ESA question: What is the process for reporting having savings over £6,000? — Scope | Disability forum
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ESA question: What is the process for reporting having savings over £6,000?

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Markglasgow
Markglasgow Community member Posts: 13 Listener
edited January 2023 in Employment and Support Allowance (ESA)
Got a question. If you need to report savings over £6000 in the future, 

what is the process, 
what do you need to do and submit 
and how often
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  • poppy123456
    poppy123456 Community member Posts: 54,724 Disability Gamechanger
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    For means tested benefits you just need to ring the departmenet of the benefits you're claiming and report the changes. For legacy benefits such as Income Related ESA, JSA, Income Support etc etc there's a £1 per week deduction for every £250 or part there of over £6,000.

    For Universal Credit there's a £4.35/month deduction for every £250 or part there of over £6,000. How often will depend on how often your savings increase or decrease.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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  • Markglasgow
    Markglasgow Community member Posts: 13 Listener
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    Do you have to let them know every £250 because in a month Money goes up and down, do they need evidence to see where it is 
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  • Markglasgow
    Markglasgow Community member Posts: 13 Listener
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    Does it cause a reassessment 
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  • Cher_Alumni
    Cher_Alumni Scope alumni Posts: 5,741 Disability Gamechanger
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    Hi @andrewstevenson and a warm welcome to our online community, how are you today?

    Just to let you know, I deleted a duplicate thread so all responses could easily be found in one place. I'll also be emailing you shortly; it's nothing to worry about but please do give it a look and reply when you can.

    Best wishes and I look forward to speaking more in the future :)
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  • Markglasgow
    Markglasgow Community member Posts: 13 Listener
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    In the future I might reach reach £5000 cash but also so is costa gift card, greggs top up, PlayStation top up, Amazon top up and christmas saving club where total takes me over £6000

    Are they all declarable as savings Or not so as assets 
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  • OverlyAnxious
    OverlyAnxious Community member Posts: 2,647 Disability Gamechanger
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    I'd only count actual money that could be spent anywhere.  So all bank accounts and any cash you keep at home.  I wouldn't count something like a Costa gift card or Amazon credit.


    I've also found this to be a confusing issue with ESA though.  With UC there is a specific day on which the savings amount should be given in each payment period.  But on ESA, they don't specify a day, so technically you should inform them every time the savings rises or drops past each £250 threshold.  Of course, in practice, that's not realistic.  I actually started on ESA with just over £6k, mostly from inheritance.  So I lost a pound a week for that from the start.  But it caused me too much hassle and confusion over the days and whether an investigation would be carried out, to tell them when the amount dropped below £6k, so I just never did.  Wasn't worth it for the sake of a pound for me.  I do wish they'd make it much clearer, as well as being able to change the savings amount online easily.
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  • Markglasgow
    Markglasgow Community member Posts: 13 Listener
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    You would think in this day and age with this type of thing an option they should tell us. Like saving in a christmas savings club or topping up my Amazon account. It’s like you don’t want to break the law but they don’t explain if it does 
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  • OverlyAnxious
    OverlyAnxious Community member Posts: 2,647 Disability Gamechanger
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    Markglasgow said:
     It’s like you don’t want to break the law but they don’t explain if it does 
    Absolutely!
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  • Markglasgow
    Markglasgow Community member Posts: 13 Listener
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    Still not able to get a definive answer so shocked
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