💸 **Heads Up, Universal Credit Claimants!** 💸
Big changes are coming for those on Universal Credit! The Department for Work and Pensions (DWP) is tightening its checks on savings, affecting your benefits entitlements. If you have savings that exceed £16,000, across all your accounts, your benefits could be impacted.
The new move aims to tackle fraud and errors, giving banks the responsibility to notify the DWP if they notice account balances above the permitted limit. This means 18 categories of savings are under scrutiny, including:
– Cash
– Bank, building society, and digital accounts
– Savings accounts like Help to Save and National Savings
– ISAs including Help to Buy and Lifetime ISAs
– Premium Bonds and investments in stocks and shares
– Cryptoassets
– Property and land not used as your primary residence
– Inheritance and trust funds (with certain exceptions)
Note: Debts and personal belongings aren’t included in this calculation.
It’s crucial for claimants to be aware of these changes—out of sight definitely doesn’t mean out of mind with your savings. Make sure your finances are in line so your Universal Credit isn’t impacted!