On UC & opened a new savings account

nomoredebt

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?

peteuk

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. 

Jyana

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

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

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

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

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

HillStreetBlues

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

HillStreetBlues 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.

HillStreetBlues 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.

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.

peteuk

chanz4 said:

HillStreetBlues 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.

HillStreetBlues 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.

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. 

Spoonie_Turtle

peteuk said:

chanz4 said:

HillStreetBlues 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.

HillStreetBlues 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.

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.