Children's Money

Thankyou Mayflower, it is pretty stressful and emotional at the moment.

Could I ask, how much savings are you allowed these days before you loose benefits?

Many thanks,
Rachel

You can have £6000 without it affecting your benefits. For between £6000 and £16000, for every £250 (£500 if you're retired) £1/week is deducted from your benefits.

Benefits count as income for the period for which they're paid, so, for example, if you get paid £100/week housing benefit and it's paid fortnightly, £200 housing benefit counts as income not capital.

Thanks Survivor

Are the 4 children allowed savings?

Best wishes,
Rachel

Apologies;

have just re read thread and the above question has already been answered,

Many thanks,
Rachel