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Savings Query

(31 Posts)
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Moonwatcher1904 Sun 30-Nov-25 23:52:53

My DH gets a good monthly works pension, PIP as he had to retire early through ill health and now gets a full state pension. I get a full state pension and a very small works pension as I drew a lot of it out some years ago.
We have a joint bank account and joint savings account and are putting money into the savings to get our flat completely refurbished. Our flat is our own (mortgage paid off) but needs a lot of work. We don't get pension credit.
My DH is bothered that if we put too much across into the savings we will be taxed and has a savings limit of £3000 in his mind. We are close to that and worried about putting anymore into that account.
All the sites I look at mention pension credit and it's all very confusing.
Does anyone know what the limit is?

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Cabbie21 Wed 03-Dec-25 11:26:18

Or maybe £5000 + £1000 as PaynesGray explained earlier - for some people.

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MaggsMcG Thu 04-Dec-25 03:38:52

I get two small work pensions and my State Pension. I had £10,000 in a fixed term savings account and just got a tax bill for £113 for 24/25. Ive paid it but now put half the money back in my current account. I had already used up my ISA quota. Any high interest fixes term savings I had have now all been transferred back to my current accounts. I don't begrudge paying taxonomy ny income but I was advised to use fixed term savings to get a bit extra but its not really worth it. Stick it in an Easy Access cash ISA each and you could save £20,000 each every year if you wanted to.

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Calendargirl Thu 04-Dec-25 13:56:04

Buy some premium bonds Maggs.

They’re safe, you can get at them if you need the money back, you might win a million, they’re tax free.

Win, win! Better than being left in a current account.

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Allsorts Sat 20-Dec-25 05:05:27

Husbands work pension and stare pension will be taxed, pip I believe is not taxable but surely that wouldn't continue if drawing two pensions. Interest on savings account, allowed £1000 interest after that taxed.

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Georgesgran Sat 20-Dec-25 07:15:32

If PIP was claimed before retirement Allsorts it will continue. If a claim is made after retirement it’s likely to be awarded as Attendance Allowance, both not means tested.

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