How will my savings affect my claim for benefit?
If you and your partner have more than £16,000 in savings and investments you will not qualify for any help towards your rent or Council Tax, unless you are getting Guarantee Credit.
If you and your partner are under 60, we do not count the first £6,000 of your savings and investments. For every £250 over this amount, we add £1 to your income.
If you or your partner are 60 or over, we do not count the first £6,000 of your savings and investments. For every £500 over this amount, we add £1 to your income.
If you and your partner get Income Support, Guarantee Credit, Jobseeker's Allowance (income based) or Employment Support Allowance (Income Related) we do not count any savings and investments you have.
Here are some examples of the savings and investments we count:
- bank / building society / post office savings
- stocks and shares
- national savings certificates / income bonds / premium bonds
- property
- loans and gifts
Here are some examples of savings and investments we don't count in some circumstances:(Please contact us for more details if you think these apply to you)
- property you own which is occupied by an elderly or disabled relative
- property you intend to occupy
- property which is up for sale
- property occupied by an ex-partner and children
For more information
please use this link to view our leaflet 'Will I Qualify?'