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Carers allowance, ISA interest?

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Hi, I wonder if someone can give me some advice please?  I get carers allowance as a carer for a close family member who is a young person. I inherited some money. I did ring the carers allowance helpline to check whether it would affect carers allowance and they said capital does not affect it.
I've locked most of it away in a fixed term ISA for a year. Am I right in assuming the interest paid at the end, which will be more than the weekly earnings allowance, will stop my CA, even though it's a lump sum for the whole year?
Not sure what to do. Have I made a huge mistake putting it in a fixed term ISA? I've also got a joint regular savings account with my husband that might take me over the limit too as that pays a lump sum after a year.
We're trying to save enough to buy a house that would accommodate us and the person we care for.
My husband's in secure work but his pay is quite low. If I lose CA I will still be a carer. We generally struggle financially. I don't really want to touch the money though as it could lead to a brighter future for us all if we could buy a house. It's touch and go whether we can afford to buy. I'm 60, my husband's 55. Feel a bit lost to be honest. 
Thank you 

Comments

  • marcia_
    marcia_ Posts: 3,465 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 10 December 2024 at 1:09PM
    Adrift said:
    Hi, I wonder if someone can give me some advice please?  I get carers allowance as a carer for a close family member who is a young person. I inherited some money. I did ring the carers allowance helpline to check whether it would affect carers allowance and they said capital does not affect it.
    I've locked most of it away in a fixed term ISA for a year. Am I right in assuming the interest paid at the end, which will be more than the weekly earnings allowance, will stop my CA, even though it's a lump sum for the whole year?
    Not sure what to do. Have I made a huge mistake putting it in a fixed term ISA? I've also got a joint regular savings account with my husband that might take me over the limit too as that pays a lump sum after a year.
    We're trying to save enough to buy a house that would accommodate us and the person we care for.
    My husband's in secure work but his pay is quite low. If I lose CA I will still be a carer. We generally struggle financially. I don't really want to touch the money though as it could lead to a brighter future for us all if we could buy a house. It's touch and go whether we can afford to buy. I'm 60, my husband's 55. Feel a bit lost to be honest. 
    Thank you 
     Interest on savings is not income
  • Adrift
    Adrift Posts: 385 Forumite
    Part of the Furniture 100 Posts Photogenic Combo Breaker
    edited 11 December 2024 at 6:39PM
    Thanks. The lady on the phone at carers allowance told me it was. I've had a look and you're right it appears it's not, but I feel anxious about it. I try to do the right thing. 
    Oh and I've made it look like we're trying to buy a house cash. Oops, no. We'5  just trying to save enough so we can get and afford a mortgage. 
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