How to Manage Your Money Without Losing Your Disability Benefits
Introduction: Can You Have a Bank Account While Receiving SSI?
If you receive Supplemental Security Income (SSI), you may have heard about the $2,000 asset limit and wondered:
💰 Can I have a bank account while on SSI?
💰 How much money can I keep in my account before I lose benefits?
💰 Are there safe ways to save money without affecting SSI?
The good news is you can have a bank account while receiving SSI—but you must be careful not to exceed the resource limits.
In this guide, we’ll cover:
✅ How much money you can keep in your bank account on SSI
✅ What counts as a resource under SSA rules
✅ How to save money safely without losing benefits
✅ How Purple helps track your balance to keep you compliant
Let’s dive in!
How Much Money Can You Have in a Bank Account on SSI?
Understanding the $2,000 Resource Limit
The Social Security Administration (SSA) sets a strict limit on countable assets for SSI recipients:
✔ $2,000 for individuals
✔ $3,000 for married couples
💡 If your total countable resources exceed this limit at the beginning of a month, you could lose your SSI benefits.
What Counts as a Resource?
To determine if you qualify for SSI, the SSA considers both cash and assets that could be used for food or shelter.
✅ Counted as a Resource:
Cash in a checking or savings account
Stocks, bonds, or investments
More than one vehicle
Property other than your primary residence
❌ Not Counted as a Resource:
Your primary home and land
One personal vehicle
Household items and clothing
ABLE accounts (More on this later!)
💡 Pro Tip: Keeping your bank account below $2,000 is essential to maintain your benefits.
What Happens If You Exceed the SSI Asset Limit?
If your bank balance goes over $2,000 (or $3,000 for couples):
❌ Your SSI benefits could be reduced or stopped
❌ You may have to spend down your savings before getting benefits again
❌ You could be required to pay back overpayments
How to Fix It If You Go Over the Limit
✔ Spend down excess funds on necessary expenses like rent, bills, or debt payments
✔ Transfer funds into an ABLE account (which doesn’t count toward SSI limits)
✔ Prepay bills like rent or utilities to bring your balance below $2,000
How to Save Money Without Losing SSI Benefits
Since SSI has strict savings limits, many people worry about how to set aside money for emergencies or future expenses.
1. Use an ABLE Account for Safe Savings
An ABLE account (Achieving a Better Life Experience) is a special savings account that allows people with disabilities to save up to $100,000 without affecting SSI benefits.
✔ Funds in an ABLE account do not count toward SSI’s $2,000 limit
✔ You can save money for housing, education, medical expenses, and more
✔ ABLE accounts grow tax-free
💡 Purple is launching an ABLE savings feature soon to make managing benefits even easier!
2. Keep Your Bank Balance Low with Smart Budgeting
Instead of saving too much in a traditional account, consider:
✔ Paying bills early to avoid excess savings
✔ Spending extra funds on medical or personal needs
✔ Using gift cards or prepaid debit cards for non-cash savings
3. Consider a Special Needs Trust (SNT)
A Special Needs Trust (SNT) allows a third party (like a family member) to manage money for you without it counting toward SSI limits.
✔ Good for large inheritances or legal settlements
✔ Trustee controls how funds are used
✔ Protects SSI eligibility
💡 Best approach? Use an ABLE account for everyday savings and a Special Needs Trust for long-term financial security.
How Purple Helps You Manage Your SSI Bank Account
Since staying under the $2,000 limit is critical, Purple provides banking tools designed for SSI recipients, including:
💜 Balance Tracking – Get alerts if your bank balance gets close to $2,000
💜 EBT & Benefits Monitoring – Track SNAP, Medicaid, and SSDI deposits
💜 Smart Budgeting Tools – Help spend down excess funds responsibly
💡 With Purple, you can manage your finances without worrying about losing your SSI benefits!
FAQs About Bank Accounts and SSI
Can SSI See My Bank Account?
Yes! The SSA reviews bank accounts regularly to ensure recipients stay under the $2,000 resource limit.
What Happens If I Have More Than One Bank Account?
You can have multiple bank accounts, but the combined total of all accounts must stay under $2,000.
Can I Have a Savings Account While on SSI?
Yes, but your total account balance cannot exceed $2,000. ABLE accounts are the best way to save money safely.
Does SSI Count Money from Direct Deposits Immediately?
Yes. Any money in your bank account at the beginning of the month counts toward the resource limit.
How Can Purple Help Me Stay Under the SSI Limit?
Purple helps track your balance, send spending alerts, and connect you to ABLE savings options so you never accidentally exceed the limit.
Conclusion: Manage Your SSI Bank Account Wisely to Keep Your Benefits
Yes, you can have a bank account while on SSI—but you must stay under the $2,000 resource limit to keep your benefits.
By using ABLE accounts, budgeting tools, and responsible spending, you can manage your money safely without affecting your SSI eligibility.
💜 Sign Up for Purple to Track Your SSI Benefits & Manage Your Money!