£4000 in bank, will it effect JS income?

Powerfrog

Hi so I recently left my last job and still have almost £4000 saved. (No income though) I remember that JS asks you how much savings you have and assume it can effect the amount you get.

Does anyone know if £4000 will effect the income and by how much?

Thanks.

CCFC_80

You stated in another thread that you had quit your job voluntarily. As You are likely to be sanctioned for that maybe upto 6 months Your question at the moment is irrelevent. I believe thought that 4k in savings for a normal claim would be okay so perhaps someone with more knowledge can clarify

LittleVoice

CCFC_80 wrote: »

You stated in another thread that you had quit your job voluntarily. As You are likely to be sanctioned for that maybe upto 6 months Your question at the moment is irrelevent. I believe thought that 4k in savings for a normal claim would be okay so perhaps someone with more knowledge can clarify

For contribution-based JSA, savings are not considered. What matters is the contribution history.

CCFC_80

LittleVoice wrote: »

For contribution-based JSA, savings are not considered. What matters is the contribution history.

I believe it was a question in general from the OP who didn't mention Contribution based or incomes based. As with my previous answer he/she is unlikely to get either as they had quit their job voluntarily.

chrissyr60

Powerfrog wrote: »

Hi so I recently left my last job and still have almost £4000 saved. (No income though) I remember that JS asks you how much savings you have and assume it can effect the amount you get.

Does anyone know if £4000 will effect the income and by how much?

Thanks.

I have just been dismissed from a job due to health capabilities and have had to claim SSP for a few weeks (sick note covers), when making the claim via telephone, they asked if i have any savings over £16k as that is then taken into account.

stix62

NO, £4000 will not effect benefits.

£16K is the figure at which you would receive no benefits at all, but there is a lower figure at which they start making deductions. I can't remember exactly, but I think its between 6k and 8k. Six thousand something rings a bell with when I last had to fill in a form for Council tax benefit (last november).

Sharon87

Yes if you have 6k in savings it will affect your benefits. 4k is fine to have and still able to claim benefits (providing everything else is fine too)