UC saving limits

Lemonadedrinker

I have a nationwide future saver 4  account for my son. When I move to UC will this accounts money be part of the 6K-16k savings or not be counted at all.? 

TimeLord1

In his name or your own if it is in his name that's ok. 

TELLIT01

From the Nationwide website -

What is a future saver account?

The account is designed for those who will rarely need to make withdrawals. The adult will be acting on behalf of the child (as a 'bare trustee'). Although the account is in the name of the adult, the money in the account is held for and belongs to the child.

On that basis it shouldn't affect UC for the parent.

kaMelo

The relevant information is the transaction history of the account. If it has been opened and operated like a typical child's account, small regular deposits from pocked money, birthday and Christmas money etc, it's highly unlikely DWP would have any interest in it.

If however, prior to migrating to UC, a child's account is opened and funded with significant amounts from a parents account, significant enough that if the money was still in the parents name it would affect the amount of UC they qualify for, then the DWP may become interested with a view to it being deprivation of capital and start asking questions.