Shepparton Churches

Saver Plus – Frequently Asked Questions

What is Saver Plus?

Saver Plus is a matched saving program that can help people and families to establish a long-term savings habit, build their money management skills and knowledge and save for education costs.

What does Saver Plus offer?

The Saver Plus program offers

  • an opportunity to build your financial skills
  • an opportunity to save for your own or your children’s education
  • personal support and guidance to save
  • an opportunity to have every $1 you save ‘matched’ with $1 (up to $500).

How does Saver Plus work?

Saver Plus participants select education-related items they wish to save for.  They agree to a savings routine over a period of 10 months. If participants make regular and consistent savings deposits and attend the 10 hours of workshops in the MoneyMinded Financial Education Program, every dollar they save will be matched with an additional dollar, up to a total of $500.

Matched funds are used to buy an education-related product or service for the participant’s personal vocational development or their children’s educational costs.  For example, education resources could include uniforms, textbooks, camps, excursions, special subject costs, musical instruments, sporting equipment or a computer.

Who is eligible to participate in the program?

You may be eligible to join Saver Plus if you:

  • are 18 years or over, and
  • are either
    • the parent or guardian of a child who is attending school this year or next year, or
    • attending or returning to vocational education yourselves where you will receive an accredited vocational education certificate
  • have a current Health Care Card or Pensioner Concession Card
  • have regular income from paid employment (you or your partner) and can produce 2 recent pay slips
  • are able to demonstrate capacity to save after regular expenses have been paid
  • live, work, study or have a child at school in the area where the Saver Plus program is delivered
  • commit to attending a MoneyMinded Financial Education Program (10 hours in total).

Where are savings deposited?

Saver Plus participants open an ANZ Progress Saver account in which they deposit their savings. This account does not have any monthly account keeping fees.

What does the MoneyMinded Financial Education Program involve?

The MoneyMinded Financial Education Program covers personal finance and money management. It usually involves four workshops each 2.5 hours long.  They are conducted in small groups.  They include saving strategies, setting goals, budgeting, credit and credit cards and banking.  The workshops are informal, fun and interactive.  They are designed to help develop financial skills, knowledge and confidence.

What happens if participants want to leave the program or make withdrawals?

Participants are free to leave the program at any time.  This would mean that they give up the opportunity to have their savings matched with additional funds, but they still receive all of their savings and any earned interest.

Participants may make a withdrawal before the end of the program, however this amount will not receive matched funding.

How will participants receive the matched funds?

At the end of the savings period, Saver Plus National Office will arrange for a cheque to be issued to the company or organisation supplying all or a part of the chosen education resource. Alternatively, after the savings period has ended the participants can purchase the goods themselves and be reimbursed by electronic funds transfer (EFT) if they provide a receipt.