Reporting Help to Save Account to Universal Credit: Necessary Under £6,000?

Sam1199

Do I need to report my Help to Save account to Universal Credit if my total savings are under £6,000?

Thanks, 

peteuk

Its not just savings, it capital as a whole - eg monies in the bank minus the current UC payment, savings, investments, second property - 

poppy12345

If all of your capital is less than £6,000 you do not need to report it. 

zedonk

I included it when reporting my bank balances on my new claim. 

Spoonie_Turtle

zedonk said:

I included it when reporting my bank balances on my new claim. 

Yes, it's necessary to do at the start of a new claim.

If it's opening a new account during a claim, it only needs to be reported once savings reach £6k.

R200

peteuk said:

Its not just savings, it capital as a whole - eg monies in the bank minus the current UC payment, savings, investments, second property - 

Pete is it really minus the current UC payment?

I was wondering When is the £6K threshold going to go up with inflation? It’s been six grand for a long time look how much rents have gone up.


we have only £5000 in savings but when UC comes in the same sort of time as wages for the month it takes us over for a short time until the £2500 rent is due.

will this be a problem should we declare that we go over £6k for a short time every month until the rent is paid?

poppy12345

R200 said:

peteuk said:

Its not just savings, it capital as a whole - eg monies in the bank minus the current UC payment, savings, investments, second property - 

Pete is it really minus the current UC payment?

I was wondering When is the £6K threshold going to go up with inflation? It’s been six grand for a long time look how much rents have gone up.


we have only £5000 in savings but when UC comes in the same sort of time as wages for the month it takes us over for a short time until the £2500 rent is due.

will this be a problem should we declare that we go over £6k for a short time every month until the rent is paid?

Questions answered on your thread here.https://forums.moneysavingexpert.com/discussion/6522278/6000-in-savings#latest

R200

The government will double whatever you put in there, so £50 month they will also give you £600 per year.

it’s when the bonus comes in that you may go over £6K total

sheramber

R200 said:

peteuk said:

Its not just savings, it capital as a whole - eg monies in the bank minus the current UC payment, savings, investments, second property - 

I was wondering When is the £6K threshold going to go up with inflation? It’s been six grand for a long time look how much rents have gone up.

Ask your MP.