Savings for UC, does this count?

[beautifulsun]

Are they counted if in child's name?

My daughter (3) has a savings account. It currently holds about £4000

My monthly payment of UC is 1350. DLA about £650 (part is automatically paying for motability car). Carer's about £300. Salary of £1910 a month

I don't really have the cash to make premium bonds worthwhile

What would be the best way to put some savings away for her without the impact on UC savings limit?

Obviously I'm thinking very long term. She isn't reaching the 16k limit anytime soon (they only charge for it per £ or so once you're over £5099 in savings)

To be totally transparent, no, it isn't 'secretly' for me. Her current savings Account is an ISA and I cannot touch it. She gets money from family and friends for birthday etc on top of small contributions I make

Bump

Why should the taxpayer fund your daughter’s already very healthy savings?

@Naptrappedmummy I didn't ask them to.

That wasn't the question. And isn't relevant unless my questions answer is that yes I can't have savings for her above a certain amount

I'm not sure maybe ask UC about it. A child ISA might be ok in her name without your name on the account as well.

It's under her name and I can't withdraw it etc, but can check balance. But I'm pretty sure it's also 'in my name' in some way since she's a minor? And cannot sign for herself etc

I put a note on the journal a few days ago but no response yet

I would call but it takes forever and a day to get through last time I did!

But you are asking them to by claiming and then paying the money into her savings account. The people financially supporting you won’t have thousands squirrelled away for their DC in the vast majority of cases. I don’t really believe your question is the full picture if I’m honest.

@Naptrappedmummy I clearly stated in my post that I'm not doing that.

Most of her money is from relatives and people who've sent her money. I give them her account details so it isn't even transferred through my account

I put £80 a month away for her from my account.

I can’t see that it’s better if the op buys things she doesn’t need to keep below the limit rather than saving it?

‘What would be the best way to put some savings away for her without the impact on UC savings limit?’

Is not the same as

‘Other people are putting savings away for her, would that affect my UC?’

I won’t say any more, but it leaves a bad taste in my mouth.

I have a small buffer separate to my daughter but even so, that money isn't much at all.

The money saved for DD is over 90% gifted directly to her by other people, it doesn't touch my account. And it has never been withdrawn (it can't be) and never would be unless it's by my eventually adult DD

They both cover the same thing. Because they both lead back to my question - if her savings will or won't impact my UC claim

The savings origin are mostly not me but again that's not really the question

Surely isn't different to a ctf which can't be touched by parents?

Sorry, but having a savings pot whilst claiming UC doesn't sit rightly with me.

UC is to top up the finances of people who are struggling. UC is not there to top up a family's saving's pot.

Please sort this out. You need to declare this as if you're found out , further along the line, you'll be asked to pay back.

Christ on a bike. Why should the taxpayer fund thus?

Have you read what she wrote or just bumping your gums cos someone mentioned UC?

The savings are her child’s and she cannot access them.

I thought so but don't know and as I say, no response from UC yet

As far as I'm aware your child's savings don't affect your UC. And neither should they.

It's £16k under tax credits, not UC. The savings limit is £6k with UC I believe. However, I don't know how that impacts a child savings account. You need to speak to them.

You're getting some wildly unhelpful and judgemental comments here - sorry.

Savings for your daughter should not be counted towards your capital when calculating UC entitlement. The exception would be if DWP thinks you're hiding money that is actually yours in your daughter's savings account. The fact that you cannot withdraw money from your daughter's account will help you to show that this money really is your daughter's.

If she squandered it away on scratch cards and vodka you'd be mad.
If she's careful with it and saves it, you're mad.

Should we start handing out UC cards where recipients can only buy certain items? Not brands of course. Or alcohol.

The taxpayer aren't funding her (overly generous but well off) family members from gifting her cash. Goodness sakes.

All not part of the question but the small amount I put in is from her child maintenance payment.

That's not means tested

Thank you. I thought as much but have asked them to confirm and no response yet

It's all documented and in an ISA in her name that cannot be touched anyway, so me never withdrawing plus the type of account should be proof

Sorry ignore this. I misread your OP and you know this already.

I understand it that savings in your child's name are not counted towards the savings limit so no need to declare them.

No, she can't access them, but she is topping them up by £80 a month. I work full time and still can't afford to put money away for my children each month. That money could go towards living costs.