If you receive Supplemental Security Income, you've probably heard that having too much money in the bank can put your benefits at risk. It's a genuine concern—and one that causes a lot of stress for people just trying to build a small financial cushion. The good news is that yes, you can have a savings account on SSI, but you need to understand the rules to stay compliant.
In this article, we'll cover:
- The SSI resource limit and how it applies to savings accounts
- What counts as a "countable resource" in Social Security's eyes
- Assets that are excluded from the resource limit
- How joint accounts and household finances affect your eligibility
- Strategies for saving money without jeopardizing your benefits
- How ABLE accounts offer a powerful savings option for SSI recipients
Understanding the SSI Resource Limit
SSI is a needs-based program, which means the Social Security Administration looks at both your income and your resources when determining eligibility. As of 2025, the resource limit is $2,000 for an individual and $3,000 for a married couple where both spouses receive SSI. Any countable resources above these thresholds can result in a loss of benefits.
A savings account absolutely counts toward this limit. The SSA looks at the balance in your account on the first of each month—so if you have $2,100 in savings on January 1st, you could be found ineligible for that month's benefits, even if you spent the money by January 2nd.
What Counts as a Countable Resource?
The SSA defines resources as cash or other assets that could be converted to cash and used for food or shelter. This includes:
- Checking accounts
- Savings accounts
- Stocks and bonds
- Most other financial holdings
- Cash on hand
However, not everything you own counts against the limit:
Excluded resources:
- Your primary home (regardless of value)
- One vehicle (typically excluded)
- Personal belongings and household goods
- Life insurance policies with combined face value of $1,500 or less
- Burial funds up to $1,500
- Certain burial plots or spaces
Understanding what counts and what doesn't can help you make smarter decisions about where to keep your money and how to structure your finances.
The Tricky Issue of Joint Accounts
If you have a joint bank account with someone else—a spouse, parent, or adult child—the SSA may count the entire balance as your resource, even if most of the money belongs to the other person. This is one of the most common ways people accidentally exceed the resource limit.
How SSA handles joint accounts:
- Default assumption is you own all the money in any account bearing your name
- You can rebut this with documentation showing funds belong to someone else
- This requires paperwork and can complicate your redetermination
For SSI recipients, it's often simplest to keep your finances completely separate from family members. Having your own individual account—where only your money goes in and out—makes it much easier to demonstrate compliance with resource limits.
Strategies for Staying Under the Limit
Living with a $2,000 ceiling on savings requires careful planning. Many SSI recipients practice what's sometimes called "spend down"—using excess funds before the first of the month to stay under the limit.
Appropriate spend-down expenses:
- Paying bills early
- Stocking up on groceries
- Purchasing necessary clothing or household items
- Medical expenses
- Rent and utilities
What to avoid:
- Giving money away (can result in penalties)
- Hiding money
- Making unnecessary purchases just to spend down
Some people also time larger expenses strategically. If you know you'll need to replace an appliance or make a car repair, planning that purchase for when your account balance is higher can help you stay compliant while still meeting your needs.
ABLE Accounts: A Better Way to Save
Perhaps the most powerful tool for SSI recipients who want to save money is an ABLE account. These tax-advantaged savings accounts were created specifically for people with disabilities, and funds in an ABLE account are excluded from SSI's resource limit—up to $100,000.
ABLE account requirements:
- Disability must have begun before age 26 (threshold recently increased)
- Can contribute up to the annual gift tax exclusion amount each year
- Money can be used for qualified disability expenses
Qualified disability expenses include:
- Housing
- Transportation
- Education
- Healthcare
- Assistive technology
- Basic living expenses
ABLE accounts essentially let you save for the future without constantly worrying about the resource limit. For many SSI recipients, opening an ABLE account is a game-changer that provides financial flexibility they've never had before.
Keeping Good Records
Whatever approach you take, documentation is your best friend:
- Keep records of account balances, especially around the first of each month
- Save receipts for major purchases
- If you have a joint account, maintain clear records showing which deposits belong to whom
When it comes time for your SSI redetermination, having organized financial records makes the process much smoother. It also protects you if there's ever a question about whether you've stayed within the resource limits.
How Purple Helps
Managing your finances on SSI doesn't have to mean living in fear of the resource limit. Purple offers checking accounts designed specifically for SSI recipients, with built-in tools to help you:
- Track your balance in real time
- Stay compliant with Social Security rules
- Get your benefits up to 4 days early
- Avoid fees that eat into your limited resources