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Savings
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If you are on benefits how much are you allowed to have in savings?
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There are no savings limits for carers allowance.
For income support if savings are less than �6000 (if you are one of a couple this is the total for the two of you) then there is no effect. If savings are between �6000 and �16000 then it is assumed you receive income of �1 per week for each �250 of savings above the �6000 level. For example if your savings are �10000 the assumed income is �4000 divided by �250 = �16 per week. This amount is deducted from your income support. If savings are above �16000 you are not entitled to income support.
For income support if savings are less than �6000 (if you are one of a couple this is the total for the two of you) then there is no effect. If savings are between �6000 and �16000 then it is assumed you receive income of �1 per week for each �250 of savings above the �6000 level. For example if your savings are �10000 the assumed income is �4000 divided by �250 = �16 per week. This amount is deducted from your income support. If savings are above �16000 you are not entitled to income support.
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