Taking my hard earned money

gohan2091

I currently live with my mother and since February I have been working in a part time job which ends in August. If I cannot find a job before then, I will apply for Job Seekers Allowance for the second time. I have £2300 in my bank account which will continue to grow until August. 90% of this money I store in a free cash ISA account while the remaining 10% goes into my main bank account.

I have heard that I will not receive Job Seekers Allowance or unemployment income if I have money in my bank account (over a certain amount), is this true? Can the government (or whoever works out income) go into my bank account and check my balance? Can they also go view the balance of my cash ISA account?

I am not proposing anything here, I just want to know where I stand.

Thanks

dmg24

If you are eligible for CB JSA, your savings will not be taken into account.

If you are only eligible for IB JSA, any savings over £6,000 will affect your entitlement. Anything over £16,000 will cease your entitlement.

Yes, the JCP can check all of your bank accounts.

Oldernotwiser

I'm not sure what you mean by a "paytime" job but if you need to claim contributions based JSA your savings aren't taken into account. If you claim means tested JSA (or any other means tested benefit) any savings over £6,000 (whether in cash, deposits, ISAs or whatever) will be taken into account and anything over £16,000 will mean that you are ineligible.

Any accounts can be checked to see that you are not defrauding the system and any suspicious transfers will be looked at very carefully.

Wee_Willy_Harris

No, they cannot check your accounts in the manner you describe. However, they can and will suspend any benefits untill YOU provide the information and evidence they require to enable them to pay you other peoples hard earned money. The allowances have been outlined above.

gohan2091

dmg24 wrote: »

If you are eligible for CB JSA, your savings will not be taken into account.

If you are only eligible for IB JSA, any savings over £6,000 will affect your entitlement. Anything over £16,000 will cease your entitlement.

Yes, the JCP can check all of your bank accounts.

CB JSA is contributions based? I do not understand what this means to be honest. So as long as I have under £6000, my savings won't be considered in the income I get? If I declare I have for example £4000 in my account when I am at the Job Centre, this is the same as declaring I have say £300?

Oldernotwiser wrote: »

I'm not sure what you mean by a "paytime" job but if you need to claim contributions based JSA your savings aren't taken into account. If you claim means tested JSA (or any other means tested benefit) any savings over £6,000 (whether in cash, deposits, ISAs or whatever) will be taken into account and anything over £16,000 will mean that you are ineligible.

Any accounts can be checked to see that you are not defrauding the system and any suspicious transfers will be looked at very carefully.

Sorry, that was a typo which I corrected before I read your reply, I meant part-time job. How are the two different types of JSA determined? How do I know what JSA I will get if I cannot find a job in a few months?

Wee_Willy_Harris wrote: »

No, they cannot check your accounts in the manner you describe. However, they can and will suspend any benefits untill YOU provide the information and evidence they require to enable them to pay you other peoples hard earned money. The allowances have been outlined above.

What evidence? A bank statement?

Zazen999

I'm confused.

Who is taking your hard earned money?

Wee_Willy_Harris

gohan2091 wrote: »

What evidence? A bank statement?

Whatever evidence they feel appropriate.

iamana1ias

gohan2091 wrote: »

I currently live with my mother and since February I have been working in a part time job which ends in August. If I cannot find a job before then, I will apply for Job Seekers Allowance for the second time. I have £2300 in my bank account which will continue to grow until August. 90% of this money I store in a free cash ISA account while the remaining 10% goes into my main bank account.

I have heard that I will not receive Job Seekers Allowance or unemployment income if I have money in my bank account (over a certain amount), is this true? Can the government (or whoever works out income) go into my bank account and check my balance? Can they also go view the balance of my cash ISA account?

I am not proposing anything here, I just want to know where I stand.

Thanks

Given you're wanting to claim from the pot of others' hard earned money, I think it's right that they check what finances you have access to. Why shouldn't you be spending your own money when you fall on harder times?

[Deleted User]

iamana1ias wrote: »

Given you're wanting to claim from the pot of others' hard earned money, I think it's right that they check what finances you have access to. Why shouldn't you be spending your own money when you fall on harder times?

I think the OP was only trying to ascertain what the situation is regarding savings,a perfectly reasonable question,I dont think they wanted or need a lecture on the rights and wrongs of the system.

DX2

gohan2091 wrote: »

I have £2300 in my bank account which will continue to grow until August. 90% of this money I store in a free cash ISA account while the remaining 10% goes into my main bank account.

If you have £2300 in your account you declare £2300. If you have £4000 in your account you declare £4000 simples really unless of course you are looking for a way to de fraud the system.

gohan2091 wrote: »

If I declare I have for example £4000 in my account when I am at the Job Centre, this is the same as declaring I have say £300?

gohan2091

woodbine wrote: »

I think the OP was only trying to ascertain what the situation is regarding savings,a perfectly reasonable question,I dont think they wanted or need a lecture on the rights and wrongs of the system.

Yes, I am just asking so I know where I stand

DX2 wrote: »

If you have £2300 in your account you declare £2300. If you have £4000 in your account you declare £4000 simples really unless of course you are looking for a way to de fraud the system.

I have been saving money so I can plan my future and eventually move out of my mothers house and get my own place. If the amount of money I have effects how much income I get from being unemployed then I may as well spend this money now on things I will need for the future, rather than keeping it stored away for a later date.