If you're on SSI, you've probably heard that you can't have more than $2,000 to your name. So does that mean you can't have a savings account at all? The short answer is yes, you can have a savings account—but the balance counts toward that $2,000 resource limit. The real question is how to save money when the limit is so low, and fortunately, there are options most people don't know about.
In this article, we'll cover:
- Whether you can have a bank account while receiving SSI
- How the $2,000 resource limit works
- Why the limit makes traditional saving so difficult
- ABLE accounts as a way to save beyond the limit
- Other strategies for building financial security on SSI
- How to manage your accounts to stay compliant
Yes, You Can Have a Bank Account on SSI
There's no rule that says SSI recipients can't have bank accounts. You can have a checking account, a savings account, or both. In fact, Social Security encourages direct deposit of your benefits into a bank account—it's safer and more reliable than paper checks.
The issue isn't whether you can have accounts; it's how much money can be in them. The $2,000 resource limit for individuals (or $3,000 for married couples) applies to your total countable resources, including the combined balance of all your bank accounts.
So if you have a checking account with $500 and a savings account with $1,600, your total countable resources are $2,100—over the limit. You'd be ineligible for SSI that month.
Understanding the Resource Limit
Social Security checks your resources on the first day of each month. If your countable resources exceed $2,000 on that day, you're ineligible for SSI for the entire month. It's a snapshot on a single day.
Countable resources include cash on hand, checking and savings account balances, stocks, bonds, and other investments, cash value of life insurance policies over $1,500 face value, real estate other than your home, and vehicles beyond your primary one.
The $2,000 limit hasn't been updated for inflation in decades. When it was set, $2,000 was worth much more than it is today. But for now, those are the rules SSI recipients have to work with.
Why This Makes Traditional Saving Nearly Impossible
The harsh reality is that the $2,000 limit makes it nearly impossible to save money in a traditional way. You can't build an emergency fund. You can't save for a car repair, a security deposit, or a future opportunity. You're forced to live paycheck to paycheck with virtually no financial cushion.
If you get close to the limit, you have to spend down—buying things you need, paying bills early, or finding other ways to reduce your account balance before the first of the month. It's a stressful cycle that keeps many SSI recipients trapped in financial precarity.
This isn't a personal failing. It's a structural problem with how SSI is designed. The good news is that there are some ways to save more than $2,000, if you know about them.
ABLE Accounts: The Exception That Changes Everything
ABLE accounts are the most powerful tool for SSI recipients who want to save. If you qualify, an ABLE account lets you save up to $100,000 without any of it counting toward SSI's resource limit.
To qualify for an ABLE account, your disability must have begun before age 26. This doesn't mean you had to be diagnosed before 26—just that the condition you're now disabled by started before that age. Many people with lifelong conditions, mental health disorders, or injuries that occurred before 26 qualify.
ABLE accounts work like tax-advantaged savings accounts. You can contribute up to $18,000 per year (in 2026). The money grows tax-free if used for qualified disability expenses, which include just about anything related to your disability: housing, food, transportation, education, healthcare, assistive technology, employment training, and more.
The first $100,000 in your ABLE account doesn't count toward SSI's resource limit. If your balance goes above $100,000, your SSI is suspended (not terminated) until the balance drops back down—you don't lose eligibility permanently.
Every state offers ABLE programs, and you can usually open an account in any state regardless of where you live. If you're on SSI and your disability began before age 26, opening an ABLE account should be a top priority.
Other Excluded Resources
Beyond ABLE accounts, certain other assets don't count toward the $2,000 limit:
Your home is excluded regardless of its value. If you own a house worth $300,000, that doesn't count against your resource limit as long as you live in it.
One vehicle is excluded regardless of value. You can own a reliable car without it affecting your SSI.
Household goods and personal items like furniture, appliances, clothing, and electronics don't count.
Burial funds up to $1,500 set aside specifically for funeral expenses are excluded, plus any interest they earn. Many people on SSI designate a portion of their savings as burial funds to effectively raise their resource limit to $3,500.
Property needed for self-support—like tools or equipment you use to earn income—may be excluded under certain circumstances.
Strategies for Managing Your Accounts
If you don't qualify for an ABLE account, you'll need to actively manage your resources to stay under the limit. Here are some approaches:
Monitor your balance throughout the month. Know where you stand, especially as you approach the first of the month. Many people set up alerts when their balance gets close to the limit.
Time your spending. Pay bills and make purchases before the first of the month to keep your balance low on the day that matters.
Use the burial fund exclusion. Designate up to $1,500 as a burial fund in a separate account. This effectively raises your limit to $3,500.
Convert cash to excluded assets when needed. If your balance is getting high, use the money to buy things you actually need—household items, clothing, home repairs, or medical supplies. This converts countable resources (cash) into excluded resources (personal property).
Don't keep cash at home thinking it won't count. Social Security counts cash wherever it's stored. Hiding money doesn't remove it from your resources—it just creates potential fraud issues.
Consider a pooled trust for larger amounts. If you receive a windfall like an inheritance or legal settlement, a pooled trust managed by a nonprofit can hold funds without them counting against your limit. This is more complex and has fees, but it's an option for larger sums.
What If You Go Over the Limit?
If your resources exceed $2,000 on the first of a month, you'll be ineligible for SSI that month. If it happens once by accident, you'll lose one month's benefits. If it continues, you'll remain ineligible until your resources drop back below the limit.
Social Security may also determine that you were overpaid for any months you should have been ineligible, requiring you to pay back those benefits.
If you realize you're over the limit, spend down as quickly as possible on legitimate expenses and report the situation to Social Security. Being proactive is always better than trying to hide the problem.
Staying under the resource limit is stressful, but it's easier when you can see your full financial picture. Purple's checking account is designed specifically for SSI recipients, helping you track your balance and resources so you always know where you stand.