Universal. Credit and child savings

[onlyfoolsnhorses]

Ok so hoping someone can help me please

We get universal credit due to hubby's low income and me staying home looking after kids. Have almost 2 boys (one is 2 and other one due in August)

With UC everyone is allowed to have up to 6k in savings. My prob is I already have 2k and my son almost has 2k which I know is almost 4K but gradually the savings will increase

The prob is that UC take into account my sons savings as part of mine as they are in my savings account. So would it be better if I opened up an actual account in HIS name? Then I wouldn't get in trouble if I went over the 6k limit for my stuff as his would be separate?

Anyone?

Even if your total savings go over £6k you can still get UC. The absolute limit is £16k but you're a long way off that. I wouldn't worry too much if I were you. And given that you're on a relatively low income, it wouldn't make sense to tie up your savings in a child's account that you couldn't access in an emergency. Just my two cents anyway!

www.entitledto.co.uk/help/Savings-and-other-capital-overview-Universal-Credit

Great I didn't know all that but thanks

Open a child ISA and put his money in there. It's locked away till he's 18 so you can't access it so it's then clear it's his money not yours.

It can then never be taken into account as your money.

We have one for DS with Nationwide.