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Bank Threshold

Ookpik

Just wondered what the threshold is ,how much money one can have in the current account while on Disability allowance. And what is the maximum savings one can have in the savings accounts;l,e, premium bonds, investments, saving account etc before the penalties occur.
l just read somewhere for a current account is 8,000PDs, and for those whose premium bonds are 6,000PDs. l don't know if this is right. But l do hope someone can give me the right correct info. Thank you

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poppy123456

It depends what benefits exactly you're claiming. DLA/PIP is not means tested. Income Related ESA/JSA and Income Support is, as well as Council tax reduction and housing benefit. Savings of less than £6,000 in all of your accounts, including premium bonds etc etc are disregarded. For every £250 (or part there of) over this amount there is a £1 deduction. Savings over £16,000 and you're not entitled to any means tested benefits.

For Universal Credit, it's the same but there's a £4.35 per month deduction for every £250 or part there of that you have on the last day of your assessment period.

This link explains it all quite clearly. https://www.entitledto.co.uk/help/savings

calcotti

Savings thresholds and deductions for Council Tax Reduction vary between local authorities.

Ookpik

poppy123456 said:

It depends what benefits exactly you're claiming. DLA/PIP is not means tested. Income Related ESA/JSA and Income Support is, as well as Council tax reduction and housing benefit. Savings of less than £6,000 in all of your accounts, including premium bonds etc etc are disregarded. For every £250 (or part there of) over this amount there is a £1 deduction. Savings over £16,000 and you're not entitled to any means tested benefits.
For Universal Credit, it's the same but there's a £4.35 per month deduction for every £250 or part there of that you have on the last day of your assessment period.
This link explains it all quite clearly. https://www.entitledto.co.uk/help/savings

Hi, thanks for the info. l am on DLA with a state pension.

poppy123456

In that case the savings for you is different. State pension and DLA are not means tested. For other means tested benefits is £10,000 for the lower limit. For every £500 over than amount there's a £1 deduction. Council tax reduction could be different depending on your local Authority.

calcotti

poppy123456 said: Council tax reduction could be different depending on your local Authority.

Not for a pensioner, national rules apply (as described in your post).

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