Universal Credit and Savings

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  • #60623 Report

    Georgia94
    Participant

    I am wondering if I will be allowed to save money for my Childs future while claiming universal credit and how much I will be able to save?

    I am planning on transferring a proportion of the maintenance I get from Childs Father (if any) into a savings account for their future. Probably a junior ISA.

    But would this count as deprivation of assets?

     

    Thanks All

    #60627 Report

    Lulublue
    Participant

    If you’re on universal credit they only take into account savings of £6k and over.
    you should have a look into the help to save scheme, on the .gov website.
    you can save up to £1- £50 a month and the government give you a bonus of 50% on what you save over 2 years and then you can do it again for a further 2 years. It’s a brilliant scheme

    #60633 Report

    Privatelady
    Participant

    <b>I’ve recently been looking into this as a new universal credit claimant and the need to transfer savings for my child from account tied to husband to account tied to me.</b>

    It all depends on what type of account the savings are put into. So a junior isa is better as other savings accounts will count towards your savings. If there in an isa there isn’t a limit on what can be saved in it.

    It only becomes a deprivation of assets if you abuse the account and use it to hide your own money from the dwp.

     

    Martin Lewis had some useful info. We have opened an isa

Viewing 3 posts - 1 through 3 (of 3 total)

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