Is it ok to save in credit union when on dole?

LaLucy

I want to save a tiny bit a week in the credit union, I don't have an account or anything yet but wondering if I have to tell the social welfare office or will they ask me for savings account receipts or anything mad like that?
I know it seems a mad question but there are some crazy rules out there! F!

Eoineo

Yes it's alright. There is a limit on the amount that you can have in savings if you're on a means tested payment (e.g. Jobseekers Assistance) before it begins to affect your payment.

tommy21

It won't matter unless it's means tested and then they will ask to see your bank account and any other means (savings). Not sure what the limit is though. So short answer if you qualify for JSB then no, if for JSA then possibly.


edit: no it won't matter or yes it could matter if your saving, just to clarify!

LaLucy

Eoineo wrote: »

Yes it's alright. There is a limit on the amount that you can have in savings if you're on a means tested payment (e.g. Jobseekers Assistance) before it begins to affect your payment.

Would you have any idea what region the limit is? I am looking to save 1000 over about 6 months probably and then take out a loan will I have to tell anybody this?

Thanks so much

LaLucy

tommy21 wrote: »

It won't matter unless it's means tested and then they will ask to see your bank account and any other means (savings). Not sure what the limit is though. So short answer if you qualify for JSB then no, if for JSA then possibly.


edit: no it won't matter or yes it could matter if your saving, just to clarify!

I am on JSA for the past few months and brought in my bank statement when I first went in. Do you mean they will review me or something or randomly ask to see savings? Thank you for taking the time to help

who what when

Dont worry €1,000 is well with-in the allowable limit.

Max Power1

LaLucy wrote: »

Would you have any idea what region the limit is? I am looking to save 1000 over about 6 months probably and then take out a loan will I have to tell anybody this?

Thanks so much

If you are on a means teasted payment (eg JA) then the most in savings you can have is €20,000

tommy21

LaLucy wrote: »

I am on JSA for the past few months and brought in my bank statement when I first went in. Do you mean they will review me or something or randomly ask to see savings? Thank you for taking the time to help

As far as I know, this is to ascertain whether you have a large amount of funds already in your posession. I wouldn't worry too much about putting small amounts into the credit union. It is a good idea actually, for if they see you are a regular saver, and you need a loan, it should be smooth sailing.

LaLucy

That is great, thank you so much everyone for the help I really appreciate it. Yeehaw can start saving a little bit now, I am happy!:o :0)