Can I Open a Bank Account If I’m on Disability?
- Purple
- 6 days ago
- 3 min read
What SSI and SSDI recipients need to know before choosing a bank
Introduction: Worried a Bank Account Might Affect Your Benefits?
If you’re receiving SSI or SSDI, it’s normal to worry:
🏦 “Will opening a bank account get me in trouble with Social Security?”
💰 “What if it pushes me over the $2,000 limit?”
📄 “Can SSA see my balance?”
The short answer is:
✅ Yes—you can have a bank account while on disability.
⚠️ But if you receive SSI, there are some strict rules you need to follow to keep your benefits safe.
In this post, we’ll cover:
✅ Which types of accounts are allowed
✅ How SSA treats your balance
✅ How to avoid going over the SSI resource limit
✅ How Purple helps you bank safely on disability
1. Can You Have a Bank Account on SSI or SSDI?
✅ SSDI: Yes, with no asset limit
If you receive Social Security Disability Insurance (SSDI), you can open and use any checking or savings account without worrying about how much is in it.
💡 SSDI is based on your work history, not your income or assets.
⚠️ SSI: Yes, but with a $2,000 resource limit
If you receive Supplemental Security Income (SSI), you can have a bank account—but your total balance must stay under:
$2,000 for individuals
$3,000 for couples
📌 That includes the total in all your accounts—checking, savings, and even prepaid cards or cash.
2. What Type of Bank Account Should You Use?
✅ Any standard checking or savings account is allowed, as long as:
You report it if SSA asks
It stays under the SSI resource limit
You don’t hide money across multiple accounts
💡 Want to save above the $2,000 limit? Open an ABLE account — funds in an ABLE account don’t count against your SSI (up to $100,000).
3. Does SSA Monitor My Bank Account?
Yes—SSA can check your account during a redetermination or investigation.They may request:
Copies of recent bank statements
Transaction history
Proof of ownership if you share an account
📆 SSA usually looks at your balance on the last day of the month to determine eligibility.
4. What Happens If I Go Over the Limit?
If your balance is over the limit at the end of any month:
SSA may suspend your SSI for that month
You may receive an overpayment notice and have to pay it back
Your case may be flagged for further review
📌 Even being over by $1 can put your benefits at risk.
5. How Purple Helps You Bank Safely While on Disability
Purple was built specifically for people receiving disability benefits—so you don’t have to guess or worry.
💜 Real-Time Balance TrackingSee exactly how close you are to the $2,000 SSI limit
💜 Smart AlertsGet notified when your balance is getting too high
💜 Deposit TaggingTrack SSI, SSDI, VA, and earned income separately
💜 Linked ABLE Account ToolsEasily move excess funds to stay compliant
💜 Companion AIAsk questions like: “Is my balance safe?” or “Will this deposit count against SSI?”
💡 Plus, Purple doesn’t charge overdraft fees—and it supports early direct deposit, so you can get paid up to 4 days faster.
FAQs About Disability and Bank Accounts
⚠️ Can I have multiple bank accounts on SSI?
Yes—but the total value of all accounts must stay under $2,000. SSA may ask to see statements from each.
⚠️ What if I use a prepaid card instead of a bank account?
SSA still counts prepaid card balances if the funds are yours and accessible.
⚠️ Can I open a savings account?
Yes—but make sure the combined total with checking doesn’t go over the limit. Consider ABLE for savings beyond $2,000.
⚠️ Can Purple be used for direct deposit from SSA?
Absolutely. Purple accepts SSI, SSDI, VA, and retirement payments—and helps you manage them smarter.
Conclusion: You Can Open a Bank Account—Just Choose the Right One
✅ Yes, SSI and SSDI recipients can open and use bank accounts
✅ SSDI has no asset limit—but SSI does
✅ Stay under $2,000 for SSI and keep records of your balance
✅ Use Purple to bank with peace of mind, real-time alerts, and zero stress
💜 Open a Purple account and manage your disability benefits the safe and easy way.