How much savings are you allowed when applying for JSA?
unclekevin
Posts: 75 Forumite
What is the amount you are allowed to have in savings and still be entitled to JSA?
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unclekevin wrote: »What is the amount you are allowed to have in savings and still be entitled to JSA?
Contribution based unlimited.
Income based £6000 for the full amount, £6000 to £16000 for a reduced amount. Savings over £16000 no payment.0 -
If you have made enough contributions in the relevant tax years, you will be able to claim contributions-based JSA for a maximum of 6 months. This is NOT affected by any savings you have.unclekevin wrote: »What is the amount you are allowed to have in savings and still be entitled to JSA?
If after 6 months you have not found a job, or if you are not eligible for contributions-based JSA, you will need to claim income-based JSA. For income-based JSA, you will need to declare your savings. Anything between £6,000 and £16,000 will affect your benefits. You lose £1 of benefits for every £250 or part thereof that you have in savings. If you have more than £16,000 in savings you will not be eligible for income-based JSA. Note that your eligibility for this benefit will also be affected by having a partner who is earning.
EDIT: Beaten to it by Healy!If I don't respond to your posts, it's probably because you're on my 'Ignore' list.0 -
If you do get to apply for housing benefits also ( as per your other post ) then your savings are affected also! So if you have the 16k in savings theres no chance you will get housing benefit0
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unclekevin wrote: »What is the amount you are allowed to have in savings and still be entitled to JSA?
How much do you have?
Vader0 -
I have roughly about £11,000,but £3,000 of that belongs to my parents! Will that affect me?0
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unclekevin wrote: »I have roughly about £11,000,but £3,000 of that belongs to my parents! Will that affect me?
If its in your bank account yes!
A paper trail may muddy the lines but its unlikely.0 -
The money is in 3 seperate accounts, 1 is an ISA which is my parents which has £3000, 1 account has £3000 in and the other account is where i used to get my wages paid in to and that has £5000 in. The accounts are all at the same building society0
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unclekevin wrote: »The money is in 3 seperate accounts, 1 is an ISA which is my parents which has £3000, 1 account has £3000 in and the other account is where i used to get my wages paid in to and that has £5000 in. The accounts are all at the same building society
Can you prove that it is your parents money because they transfered it/paid by cheque and why did they do it?
The obvious reason is to hide there savings?0 -
They had £6000 in an ISA and they wanted another ISA opening in the same tax year so i opened up an ISA in my name and transferred £3000, what do you advise? I am really worried that it will affect me when i go tomorrow to the jobcentre0
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I am a bit confused as after reading other websites it seems that if you have anything over £16000 you can not claim JSA. but if your savings are over £6,000 - then they will deduct £1 for every £250.
So does that mean i will be ok?0
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