Job Seekers Allowance with Savings

Ocean007

Sorry you're having a difficult time Help_with_Money.

Thought this page might be useful for you for info on JSA. It doesn't explicitly say but I'm fairly sure the £16,000 savings rule applies to both types of JSA. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10018757

You will find that JSA doesn't go very far and your savings will prove very useful. Well done for making yourself that safety net.

healy

Ocean007 wrote: »

Sorry you're having a difficult time Help_with_Money.

Thought this page might be useful for you for info on JSA. It doesn't explicitly say but I'm fairly sure the £16,000 savings rule applies to both types of JSA. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10018757

You will find that JSA doesn't go very far and your savings will prove very useful. Well done for making yourself that safety net.

Savings do not affect contribution based JSA. The £16000 capital limit does not apply.

piggeh

Do savings only count for means tested JSA after 6 months then? Just wondering as in (or will be in) a similar position, but with less savings (will be £5k once redunancy comes about).

healy

piggeh wrote: »

Do savings only count for means tested JSA after 6 months then? Just wondering as in (or will be in) a similar position, but with less savings (will be £5k once redunancy comes about).

Savings count for means tested JSA from the start but only if you have over £6000.

Fishcakes_2

AFAIK you lose £1 in benefit for every £250 above £6000. If you have £10000 savings then I think you would lose only £16 of the current £60.50 allowance. You say you've been working over the years so you'll be fine for six months without any means testing meaning you'll get the full whack. Just remember to keep any reciepts if you have to spend big (new washing machine, car repairs etc) or it will count as deprivation of capital on your part and they will count it as if you've still got it.