Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Universal credit and salary classed as 'savings'

4 replies

scratchyfannyofcocklane · 01/01/2024 21:22

I got my first UC statement today after migration from TC.
When submitting my claim I made them aware of my Isa which has is just over 6k and the money (approx £1300) I had in my current account and as I'd just been paid my salary from work. Universal credits appear to have added the two amounts together and reduced my claim on the basis I had over 6k in savings, calculating my 'savings' as £ 7376 and reducing my entitlement based on that total.
Is this correct?

OP posts:
PotatoFan · 01/01/2024 22:02

Yes the money in your current account counts, any money you can access easily counts as savings it doesn’t mean just the money in a savings account.

TeaKitten · 01/01/2024 22:06

I think so yes, as it’s money you have over 6k at the end of the assessment period

Glittzy · 01/01/2024 22:14

I thought you we're allowed savings for a year if your were moved from tax credits. Might be wrong though.

Fourcandleforkhandle · 04/01/2024 23:48

I thought the first 6k does not affect your UC. If you have over 6k upto 16k then ever £250 reduces your UC by £4.35. So in your case shouldn't be that much reduction.

New posts on this thread. Refresh page