Childrens Savings and benefits

earwig

HI I have two children who have savings of £ 1.500 each and I also have savings of £ 2.500 .Which was left to us by a realtive .

I want to save up to buy some things for our house but am worried about going over the £ 6.000 mark which the goverment says your allwowed to save before they start docking you money .

What i want to know is do they count the childrens savings as mine or not they are in acounts with there names on and the money has not been touched at all for well over a year i want them to have it when they are older my daughter had to sign for her account as she was 13 but my son was only six so i had to sign to open his acount. any ideas would be good thanks dont want to get into trouble with the beneifit people

The benefits we get are esa dla ctc

dseventy

You dont say what benefits you claim so its hard to give a full answer.

If you have access to the accounts and can pull money from them, then you have access to them and they "count". If you could get the paperwork from the relative or the time it was passed to them that might help to prove otherwise.

And its worth remembering that saving for children is a great idea and one most parents aspire to to, but are unable to. One would think any money passed to them would want to be used to support them as children, rather than making things tight trying to protect it.

D70

earwig

Hi we get esa support we get child tax creit child benefit . the realtive has died since but it went in as £1.500 each i cant draw on my daughter acount but my sons i can .

Dunroamin

Is that IB ESA or CB ESA? Do you claim help with rent, mortgage or CT?

xylophone

but my sons i can

.

If this was an absolute gift to your child from the relative then the money is his absolutely and you have no right to use it for your needs?
Presumably you are holding it for him in bare trust? http://www.hmrc.gov.uk/tdsi/children.htm
It could equally well be paid into his CTF? This would put it beyond access until he was 18?

[Deleted User]

for income based benefits they usually ask if any children have savings of £3000 or more

xylophone

https://forums.moneysavingexpert.com/discussion/2809446

See post 12, 24, and 25.

earwig

Dunroamin wrote: »

Is that IB ESA or CB ESA? Do you claim help with rent, mortgage or CT?

we get esa my oh in the support group and i am on his claim as his partner. I dont know what IB is

we get child tax credit child benefit and dla for my two children lower rate mobilty both mid rate care both .

we also get full housing benefit and council tax benefit we also get free school meals .

The money was a gift from a realitive some for me some for my children the amounts mentioned above the cheque was paid to me and once cleard i open the kids bank acounts with the money and thats where it has stayed since not a single penny has been taken out or paid in my name is not on the acounts and my money is in my own acount hope this helps

Dunroamin

earwig wrote: »

we get esa my oh in the support group and i am on his claim as his partner. I dont know what IB is

we get child tax credit child benefit and dla for my two children lower rate mobilty both mid rate care both .

we also get full housing benefit and council tax benefit we also get free school meals .

The money was a gift from a realitive some for me some for my children the amounts mentioned above the cheque was paid to me and once cleard i open the kids bank acounts with the money and thats where it has stayed since not a single penny has been taken out or paid in my name is not on the acounts and my money is in my own acount hope this helps

IB ESA - Income based/means tested ESA
CB - Contributions based ESA

earwig

Dunroamin wrote: »

IB ESA - Income based/means tested ESA
CB - Contributions based ESA

Thanks it is income based

bigbill

Have you and your partner both claimed carers allowance one for each child if the children both have DLA at middle rate care?