We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Universal Credit and Childrens Bank Account
Unicorn79
Posts: 80 Forumite
Hi there
I am in receipt of Universal Credit to support myself and my child as a working parent. I would like to set up a bank account for my child so that when he is older he has some funds. I have thought about a Junior ISA, however, I want him to be able to access this earlier if there is something he really wants, or if a unique opportunity comes up for him.
The question is, can he have a children's bank account without UC counting it as income. I plan to put in about £25 a month. If I have to go with an ISA I will do this, however, I'd rather the flexibility to access a little earlier if needed.
Thank you
I am in receipt of Universal Credit to support myself and my child as a working parent. I would like to set up a bank account for my child so that when he is older he has some funds. I have thought about a Junior ISA, however, I want him to be able to access this earlier if there is something he really wants, or if a unique opportunity comes up for him.
The question is, can he have a children's bank account without UC counting it as income. I plan to put in about £25 a month. If I have to go with an ISA I will do this, however, I'd rather the flexibility to access a little earlier if needed.
Thank you
0
Comments
-
If your Son had his own UC claim in the future, then any savings should be disclosed for consideration by UC. Savings which can be cashed in above £6000 on current rules would mean a reduction in benefit. Savings of £16000 or more would mean no entitlement to UC.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
-
Whether the savings are an ISA or not makes no difference. The only form of savings that would be ignored is a pension pot but that would not allow him to access the funds until much later in life.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards