AddsUP Matched Savings Plan
AddsUP aims to help people on low incomes achieve their goals and further build on the financial discipline developed through repaying a loan.
Once a client has paid off their No Interest Loans or StepUp loan, we can discuss with them the AddsUP Savings Plan.
AddsUP Matched Savings Plans will be available at UnitingCare Geelong .
Who is Eligible?
- People in receipt of Centrelink Payment or Family Tax Benefit Part A
- People on low income and
- People who have successfully paid off a NILs Loan and are assessed as being eligible.
Following a discussion with our NILs or budget advisor worker about saving and setting realistic goals, people can open a NAB account specifically for the purpose of saving. AddsUP does not specify what people need to save for.
To get access to the AddsUP Savings Plan, you will need to:
1. Finish paying your NILS® or StepUP Loan.
2. Meet with our microfinance worker to learn more about the AddsUP Savings Plan.
3. Get a letter of recommendation from our worker.
4. NAB will ring you to open a NAB Concession Card Account.
5. Visit your local NAB branch to activate the account.
6. 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.
7. 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.)