Savings credit can give you extra money each week if you have a modest income or savings.
It is available to people over the age of 65 (and couples when one of you is over 65). The maximum weekly amount of savings credits for 2020 - 21 are as follows:
• £13.97 for a single person
• £15.62 for a couple
Income and savings that can count towards Savings Credit include:
- severely disabled
- savings over £10,000
If you reach State Pension Age on or after 6th April 2016 you will not be eligible for Savings Credit unless:
- you are in a couple and one of you reached State Pension Age before 6th April 2016
- you were getting savings credit up to 6th April 2016.
Working out Savings Credit
The calculation for Savings Credit can be quite complex, so you may wish to contact a local, independent adviser. Otherwise, there is further information on NI Direct.