How do the level of my savings affect my benefit claim?
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If you are of working age and your savings are £6,000 or less they are ignored.
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From Monday 2 November 2009. If you are a Pensioner and your savings are £10, 000 or less they are ignored
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If you are of working age and your savings are between £6,000 and £16,000, they are taken into account.
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From 2 November 2009. If you are a Pensioner and your savings are between £10, 000 to £16, 000, they are taken into account.
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If your total savings are more than £16, 000 you cannot claim Housing or Council Tax Benefits.
We do not count any actual interest you get on your savings.
If you are under 60 years old we work out an income generated from your total savings. This is called a Capital Income Tariff. To calculate this income, for every £250 (or part of) between £6,000 and £16,000 we will have to add £1 to your weekly income.
What savings do you consider when looking at my application for benefits?
The type of savings we count include:
- cash savings
- bank accounts
- Building Society accounts
- other savings
- Post Office accounts
- premium bonds
- National Savings Certificates
- stocks, shares and unit trusts
- the value of any land or property you own apart from your home
