Saving PIP

ecurr
ecurr Community member Posts: 20 Connected
edited August 17 in PIP, DLA, and AA

I've recently just gotten pip and am currently waiting for some mobility assessments from the doctors to decide what mobility aids would be best to buy.

So I was wondering whether it would be worth putting what I'm getting currently into my savings so that I'm able to earn interest while waiting?

Also are you allowed to put the PIP payments into savings?

Comments

  • OverlyAnxious
    OverlyAnxious Community member Posts: 3,087 Championing

    Yes, you are allowed to put PIP into a savings account and earn interest on it.

    Just be aware that any unused PIP at the end of the payment period counts as capital (savings) for means tested benefits such as income related ESA and Universal Credit. If you are in receipt of either of those benefits, you must tell DVLA when you overall capital reaches £6,000 or more.

  • ecurr
    ecurr Community member Posts: 20 Connected

    Thank you, pip is the only benefit I'm receiving currently so thankfully don't need to worry about how much is in the savings. That's such a relief actually especially with how expensive mobility aids are at the moment. Thank you

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