Universal Credit and savings

[sma1978]

I'm a bit reluctant to ask UC directly, so can anyone tell me. I seem to recall when I first applied for UC, 18 months ago, they asked if I had savings in excess of £6000, which I didn't at the time. But I have been squirreling away, bday and xmas money and little bits here and there when I can. In the hopes of saving enough for a house deposit, (bit of a pipe dream, I know.) My question is if my savings exceed £6000, what happens to my UC payments. I assume I would have to declare it. Would they expect me to use it and reduce or stop my payments?
Thanks

Yes you have to declare it and yes it reduces payments but won't stop them unless you get over £16k savings.

Anything over 6k you will need to declare and it will reduce your monthly Uc amount by £4.35 per month for every £250 over 6k, so if you have savings of 7k, your Uc would reduce by about £17 per month. Any savings over 16k and your Uc would stop completely.