Premium Bonds

[johnm1955]

Are Premium Bonds classed as savings in relation to means tested benefits. The upper savings limit is £23,000 e.g I have £5000 in the bank and £10,000 savings a/c- total £15000, but I also have £10,000
in Premium Bonds which takes me over the upper limit. are they classed as savigs or not?

[sandyRoe]

I'd say that they would be seen as savings. They represent money that can be accessed at fairly short notice.

[factor-fiction]

The answer must be yes or all claimants with savings that exceed the limit would simply convert them to premium bonds

[ABerrant]

Entitlement to means tested benefits is determined by the claimant's income and capital value.

Capital includes savings (e.g. held in banks and building societies), investments (e.g. stocks, shares, bonds), land and property (other than your home). Personal possessions such as cars, furniture and jewellery are usually disregarded.

[sara3]

yes.. and who has an upper limit of £23k?

[ladyalex]

They are definitely counted as savings.

[Mamyalynne]

£16,000 is the upper limit surely!

[ABerrant]

Isn't £23,000 in relation to social care services?

[Mamyalynne]

Yes you are correct on that.