how much savings allowed?

[tiayana]

Hi I would be grateful of some help/advice with my handling... My partner has finished work and will be signing on for us all as a family. I will now be means tested my question is we hve 3 children each with 5000 in their accounts I opened the account the month each child was born will this be counted towards the 20,000 max u can have.

Also I have been putting off buying a new car till my old 1 sold but now they want all my bank details so will prob take the car money I saved for as means 2?? I am tempted to go buy the car I wanted and still show them bank details but am worried they will think I am pulling the wool over their eyes.

Please advise as I dont know much about the social welfare inspectors tks!!

 

[leroy67]

Below is from Citizens Information Website, worthwhile giving them a call









To find your means from capital, first you must calculate your total capital value. You do this by adding together all your sources of capital (for example, property, savings and investments). Then you apply the relevant formula below.
The formula for assessing means from capital for all social welfare payments (except Disability Allowance and Supplementary Welfare Allowance) is as follows:
Capital Weekly means assessed First €20,000 Nil Next €10,000 €1 per €1,000 Next €10,000 €2 per €1,000 Balance €4 per €1,000 The formula for assessing means from capital for Disability Allowance is as follows:
Capital Weekly means assessed First €50,000 Nil Next €10,000 €1 per €1,000 Next €10,000 €2 per €1,000 Balance (any capital over €70,000) €4 per €1,000 The formula for assessing means from capital for Supplementary Welfare Allowance is as follows:
Capital Weekly means assessed First €5,000 Nil Next €10,000 €1 per €1,000 Next €25,000 €2 per €1,000 Balance €4 per €1,000