How much savings are you allowed when applying for JSA?

unclekevin

What is the amount you are allowed to have in savings and still be entitled to JSA?

healy

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.

briona

unclekevin wrote: »

What is the amount you are allowed to have in savings and still be entitled to JSA?

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.

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!

karenx

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 benefit

Vader123

unclekevin wrote: »

What is the amount you are allowed to have in savings and still be entitled to JSA?

How much do you have?

Vader

unclekevin

I have roughly about £11,000,but £3,000 of that belongs to my parents! Will that affect me?

sunnyone

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.

unclekevin

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

sunnyone

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?

unclekevin

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 jobcentre

unclekevin

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?