AddsUP Savings Plan

No matter how small you start, it all adds up

In collaboration with the National Australia Bank (NAB) and Good Shepherd, Kyabra is offering the AddsUP Matched Saving Plan to people who have successfully completed at least one NILS® loan.

If you are interested in an AddsUP Savings Plan you will need to have a discussion with Kyabra staff about saving and setting realistic goals. You will then need to open a NAB account specifically for the purpose of saving.  AddsUP does not specify what people need to save for.

Now here is the good bit, once you have saved $300, you have the opportunity to have these funds matched by NAB to a total value of $500. In other words save $300, and NAB will match it with another $300 giving you a total of $600. Better still, save $500 and NAB will match it with with another $500 giving you a total of $1000.

AddsUP aims to help people on low incomes achieve their goals and further build on the financial discipline developed through repaying a loan.

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.

Click here to download the AddsUP brochure.