UC & child’s bank account

[Elliesmummy1]

Just a bit of advise please
I claim UC and want to know if my UC can be affected with my 2 year olds child savers account
it’s with my bank and I have both accounts on my app
is there a limit to how much she can have in or not
as I want her to have 15k + plus when she’s 17 for driving lessons and a car but don’t want my money affected as I have nothing I live hand to mouth
Thankyou x

You don't know if I'm nice or not. Nor I you. We've never met

Anyway, nothing personally against OP. Just contradictory information which of course raises some questions.

This sounds a great reason to open a junior isa. Just google moneysaving expert for the best rated ones - either cash or stocks and shares.
You could also look at buying premium bonds in her name.
Grandparents can open accounts for grandchildren, if you still want an easy access savings account - but this time not linked to you. If a lot of the money is coming from them, this might work as a safe option.

Have you looked at the help to save government savings scheme for yourself if eligible? That gives a very large savings bonus.

@restedbutexhausted I can hazard a guess

This. I can’t save 15,000 for mine and I get no benefits

Well don't.

I'm on UC too and I see nothing wrong with saving some money whilst claiming it. That's not what I was trying to make out. I'm not into shaming people on benefits at all.

I think if you're living hand to mouth you should probably spend the money on food and essentials. Then anything left save. Don't worry too much about the saving, the basics come first.

@restedbutexhausted to clarify, my issue was with you saying to me 'don't be dense' because I sought clarification on something you had said that wasn't clear to me.

If you have a very generous Great Grandma who will be leaving money to DD,why do you need a separate savings account as well? Surely just use your UC to top up family income ,and keep cash for DD separate .You have been awarded UC as a top up for family income surely .COL is rising at an alarming rate ATM,and food .heating and clothes are needed by a young child right now! If GGM leaves her a good amount by the time she is older, there will be plenty for driving lessons and a car!

Never claimed any benefits so I don’t know how it works but how on earth can someone be entitled to UC when they have the ability to save at least £1k a year? I always thought that UC was a good thing to help those who needed it but this is taking the piss!

The government encourages working people on benefits to save - the help to save scheme assumes you may be able to save £600/year whilst still on universal credit, and encourages you to do so.
It's good to have a small savings buffer. UC won't pay for your fridge/washing machine/car tyres

Ooh yes check out help to save OP

This sums it up for me.

What a mess the system is

OP is saving for driving lessons and a car for her kid when she turns 17 not a fridge freezer! The benefits system is a mess. From OP last post she knows she taking the piss and is please about it.

So you own your home outright and your car if you have one?

Your partner works but you still get UC. You can work too, your child is entitled to 15 hours free childcare now and it will be easier as your child gets older and you won't have to worry how savings affect UC.

It's a pointless question anyway as the rules for benefit change over the years so what is good advice now will not be when your child is 15.

So you own your home outright and your car if you have one?

OP more then likely rents and gets housing benefit

Well yes which is why it seems a bit crass for the OP to reply to someone that she can afford to save because she has help with her rent payment as opposed to no help paying a mortgage don't you think?

I believe everyone should claim their maximum benefit entitlement and should not face judgement for doing so. But OP's sense of entitlement invites criticism.

I always thought that UC was a good thing to help those who needed it but this is taking the piss!

UC is compensation for wages in the lowest five centiles being all but stagnant for the past 15 years. It's a sop by the government to prevent people rioting. The BoE have been printing money for all of that time and those who already have assets are, if they have any sense at all, acquiring further assets. For those who can't, the government gives them UC instead.

UC is not a safety net. That would be jobseekers' allowance.

Sorry, deciles, not centiles.

as I have nothing I live hand to mouth
**
How do you save when you have nothing I live hand to mouth

We rent and yes we own our cars outright

She's trying to future proof her daughter as best she can.

Nothing wrong with that at all.

anyway can u stop commenting now
I’m getting a isa so we can save the amount we need
we live hand to mouth like so we can save
it not my problem u would rather feed ur face with the finest and not save
we can do what we want and I prefer to save for my child :) thanks and good bue
thanks for all support nice peeps

@BlueTitSmilingAtMe thanks chic …. I’m sure if I was a druggy and my child got nothing I’d be slated then too haha carnt win

Good on you OP. I also have savings for my kids and massively overpaid into my own pension when I was on UC. As an aside do look into pension for your own future proofing - anything you earn that you pay into a pension doesn't count as wages for UC purposes plus ofc you get tax relief and employer contributions as well. The system is set up to enable you to do that to compensate for low wages and also being cynical to stop you being eligible for whatever is in place instead of pension credit/housing benefit when you eventually retire. Pension doesn't count as savings and you can access it from 55 yo onwards.

Can't spell either. Bye hun.