Credit Balances and Savings

How they affect your Benefits

Credit Balances 2

Credit balances, such as money in your bank or savings accounts, can directly affect your entitlement to means-tested benefits in the UK, including Universal Credit, Housing Benefit, and Pension Credit.

If you’re not sure about savings and how they can impact your claim to benefits, please get in touch with our Financial Wellbeing Team on 01475 788887.

Universal Credit Thresholds
£0–£6,000: No impact on entitlement.
£6,001–£16,000: Your benefit is reduced. For every £250 (or part of £250) over £6,000, your monthly Universal Credit is reduced by £4.35.
Over £16,000: You are not eligible for Universal Credit.

 

For Pensioners
Capital Amount Impact on Benefits
£0–£10,000 No reduction
£10,001–£16,000 £1/week per £500
Over £16,000 Still eligible (no upper limit if in receipt of guaranteed pension credit)