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Savings limit help please

[Deleted User]
[Deleted User] Posts: 0 Newbie
in Benefits & tax credits
Hi folks, I'm not up to date on current savings limits for HB/CTB/IS -

I get disability premiums, am under 60, and have some savings now - is the limit still £3000 for having *any* effect on benefits?

Thanks in advance folks :)
«1

Comments

  • fluffymovie
    fluffymovie Posts: 1,417 Forumite
    Part of the Furniture Combo Breaker
    The limit is now £6000 for under pension age and £10,000 for those of pension age.

    For every £250 over £6000, £1 tariff income is added to your income. If you fall into the next £250 bracket, another £1 is added even if you only had for example, £6252
    I currently manage a Housing Benefit service and have been working in Housing / council tax benefit (as was) since 2001.

    All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.
  • tboo
    tboo Posts: 1,379 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Isn't it £1 for every £500 over £10,000 for anyone over 60?
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  • fluffymovie
    fluffymovie Posts: 1,417 Forumite
    Part of the Furniture Combo Breaker
    Yes sorry, over 60's it is but I was referring to income for the OP.

    Apologies if I wasn't clear!
    I currently manage a Housing Benefit service and have been working in Housing / council tax benefit (as was) since 2001.

    All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Thanks for the info *breathes sigh of relief*
  • CLONNEN
    CLONNEN Posts: 109 Forumite
    Anyone know how much the limit is if one person is under 60 and the over is over? Is it £6000 + £10000 in separate bank accounts in single names or £10000 in a joint account? Or £6000 for a joint account because of the under 60 person named on the account.
  • alwaysonthego_2
    alwaysonthego_2 Posts: 8,432 Forumite
    1,000 Posts Combo Breaker
    It depends on what benefits you are claiming, I am sure that if you are claiming JSA over the age of 60 the savings limit is still £16,000. It is only pension credits where there is no savings limit and you can only be over 60 to claim this [only one of a couple needs to be over 60].

    Please feel free to correct me.
  • CLONNEN
    CLONNEN Posts: 109 Forumite
    My mum claims Child Benefit for 3 children still in school. My dad gets state pension and private pensions. How much are they allowed to keep as savings? £6000 or £10000? They seem to think the limit is £3000 only.
  • exil
    exil Posts: 1,194 Forumite
    Depends on what benefit is being claimed, as stated in a previous post. £6,000 for most benefits, £10,000 for pension credit.
  • alwaysonthego_2
    alwaysonthego_2 Posts: 8,432 Forumite
    1,000 Posts Combo Breaker
    CLONNEN wrote: »
    My mum claims Child Benefit for 3 children still in school. My dad gets state pension and private pensions. How much are they allowed to keep as savings? £6000 or £10000? They seem to think the limit is £3000 only.
    Do they get help with rent and council tax.

    The savings limit is generally £16000 joint amount, it does not matter whose account it is in or whether it is scattered about.Although anything over £6000 has an effect. It does depend on what benefits are being claimed.
  • fluffymovie
    fluffymovie Posts: 1,417 Forumite
    Part of the Furniture Combo Breaker
    alwaysonthego wrote: »
    Do they get help with rent and council tax.

    The savings limit is generally £16000 joint amount, it does not matter whose account it is in or whether it is scattered about.Although anything over £6000 has an effect. It does depend on what benefits are being claimed.


    If the dad is of pension age (60 or up), then it would be anything over £10,000 rather than £6000
    I currently manage a Housing Benefit service and have been working in Housing / council tax benefit (as was) since 2001.

    All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.
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