Working tax credit - how much money are you allowed to have in savings when claiming this tax credit?

need to know amounts allowed to save whilst claiming, not income as such but "rainy day" savings although I know interest is counted.

Working tax credit - how much money are you allowed to have in savings when claiming this tax credit?
It is not the amount you have in savings but the income which the savings generate that affects the working tax credit. If you kept the money in an account that didn't earn any interest (or in an account where the income wasn't taxable such as an ISA or premium bonds) theoretically you could have any amount in savings without your working tax credit being affected. Provided the taxable other income (not just interest but pensions, etc) doesn't exceed £300 p.a. your tax credit shouldn't be reduced.
Reply:Savings shouldn't affect your tax credits claim. The tax credits are worked out on your total household income for the last tax year and would include interest on your savings (April 07-08). Generally, to qualify for means tested benefits, you would need to have less than £6,000 in savings, but this does not include tax credits. I have included a link to the I/R website to help you see if you would qualify. Good luck.