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How much savings can you have?
Tea&Biscuits
Posts: 54 Forumite
How much in savings can you have before it is taken in to account when applying for benefits please?
I have a figure of £2000 in my head, but I don't think that can be right.
Hope someone can help
I have a figure of £2000 in my head, but I don't think that can be right.
Hope someone can help
0
Comments
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Tea&Biscuits wrote: »How much in savings can you have before it is taken in to account when applying for benefits please?
Depends which benefit.Don’t be a can’t, be a can.0 -
Oh! I had no idea, thought it was a generalised thing applicable to all benefits.
I think it will be the tax credits.0 -
for most income related benefits the figure is £6000 upto which benefits aren't affected, between 6k and 16k benefits are reduced by £1 for every £250, over 16k benefits stop.0
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for tax credits, savings are ignored, but interest on savings is counted.
over £300 a year in interest and it will affect tax credits0 -
And with pathetic interest rates at the moment you'd need a lot of money stashed away to achieve £399 in interest.0
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