Benefits - Capital and Savings
ListenThe amount of capital and savings you or your partner have can affect your benefit entitlement.
Capital and savings include the following:
- Assets such as land or property, whether in this country or abroad
- Bonds
- Building society accounts
- Cash
- Current bank account
- Individual savings accounts (ISAs)
- Personal equity plans (PEPs)
- Savings
- Stocks and shares
For working age customers capital of less than £6,000 does not effect benefit, but for every £250 between £6,000 and £16,000 your income will be increased by £1 per week, which will reduce any benefit entitlement.
However, if you are aged 60 or over capital of less than £10,000 does not effect your benefit, but for every £500 of capital between £10,000 and £16,000, your income will be increased by £1 per week, which will reduce any benefit entitlement.
If you have £16,000 or more in capital and savings, you will not qualify for housing or council tax benefit. The only exception to this is if you are in receipt of Guarantee Pension Credit.
When making a benefit claim, please send in original documents confirming your capital and savings and also for your partner. For bank or building society accounts we normally need to see the last two months' consecutive statements.
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