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Savings while on universal credit

2 replies

kasha1989 · 15/08/2020 11:20

I claim universal credit to top up my earnings. I know that if you have less £6000 savings it doesn't affect your claim. When I applied for UC I had around £5000 on my ISA. DH informed me few days ago that he opened savings account for himself as he needs to save money to buy a car and he transferred there £2000. So now our savings in total is £7000. How do I report this change ? When I access my UC account and click 'report change in your circumstances' I dont see it anywhere but I remember that when I applied for UC there was an option to declare your savings. Anyone can help ?Grin

OP posts:
Babyroobs · 15/08/2020 13:40

I would put it on your journal that you have gone over 6k. Each £1000 above 6k will reduce your Uc by about £17 each month.

Qcumber · 15/08/2020 17:54

So, your UC claim is joint? Did your DP transfer money from another of his accounts to a new savings account? I don't think it matters whether the money is in a current account or a savings account. If he already had an extra £2000 in his normal account, you will have already been over the limit. Otherwise you could just have a savings account with nothing in, while having 1000s in a current account. You may want to look into this as you may need to repay some money.

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