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child savings and income support
dnsqueen
Posts: 2 Newbie
Please advise: My son currently 15 is due to be given a large gift of money. This may come before he is 16 or just after. He currently has a Nationwide BS flex account. I am in receipt of income support. Will my benefit be stopped when my son gets this money?
Please advise: Having read an old thread the Harpenden BS was mentioned as a BS to invest a childs savings in. What are the pros cons between the Harpenden and the Nationwide regarding a childs savings?Is it possible one would affect my IS benefit? Nationwide offer an ESavings account for children 16+ (maximum savings amount £3,000,000) which presumably can be drawn on by my son prior to age 18. The Harpenden offer a 18+ account (maximum savings amount £50,000) with the restriction that the money cannot be drawn on until the age of 18.
Many thanks for any help.
Please advise: Having read an old thread the Harpenden BS was mentioned as a BS to invest a childs savings in. What are the pros cons between the Harpenden and the Nationwide regarding a childs savings?Is it possible one would affect my IS benefit? Nationwide offer an ESavings account for children 16+ (maximum savings amount £3,000,000) which presumably can be drawn on by my son prior to age 18. The Harpenden offer a 18+ account (maximum savings amount £50,000) with the restriction that the money cannot be drawn on until the age of 18.
Many thanks for any help.
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Comments
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This question has come up a few times and different answers have been given but if I remember correctly the last time it was asked it was established that your sons savings will not affect your Income Support. It would be different if you moved money over to his account.0
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This question has come up a few times and different answers have been given but if I remember correctly the last time it was asked it was established that your sons savings will not affect your Income Support. It would be different if you moved money over to his account.
Wasn't that only up to a certain amount (£3,000) rings a bell.
OP, if this will affect your benefits then it won't matter where the money is kept. There are other boards on MSE that can give you better advice on different types of savings account.0 -
Oldernotwiser wrote: »Wasn't that only up to a certain amount (£3,000) rings a bell.
OP, if this will affect your benefits then it won't matter where the money is kept. There are other boards on MSE that can give you better advice on different types of savings account.
Yes that was the figure but I think the rules have changed since then.0 -
Does anyone know where I can find the info. as to the maximum amount the Benefits agency/Government say my son is allowed to hold while I am in receipt of income support? I know that I myself and not allowed to hold more than £16,000 but have not been able to find out if there are any restrictions for children? Once again many thanks0
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Contact the DWP they will be able to give you the definitive answer0
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