Posted , 6 users are following.
If so, what would happen if you went over the limit? and are their different rules for a savings in a bank vs a credit union?
0 likes, 11 replies
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denise15811 stephen39299
Posted
Hi,
Max limit for means tested benefits for ANY savings/capitol is £16,000. If you go over this then you'll need to report it and your benefits will stop completely. This goes for any Income Related benefits you recieve, including Council tax reduction. The lower amount is £6,000, anything over this and and your benefits are affect £1 for every £250over this amount.
brian32790 stephen39299
Posted
denise15811 brian32790
Posted
As Wendy has said Contribution based benefits aren't affected by any saving/capital. When advicing others please be care of the advice you give. I had already adviced Stephen on the amount of savings allowed. My advice was correct.
wendy17594 denise15811
Posted
Hi Denise
The information you gave about limits was exactly right BUT you do need to declare all savings even if they are below the limits which effect any benefits.
I know this as I retired from DWP last year. It's a common misconception that you need only let DWP know if you think you're over the savings limit.
Cheers
Wendy x
denise15811 wendy17594
Posted
Hi,
I disagree with you that ALL savings have to be declared even if they're below the limit. So you're saying that if someone had savings of £300 then they would have to tell them this? Ridiculous! sorry but ringing DWP everytime you have a little savings like this is just stupid. People would literally be on the phone to them ALL the time. Savings of £6,000 and below do not affect any means tested benefits , therefore you don't have to tell them. Once they hit £6,000 then ring and tell them because this is when it affects means tested benefits.
On this matter i think we'll have to agree to disagree. Cheers.
wendy17594 denise15811
Posted
Denise
You misunderstand me, if you are ever asked by DWP or have to complete a form for benefit reviews you must always declare any savings, including money in a current account.
I'm not suggesting you should contact the dept all the time.
Benefit Integrity reviews are often carried out as random checks by sending a review form and these must show all monies held in all accounts below £6000 as well as above.
Hope that clarifies I wouldn't want anyone to not declare savings when they should do even when they don't reduce their benefit award.
Wendy x
denise15811 wendy17594
Posted
wendy17594 stephen39299
Posted
Hi Stephen
Firstly Housing benefit is different to the other benefits mentioned as it is nothing to do with the DWP and there
are local variations depending where you live/which council you come under. The replies you've received about savings limits for means tested DWP benefits are correct however you don't have to be on those to get Housing Benefit you could be on a low income.
You need to report your savings to the local council Housing Benefit Dept and DWP if you are in one of their benefits regardless of how much you have.
Contribution based ESA is not effected by savings and neither is PIP, DAL or AA.
Take care
Wendy x