AddsUP Savings Plan
*Please note that the AddsUP Savings Plan is currently not available. The National Australia Bank and Good Shepherd Microfinance are conducting a review of the program due to overwhelming demand and hope to it back up and running soon.
The AddsUP Savings Plan, developed in partnership with Good Shepherd Microfinance and National Australia Bank, helps people living on low incomes to develop financial independence.
People on low incomes who have successfully paid off a WA NILS Loan or StepUP Loan 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 WA 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 only via WA NILS or your StepUP Loans Microfinance Worker on 9263 2199.