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Carers allowance, ISA interest?
Adrift
Posts: 386
Forumite
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
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
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Comments
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Interest on savings is not incomeAdrift 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.
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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.1
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