Matched Savings Scheme Payment
The Matched Savings Scheme Payment is a payment that may be available to you if your payments are income-managed. This is a one-off payment of up to $500 for every dollar you save in your personal savings account.
Getting the Matched Savings Scheme Payment
To get a Matched Savings Scheme Payment you must:
- be on Income Management (excluding Voluntary Income Management and Cape York Income Management)
- have completed an approved money-management course
- show that you have been saving some of your money that is not income-managed for at least 13 weeks, and
- have saved the same amount of money that you want matched in your personal savings account.
You can only get the Matched Savings Scheme Payment once. If your claim is for less than $500, you cannot apply to get the rest at a later time. You can save for longer than 13 weeks to maximise the amount you receive from us.
All your Matched Savings Scheme Payment will be income-managed.
Approved money management course
An approved money-management course is a course that has been approved by the Department of Families, Housing, Community Services and Indigenous Affairs. These approved money-management courses cover subjects such as:
- money planning
- savings and spending
- an introduction to banking
- credit and credit cards
- what is debt
- the cost of credit
- money loans
- consumer rights and responsibilities.
Approved money-management courses will help you understand how to manage your money, plan for the future and find out about other financial-support services available to you.
Talk to us if you would like more information about how to access these courses. If you believe you have already completed a similar course, talk to us about how you can get your course approved for your Matched Savings Scheme Payment claim.
Saving for the Matched Savings Scheme Payment
You will need to show that you have been saving by providing original documents such as a bank statement or passbook for the period for which you are on Income Management.
These documents need to show that you have:
- saved money that is not income-managed in your personal savings account for a period of at least 13 weeks
- more savings at the end of your minimum 13-week saving period than at the beginning, and
- saved no more than half of your personal savings amount in the final six weeks of your minimum 13-week savings period.
Your Income Management account cannot be your personal savings account.
Bank fees, charges, and interest are included in determining your total savings amount.
An example of how to claim the Matched Savings Scheme Payment
Samantha is on Income Management and wants to buy a $1000 fridge.
- completes a free, approved money-management course
- puts aside a small amount of money each week in her personal savings account over a period of 13 weeks until she has saved $500, and
- applies to us for a Matched Savings Scheme Payment.
As she has saved $500 in her personal savings account, the department matches her savings and pays her a Matched Savings Scheme Payment of $500 into her Income Management account. Samantha now has enough money to buy the fridge. The department arranges payment direct to the store.