Kids savings affect means tested?

Ponyo1967

Hi, Do my kids savings need to be counted when I fill in a form about any other money?

Their grandparents sometimes give them a gift for when they are older.

nannytone_2

who's name are the savings in? yours or the kids?

McKneff

Are their savings in an account with their own name on them.

There was a thread yesterday where a lady was claiming means tested benefits and had £13K in an account that she didnt declare, because she wanted it for her daughters future education. The money was in an account in her name and they found out about it - result, interview under caution.

cleggie

As long as its in an account in THEIR name, not yours, and you dont use the money yourself, i dont see a problem.

Ponyo1967

Thanks all, yes its in the kids name, only grandparents putting gifts in there, I cant touch it. The kids cant till their older.

So is that confirmed then, I do not need to declare it?

I would like to read that thread from yesterday about the lady who had an interview under caution. I cant find it.

Ponyo1967

But the form I am filling in now, it says Do you or anyone else you are claiming for, have any other money you have not told us about.? Well I am claiming for the kids.

nannytone_2

declare the savings as belonging to the kids ... they will be disregarded

Ponyo1967

nannytone wrote: »

declare the savings as belonging to the kids ... they will be disregarded

Oh thanks so much, this is the answer. And it is OK if its over the limit?

McKneff

Generous grandparents and lucky kids eh...........

[Deleted User]

declare them,they make no difference IF they are under £3000

Ponyo1967

OK so if its over 3grand it will not be disregarded?