Is there a limit of savings if i claim WTC and CTC?

Sugarhunny1

Evening everyone,

Just really as the title of this thread states, I have become a single parent recently and have a challenge to try and save as much as possible to hopefully put towards a house deposit (in reality this will be in 2070, if house prices stay anywhere near what they are at the moment)

I have opened up an ISA and realise that i can only put so much in it but i'm more concerned that if i save up, say, £4000 then my benefits will be cut back. Is there a limit?

Sugar xxx

teeni

Capital is not taken into account for wtc and ctc , nor is any maintenance payments you get

Sugarhunny1

So there is absolutely no limit? I was thinking of investing in a shoe box at the bottom of my wardrobe if i got desperate!

I'm very very lucky that me and the ex husband and I get on really well and every month he comes along and gives me 1/4 of his take home pay! This will go towards savings too!

Thanks folks!

isasmurf

The amount of interest you receive is taken into account. The first £300 is ignored, as is all interest from tax free savings such as an ISA.