How much Child savings are we allowed?

[laraspring]

Do you have to declare a childs savings when claiming benefits? If so how much is a child allowed in savings before it affects benefit?

Thank you Lara

All childrens savings are taken into account when claiming means tested benefits - ie IS, JSA, HB etc.

For tax credit purposes, they only need to know re the interest and not the amount of actual savings.

Thank you for the reply but please can you explain what exactly you mean? Do I add how much they have in savings or do I add how much interest they earned for the year which would only be £150?

Also whats is the allowed amount for a child before it affects the benefit award?

If it helps, my child has £3750 in savings and we get full HB & CT benefit due to being on HRC DLA. However the savings have occured over a number of years.

Thank you