Savings and Universal Credit

keadd1985

Hi guys,

How does the savings element work with universal credit?

for example benefits rates get cut on savings between £6000 and £16000 however if the money is in a current account rather than a savings account does it still count as “savings” for the benefit of universal credit?

also, how do they check this?

thanks all

Spoonie_Turtle

Well, capital rather than savings - where it is makes no difference. They ask you at the start of your claim how much you have altogether, including in any accounts or cash, then it's your responsibility to update them. They may ask for bank statements (but I don't know how it works in practise because I've never seen that kind of money in my life).

They do data matching exercises to check people are declaring everything they should, AFAIK.

KatrinaWaves

Money is money is money. It not being in a ‘savings’ account doesn’t stop it being capital. 

calcotti

Not all of the money in your current account will be treated as capital. Some of it may be treated as capital if the amount in the account is more than you typically need to cover your monthly outgoings. Don’t know how they establish this.