Universal credit, declaring savings changes and reward accounts like NatWest rewards. Do they count?

Ihatethinkingofusernames11

Hello. I am wondering if someone knows for sure about this - I have to report any changes / make sure things are up to date including savings.

I have some reward accounts and wondered if they count towards the total. Chase and NatWest rewards. I keep seeing conflicting information that they may only count once turned to cash, but not sure whether they should be included in total or not.

I also am on PIP, and they gave me a couple weeks to sort this but saw somewhere that wasn't counted as capital either but not sure how they work it out. May be wrong. I'm under threshold ATM but PIP will take me close/ over temporarily.

Just want to know what I write in the part about savings please. Just my bank balances, round up accounts, rewards ones? Thanks in advance. I did try and call to check and they said yes include it (today if I am doing it today) but not sure where exactly. Worried PIP will take me over anyway as they also said to report from the day you send it in if not sorted today possibly although will have bills coming out too so unsure.

Any help would be appreciated greatly. Thanks I advance.

Muttleythefrog

Funds in banks, savings, investments count along with cash itself. I'm not quite sure what a Natwest reward account is but looking online it suggests it is just a bank account and if so then what you hold in it counts as funds to declare. If rewards refers to cashback or the like I would only include those monies if they deposit it in your account. (I'm struggling to understand why you are querying if reward accounts count since I can only determine they are bank accounts… am I missing something?)

Add them all up and give them the total. Importantly it is the capital at the end of the assessment period that counts in assessing UC entitlement… and benefit income received in the month doesn't count unless it goes unspent in the next month and should then be considered capital.. so if PIP income received in the month pushes you above say £6000 you may still have less than 6000 in savings to declare. (other posters will correct me if I have any technical failing on this point)

Note additionally that paying debts is never considered Deprivation of capital for UC purposes. So if you have things like credit cards or other debts you can happily manipulate your capital by paying things off when you choose.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/6681702/universal-credit-declaring-savings-changes-and-reward-accounts-like-natwest-rewards-do-they-count

It's capital.
Remember is capital you report, not income. The PIP payment(s) and the UC payment that is paid in your AP is income and should be included.

Ihatethinkingofusernames11

https://forums.moneysavingexpert.com/discussion/comment/82122243#Comment_82122243

Hellom Thanks for the reply. NatWest rewards is something tied to an account where you get spend £2 and her £5 back or somrhing for logging in which can accumulate if you let it. They can either be traded for vouchers and services or cash.

I wasn't querying the main account just the subset underneath it. Where myrewards are located.

I didn't know whether it was capital until it actually was physically cash / withdrawn if you know what I mean.

I may have tore-read but dont quite get the part about going over 6000 by pip may not be savings.

Good to know about the being able to pay things off thing too which I do need to do tbh. Although I should be under if I send my balance off today. Just it's reasonably close until things come out or I pay manually. Also I should maybe send it to them today for today's balance right? Thank you. Appreciate the help.

Ihatethinkingofusernames11

https://forums.moneysavingexpert.com/discussion/comment/82122252#Comment_82122252

Hey thanks for the reply so I'll report the NatWest rewards as capital that's attached to my account then. So just all savings then, round ups, rewards etc. Hope I got this right thanks.

I can send this to them today then right? Again, much appreciated.

Ihatethinkingofusernames11

Just the reason I am confused on some things as well is due to this :-

Several payments are ignored completely, including PIP, DLA, Attendance Allowance, Child Benefit and Discretionary Housing Payments.

Savings are separate from income: below £6,000 they are ignored, and £16,000 or more stops Universal Credit.

Several important payments do not count as income at all. Disability benefits are ignored: PIP, DLA and Attendance Allowance never reduce a Universal Credit award. Child Benefit is also ignored as income, and so are Discretionary Housing Payments and most one-off payments like the Social Fund.

So just find the whole thing confusing tbh.

Muttleythefrog

Okay let's simplify for you. It sounds like you are way below £6k and if so then scrambling for understanding of what is income and what is savings might not be necessary. What is the sum of your accounts now.. count everything in them. UC are not going to have a go at you for overdeclaring…. and if capital less than £6k the amount you declare is not massively important as long as reasonably accurate

Ihatethinkingofusernames11

https://forums.moneysavingexpert.com/discussion/comment/82122325#Comment_82122325

Ok thanks. It's around 5700 including everything.

Muttleythefrog

https://forums.moneysavingexpert.com/discussion/comment/82122334#Comment_82122334

I'd declare that then today if they're asking. They might periodically ask for an update or otherwise you should report at end any assessment period where you go above the £6k (at which point anything that doesn't count can be looked at…). Take a snapshot balance (statement to date) of all accounts today in case they ask for evidence of £5700 (being close to limit they may have more interest in scrutiny).

Spoonie_Turtle

A very simple way so far seemed to be accepted by DWP is to add everything up in every account, then minus all benefit payments and any other money classed as income received during that current assessment period (such as wages, tax refunds, etc. - I'm making it general so these may not apply to you). The remaining amount is your capital.

[Then if you have any chunks of capital that are disregarded - unspent PIP backpay, unspent Cost of Living Payments - minus those too.]

Unfortunately the UC system instructs you to report the amounts in all accounts regardless of what was income so I don't know how people with over £6,000 capital deal with that, because they do have to report any fluctuations taking them across a multiple of £250, but you don't need to worry about that. It's only an issue if your actual capital does ever exceed £6,000 (not your bank totals).

Ihatethinkingofusernames11

Thanks for your reply. I only have ESA UC split and PIP going in. I sent it off anyway now. So I'll have to see. I gotta make some payments anyway today now I was paid. I got quite a few accounts. Some I barely use anymore.

Minus all benefit payments btw? Must admit I find this confusing.

https://forums.moneysavingexpert.com/discussion/comment/82122465#Comment_82122465