AddsUp Matched Savings Plan has Relaunched!

Thanks to our spectacular volunteer Maureen Lightfoot we have just re-launched the AddsUp matched savings plan!

AddsUp is a partnership between NAB and Good Shepherd Microfinance. The program supports customers who have never saved to develop a positive, long-lasting savings habit.People on low incomes who have successfully paid off a NILS loan are supported by us open an AddsUp account and save $500, which is then matched dollar for dollar by NAB.

AddsUp Volunteer Maureen Lightfoot“AddsUp aims to enable people on low incomes transition to financial independence, through regular savings and inclusion in the mainstream banking system.” Maureen Lightfoot

This year, our program had the second highest number of clients to reach their matched savings goal of $500 out of all the AddsUP providers nationally. We saw $15,500 in matched savings going out to our clients!

“This is a community project, savings can be used for any purpose and can be accessed at any time, The program is designed to help us build financial resilience.”Maureen Lightfoot.

 

Find out more about AddsUp and NILS by contacting the Byron Community Centre on 0266 856 807 or emailing addsup@byroncentre.com.au. Appointments can be made for Tuesday mornings

More about NILS:

The Byron Community No Interest Loan Scheme (NILS) is a community-based program providing people on low incomes  safe, fair interest-free credit to buy essential goods and services.

Interest free loan amounts are between $500 – $1,000 for essential goods and services such as fridges, washing machines and medical procedures.

Please note that loans cannot be used for cash, everyday expenses, debt consolidation, holidays or bills. Repayments are set up at an affordable amount over 12 – 18 months.

To be eligible for NILS you must:

  • Be on a low income – often this means you have a pension/health care card
  • Reside in your current Byron Shire premises for more than 6 months
  • Show a willingness and capacity to repay.
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