings.
The program does not specify what people need to save for. However, it is important for recipients to look at their savings goals and the value of saving for a rainy day.
Who is eligible for an AddsUP Savings Plan and how does it work?
The AddsUP Savings Plan is a feature available with the NAB Concession Card Account and is offered to people who have successfully completed paying at least one No Interest Loan Scheme (NILS®) or StepUP Loan.
Through NILS, low income consumers are provided with access to funds so they can purchase essential household items. A StepUP Loan is a safe, low interest loan of between $800 and $3,000 for individuals or families to purchase essential personal, household and domestic goods and services.
To qualify for the AddsUP Savings Plan, a client also needs to have a current Centrelink Health Care Card, Pension Card or Family Tax Benefit Part A.
Once a client has paid off their loan, their community worker can discuss with them the AddsUP Savings Plan, if it is available through their community organisation.
To qualify for the matching process, clients will need to have saved a minimum of $300 in their AddsUP Savings Plan.
NAB will identify all AddsUP accounts that show a balance of $300 or more and match the savings in these accounts, dollar for dollar, to a maximum of $500.
Note, NAB will match savings once in the lifetime of eligible AddsUP Savings Accounts ie account holders will only have their savings matched once.
Clients can access funds at all times and can stop saving at any point. It is important for clients to understand that to be successful in their savings, how much they save should not adversely impact their day to day life.
The AddsUP Savings Plan is free of interest and has reduced fees (non-NAB ATM fees apply).
How it Works
To get access to the AddsUP Savings Plan, you will need to:
Finish paying your NILS® or StepUP Loan.
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Meet with your community loans worker to learn more about the AddsUP Savings Plan.
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Get a letter of recommendation from your community loans worker.
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NAB will ring you to open a NAB Concession Card Account.
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Visit your local NAB branch to activate the account.
If you are not an existing NAB customer, you will need to bring identification to complete the 100 point check in order to open an account.
Once your account is open, start making regular payments directly to NAB – just like your NILS® or StepUP Loan repayments.
If your account has a balance of $300 or more at the time of matching, NAB will give you a dollar for every dollar you’ve saved, to a maximum of $500. (This is a one-off matching process.)
This means that for fortnightly payments of $20, after a year, you will have saved $520. Since your account balance is over $300, you will be eligible for matching and NAB will contribute another $500 to your account.
This adds up to a total saving of $1,020. Your savings can be accessed at anytime allowing you to stop and start saving as you need.
