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A regular savings plan is when you set up scheduled transfers from your Everyday Account (transaction account) to your savings account.

You can choose the time, frequency and amount that suits you best – be it weekly, fortnightly or monthly and our savings calculator can help you decide what plan is best for you to reach your savings goal. It’s easy to set up a regular savings plan - a Savings Specialist in your local branch can help, or you can follow these steps to do-it-yourself in NetBank.

Step 1  Log on to NetBank and go to Transfers & BPAY

Step 2  Fill out your transfer details and if you'd like, add a description about what you're saving for. This can be a good way to stay motivated to reach your savings goal

Step 3  Under When, select Set up regular payments, choose how often you'd like to transfer, pick a starting date and then decide when you'd like your payments to end

Step 4  Select Next and Pay to confirm your regular payments.

When setting up a savings plan have a think about when the money should come out of your account - payday is always a good day. If the money has gone from your transaction account you won’t be able to spend it.

If you do however, find you're struggling to meet your savings target, it's easy to decrease the amount or cancel a transfer altogether. Likewise, you can increase your savings amount whenever you find you have a little bit more to spare.

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Things to know before you Can: 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. All information in this article, including any information on taxation, is of a general nature only and is based on the continuation of present laws, rulings and their interpretation. As individual circumstances differ, you should seek appropriate professional advice.

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