Childs savings

tashmatthews

Hi

My 4 children have been given £3000 each by there grandparents

Can you tell me whether this will affect my TC please?

My son has his own account with his own cashcard so can access his himself

But my other 3 I am the named signatory as they are too young to have one

So am unsure as to what I have to do

Thanks in advance

keigcf

Tax credits are based on income, not on savings, so you'll be fine

sunnyone

keigcf wrote: »

Tax credits are based on income, not on savings, so you'll be fine

But you have to declare all intrest over £300pa.