Universal Credit - Savings

[lij8793]

I noticed on my latest UC statement that it had a new section about savings.

I have a help to save account and I have been putting a little in each month since I last updated my savings total on UC.
Now I'm wondering whether I should update my savings amount on UC each month to reflect this or less regular, say on a quarterly basis?

What do other people do?

Thanks in advance!

How much is in there?

I would probably update it each time the amount you save goes up. I believe UC only start to reduce when you have over £6000 savings.

It isn't actually possible to save more than £50 a month in a Help to Save account, and the account matures after 3 years I believe, so you'll never exceed the savings threshold rule.

You could make a note of it, but it shouldn't impact your claim.

How much savings do you have? If under 6k you don't need to update them. If over 6k you need to tell them when the amount changes enough to impact your payment. I've it goes up or down to the next £250 increment (or more).

Thanks all.
I don't have much in there but it's more than what I originally had in savings when I first submitted a UC claim and as my latest statement now includes that figure - I guessed I should probably update it!
It's well below the £6k limit so I know it won't change anything.
I think I'll just make a reminder to update it every couple of months.

Put cash in an envelope and keep it at home
At least no one will know about it and then it won’t affect your benefits

I'd probably do this. Just every 3 months this.