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JSA and saving over £5500

sanova76
sanova76 Posts: 290 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Benefits & tax credits
Hi,

I'm filling a form to claim JSA.

I'm just wondering if I have a saving of more than £5500 will it affect my claim?


Thanks.

San

Comments

  • pmlindyloo
    pmlindyloo Posts: 13,104 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Contribution based JSA is not affected by savings.

    Income based JSA is. Any savings between £6000 and £16000 is deducted from the JSA by £1 for every £250 (or part of) above the £6000. Savings over £16000 will mean that you will not be eligible for income based JSA.
  • Hoogle
    Hoogle Posts: 214 Forumite
    Fifth Anniversary 100 Posts
    income based or contribution based. If it is contribution based then savings does not matter, if it is income based then any savings over £6000 will mean a reduction in JSA issued upto £16000 where you wont receive any JSA but you may still qualify for national insurance credits
  • sanova76
    sanova76 Posts: 290 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks for the replies.

    I'm applying for income based JSA.
    So if I have £10000 savings for example, The amount above £6000 is 4000/250 = 16. My JSA will be reduced by £16 every week?
  • TELLIT01
    TELLIT01 Posts: 18,612 Forumite
    Part of the Furniture 10,000 Posts Name Dropper PPI Party Pooper
    That is correct sanova76.
This discussion has been closed.
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