Universal Credit and Savings

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  • #60623 Report


    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


    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


    <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

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