Can You Have a Savings Account While on SSI or SSDI? What You Need to Know

How to Save Money Without Losing Disability Benefits

Introduction: Can You Save Money While on Disability?

If you receive Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), you may be wondering:

💰 Can I have a savings account while on disability?

💰 Will my savings affect my SSI or SSDI benefits?

💰 How can I save money without going over SSI’s asset limits?

The short answer:

✔ Yes, you can have a savings account while on SSI or SSDI—but there are important rules.

✔ SSDI does not limit savings, but SSI has a $2,000 asset limit.

✔ Using an ABLE account or Special Needs Trust can help SSI recipients save more without losing benefits.

In this guide, we’ll cover:

✅ How savings accounts affect SSI vs. SSDI differently

✅ How much money you can have in savings while on disability

✅ How to save money without losing SSI benefits

✅ Best bank accounts for SSI & SSDI recipients

✅ How Purple helps track savings and disability benefits

Let’s get started!

1. Can You Have a Savings Account While on SSI?

⚠️ SSI Has Strict Savings & Asset Limits

SSI is a needs-based program, meaning SSA checks your income and resources to determine eligibility.

✔ SSI recipients can have a savings account, but total resources must stay below:

$2,000 for individuals
$3,000 for couples

💡 If your savings exceed this limit, you may lose SSI benefits.

✔ What Counts as an SSI "Resource"?

The Social Security Administration (SSA) counts:

✔ Cash in your bank account

✔ Stocks, bonds, or investments

✔ More than one vehicle

✔ Property (other than the home you live in)

💡 If you receive SSI, you must keep your bank account balance below $2,000 to remain eligible.

2. Can You Have a Savings Account While on SSDI?

✔ Yes! SSDI does NOT have a savings limit.

✔ SSDI is based on your work history, not financial need.

💡 You can have unlimited savings while on SSDI without affecting your benefits.

3. How to Save Money Without Losing SSI Benefits

If you receive SSI but want to save more than $2,000, here are your options:

✔ 1. Use an ABLE Account (Best for People with Disabilities)

ABLE accounts allow SSI recipients to save up to $100,000 without losing benefits.
Money in an ABLE account does not count toward SSI’s $2,000 asset limit.
Funds can be used for: housing, education, healthcare, and other disability-related expenses.

📌 Who Qualifies?

✔ Must have a disability that started before age 26.

✔ SSI, SSDI, and Medicaid recipients can all open an ABLE account.

💡 Apply at ABLE National Resource Center.

✔ 2. Open a Special Needs Trust (SNT) for Larger Savings

A Special Needs Trust (SNT) allows you to save money without it counting toward SSI limits.
A trustee manages the funds for you and can pay for expenses like medical care, home modifications, or education.

📌 Who Qualifies?

✔ Anyone receiving SSI who needs to save money for long-term needs.

💡 Talk to a lawyer or visit Special Needs Alliance to set up an SNT.

✔ 3. Keep Your Bank Balance Below $2,000 Before the End of Each Month

If you receive SSI, spend down your balance before the next month starts.
Use extra money for approved expenses (rent, food, medical bills).

📌 Example: If your balance is $2,200 by the end of the month, use $300 on necessary expenses to stay eligible.

💡 Keeping track of your balance prevents unintentional overages.

4. Best Bank Accounts for SSI & SSDI Recipients

If you receive SSI or SSDI, it’s important to choose the right bank account to manage your benefits safely.

✔ Best Banks for SSI & SSDI Direct Deposits

✅ Purple – Banking built for people with disabilities

✅ Chime® – No minimum balance, no overdraft fees

✅ Capital One 360® – No monthly fees, high-interest savings

✅ CITI Bank Savings® – High-yield savings for SSDI recipients

💡 Look for banks with no monthly fees and online access to track your balance easily.

5. How to Track Savings & Stay Below the SSI Limit

✔ Set up alerts on your bank account – Get notifications if your balance is close to $2,000.

✔ Use an ABLE account for larger savings – Protect your benefits while saving for the future.

✔ Spend down excess funds before the end of each month – Keep SSI eligibility intact.

✔ Monitor your resources regularly – Avoid losing benefits due to unexpected deposits.

💡 Using tools like Purple can help track savings & SSI benefits automatically.

6. How Purple Helps Manage Savings & Disability Benefits

💜 Track Your SSI & SSDI Deposits – Know exactly when your benefits arrive.

💜 Monitor Your Savings Balance – Stay below SSI’s $2,000 resource limit.

💜 Find ABLE Accounts & SNTs – Get matched with the best savings options for disability recipients.

💜 Receive Alerts for Benefit Updates – Stay informed on SSA rule changes.

💡 With Purple, you can manage your finances while keeping your disability benefits safe!

7. FAQs About Savings & Disability Benefits

Can I Have a Savings Account on SSI?

✔ Yes, but your total resources must stay below $2,000 ($3,000 for couples).

How Much Money Can You Have in the Bank on SSDI?

✔ Unlimited! SSDI has no asset or savings limits.

Can an ABLE Account Help Me Save More on SSI?

✔ Yes! ABLE accounts allow you to save up to $100,000 without affecting SSI eligibility.

What If I Accidentally Go Over the SSI Limit?

✔ Spend the extra money before the next month starts or contact SSA to report the issue.

Do I Need to Report My Bank Account to SSA?

✔ Yes, SSI recipients must report all bank accounts. SSDI recipients do not have to report savings.

8. Conclusion: Yes, You Can Save Money While on Disability—Here’s How to Do It Wisely

✅ SSI recipients can have a savings account but must stay under $2,000.

✅ SSDI recipients can save unlimited money with no restrictions.

✅ ABLE accounts & Special Needs Trusts help SSI recipients save more.

✅ Keeping track of savings prevents loss of benefits.

✅ Use Purple to monitor savings & stay compliant with SSA rules!

💜 Sign Up for Purple to Manage Your Savings & Disability Benefits!