JSA Savings question

Jasminetea

Hi all

Sorry if this is a really numb question. I was made redundant yesterday and am a bit confused about JSA claims. Basically I completed the online form this morning and am waiting for the call.

I'm a bit confused about savings. I know if you've got over £16000 in savings you can't get it. Question - does savings include what you've got in your current account? I don't have £16000 in savings, but if they add what I've got in savings to what's in my account then I'm over the limit.

Any help much appreciated

Credit-Crunched

Jasminetea wrote: »

Hi all

Sorry if this is a really numb question. I was made redundant yesterday and am a bit confused about JSA claims. Basically I completed the online form this morning and am waiting for the call.

I'm a bit confused about savings. I know if you've got over £16000 in savings you can't get it. Question - does savings include what you've got in your current account? I don't have £16000 in savings, but if they add what I've got in savings to what's in my account then I'm over the limit.

Any help much appreciated

Sadly savings means any capital positive currency you have, i.e money in current account / bonds / isa's etc

So even if its not in a 'savings' account it will still go against your means tested allowance.

How long have you been claiming for? The first 6 months is not means tested so as long as you have paid sufficient NI contributions you can claim even with >16k savings. Hope this helps

Jasminetea

Credit-Crunched wrote: »

Sadly savings means any capital positive currency you have, i.e money in current account / bonds / isa's etc

So even if its not in a 'savings' account it will still go against your means tested allowance.

How long have you been claiming for? The first 6 months is not means tested so as long as you have paid sufficient NI contributions you can claim even with >16k savings. Hope this helps

Yikes, well thanks for that! I literally only just filled in the form this morning. Then wondered whether it was a waste of time given my financial situation!

redz

Your savings won't be taken into account for contributions based JSA

rogerblack

Credit-Crunched wrote: »

Sadly savings means any capital positive currency you have, i.e money in current account / bonds / isa's etc

Capital is every thing you own that you can sell, or obtain through legal means to sell that's not excluded for one reason or another.
For example, second homes, investments in bullion, shares of racehorses - everything.
There are exclusions, for example personal possessions, and your house, and ...
But 'what is capital' otherwise - basically everything.