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Do I need to inform DWP of opening ISA account?

Cube87
Cube87 Posts: 16 Forumite
Sixth Anniversary First Post Combo Breaker
edited 21 April 2016 at 8:00AM in Benefits & tax credits
Hi, I'm on ESA WRAG, I recently (the past month) opened an ISA savings account, I initially had a £1000 in savings, I also recently received an interim payment of £1000 from a compensation payment which I've now also put into my ISA savings account, my balance is currently just over £2000 pounds.

Excuse me for my ignorance, but I'm aware that you are allowed up to £6000 in savings without it effecting your benefits, do I need to inform the DWP of my ISA and declare my savings? (Even if it's below £6000?).

Comments

  • TELLIT01
    TELLIT01 Posts: 18,634 Forumite
    Part of the Furniture 10,000 Posts Name Dropper PPI Party Pooper
    No need to inform them until savings hit £6k.
  • Cube87
    Cube87 Posts: 16 Forumite
    Sixth Anniversary First Post Combo Breaker
    TELLIT01 wrote: »
    No need to inform them until savings hit £6k.

    Thanks for your speedy reply, OK I understand no need to inform the DWP unless you reach 6k in savings, but do I need to inform the DWP of opening an ISA account? I'm thinking under the 'change in circumstances'? (new account etc).
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    No, a new bank account isn't really the change in circumstances they mean. You'd never stop informing them of changes if it was
  • Cube87
    Cube87 Posts: 16 Forumite
    Sixth Anniversary First Post Combo Breaker
    marliepanda wrote: »
    No, a new bank account isn't really the change in circumstances they mean. You'd never stop informing them of changes if it was

    Oh OK, that makes sense, thanks.
  • TELLIT01
    TELLIT01 Posts: 18,634 Forumite
    Part of the Furniture 10,000 Posts Name Dropper PPI Party Pooper
    You would only need to inform them if you wanted benefit to be paid to a new account. They won't pay into an ISA account so the simple answer is - No.
  • schrodie
    schrodie Posts: 8,410 Forumite
    If you're claiming Contribution Based ESA then there is no savings limit. The savings limit only applies to Income Related ESA.
  • takman
    takman Posts: 3,876 Forumite
    1,000 Posts Combo Breaker
    Now you just need to open a TSB current account and start earning 5% interest on that £2000 you have saved!
  • kittykat17
    kittykat17 Posts: 325 Forumite
    Stoptober Survivor
    Not being nosy but is the compensation payment you've received anything to do with why you're claiming ESA? If it is, I believe that ESA can claim some or all of the compensation to repay the amount of ESA you've received. Also not sure if this applies to ESA CB as well as ESA IR.
  • Cube87
    Cube87 Posts: 16 Forumite
    Sixth Anniversary First Post Combo Breaker
    kittykat17 wrote: »
    Not being nosy but is the compensation payment you've received anything to do with why you're claiming ESA? If it is, I believe that ESA can claim some or all of the compensation to repay the amount of ESA you've received. Also not sure if this applies to ESA CB as well as ESA IR.

    No the compensation payment is from a traffic collision I had earlier in the year, it's not related to why I claim ESA.
  • kittykat17
    kittykat17 Posts: 325 Forumite
    Stoptober Survivor
    Cube87 wrote: »
    No the compensation payment is from a traffic collision I had earlier in the year, it's not related to why I claim ESA.


    That's good - not the collision but the fact DWP can't claw back any ESA!
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