On UC & opened a new savings account

nomoredebt
nomoredebt Posts: 60
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edited 12 January at 9:48PM in Benefits & tax credits
Hi, my husband and I claim UC.  I have just opened a new savings account and moved what savings we have into it.  Do I need to inform UC of this new account?
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  • peteuk
    peteuk Posts: 1,212
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    Depending on the total amount of savings and capital you have.  You do not need to declare any savings/capital (combined) until it reaches the £6K amount.  
    If you are picked for a random check then yes you would at that point need to declare this account. 
    Proud to have dealt with our debts
    Starting debt 2005 £65.7K.
    Current debt ZERO.
    DEBT FREE
  • Jyana
    Jyana Posts: 653
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    If you are looking at long term savings the it may be worth looking into getting a Help to Save account too. In simple terms, it works similar to a monthly saver, you get tax free bonuses of up to half of what you have saved as long as you keep the deposits in it, but the money isn't locked meaning you can withdraw if needs be. 

    It's a pretty good account allowing you to make £1200 in bonuses over 4 years, so worth looking into. Do look into the details in more depth first though, to see if it works for you.
  • nomoredebt
    nomoredebt Posts: 60
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    Jyana said:
    If you are looking at long term savings the it may be worth looking into getting a Help to Save account too. In simple terms, it works similar to a monthly saver, you get tax free bonuses of up to half of what you have saved as long as you keep the deposits in it, but the money isn't locked meaning you can withdraw if needs be. 

    It's a pretty good account allowing you to make £1200 in bonuses over 4 years, so worth looking into. Do look into the details in more depth first though, to see if it works for you.
    Thankyou I have got ones of these set up 👍
  • nomoredebt
    nomoredebt Posts: 60
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    peteuk said:
    Depending on the total amount of savings and capital you have.  You do not need to declare any savings/capital (combined) until it reaches the £6K amount.  
    If you are picked for a random check then yes you would at that point need to declare this account. 
    Thankyou #peteuk I do not have that much so no need to worry at the moment.
  • TELLIT01
    TELLIT01 Posts: 16,236
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    You don't need to declare the new account to UC.  You need to inform UC if you have joint savings/capital of £6k or above irrespective of where the money is held.
  • chanz4
    chanz4 Posts: 10,846
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    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • HillStreetBlues
    HillStreetBlues Posts: 3,057
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    edited 16 January at 2:05PM
    chanz4 said:
    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Just to make it clear that's before any deductions, (lower limit)  the cut off point (higher limit) is £16k
    And the working age limits was last raised in 2006.
    Let's Be Careful Out There
  • chanz4
    chanz4 Posts: 10,846
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    chanz4 said:
    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Just to make it clear that's before any deductions, (lower limit)  the cut off point (higher limit) is £16k
    And the working age limits was last raised in 2006.
    chanz4 said:
    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Just to make it clear that's before any deductions, (lower limit)  the cut off point (higher limit) is £16k
    And the working age limits was last raised in 2006.
    even so, should be £6k each.  I do wonder how none house owners could save for a deposit on such a small level when the gov are trying to encourage low income to save.
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • peteuk
    peteuk Posts: 1,212
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    chanz4 said:
    chanz4 said:
    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Just to make it clear that's before any deductions, (lower limit)  the cut off point (higher limit) is £16k
    And the working age limits was last raised in 2006.
    chanz4 said:
    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Just to make it clear that's before any deductions, (lower limit)  the cut off point (higher limit) is £16k
    And the working age limits was last raised in 2006.
    even so, should be £6k each.  I do wonder how none house owners could save for a deposit on such a small level when the gov are trying to encourage low income to save.
    @chanz4 please don't forget that the £6K is at the end of the assessment period and your monthly wage is disregarded until the following month, as its usually taken up with the cost of living.  At the £6K point UC is reduced by £4.35 for every £250.  

    As for saving for a mortgage government ISA (help to buy/help to save) I believe there was talk by Bojo that this would be disregarded. But Im sure someone with more knowledge will help me out with that one. 
    Proud to have dealt with our debts
    Starting debt 2005 £65.7K.
    Current debt ZERO.
    DEBT FREE
  • Spoonie_Turtle
    Spoonie_Turtle Posts: 8,140
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    peteuk said:
    chanz4 said:
    chanz4 said:
    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Just to make it clear that's before any deductions, (lower limit)  the cut off point (higher limit) is £16k
    And the working age limits was last raised in 2006.
    chanz4 said:
    what think is bad 1 person can have 6k , but x2 can only have a total of 6k savings. thats not even many months salary
    Just to make it clear that's before any deductions, (lower limit)  the cut off point (higher limit) is £16k
    And the working age limits was last raised in 2006.
    even so, should be £6k each.  I do wonder how none house owners could save for a deposit on such a small level when the gov are trying to encourage low income to save.

    As for saving for a mortgage government ISA (help to buy/help to save) I believe there was talk by Bojo that this would be disregarded. But Im sure someone with more knowledge will help me out with that one. 
    There's often a lot of talk about various things.  Much of it remains just that.  What's important is what actually happens, and to my knowledge so far nothing has happened on that front.
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