How much money can you have in the bank on SSI?

According to the Social Security Administration, Supplemental Security Income (SSI) is a needs-based program with strict resource limitations. Understanding how much money can you have in the bank on SSI? is crucial for maintaining eligibility and avoiding benefit suspensions or overpayments.

Quick Summary

For individuals on Supplemental Security Income (SSI), total countable resources, including bank account balances, cannot exceed $2,000; the limit is $3,000 for married couples. Crucially, these limits include cash and other assets that can be converted to cash, not just bank accounts.

Key Points

• Resource Limit: Individuals on SSI are limited to $2,000 in countable resources, while couples have a $3,000 limit.

• Countable Assets: Cash, checking accounts, savings accounts, and other investments all count towards the SSI resource limit.

• Exempt Resources: Certain assets, including your home, one vehicle, household goods, and ABLE accounts (up to $100,000), are not counted.

• Strategic Saving: For individuals with disabilities, ABLE accounts are a powerful tool to save money above the standard resource limit without impacting SSI eligibility.

• Timely Reporting: Any changes to your bank account balances or other resources must be reported to the SSA promptly to avoid penalties or benefit suspensions.

• Avoid Penalties: Do not give away money or assets for less than their value, as this can trigger a penalty period of ineligibility for benefits.

The SSI Resource Limit Explained

Supplemental Security Income (SSI) is a program designed to provide financial assistance to eligible adults and children who have limited income and resources. To qualify, you must meet certain financial criteria, including strict limits on the value of your assets, also known as resources. For 2025, the Social Security Administration (SSA) sets the countable resource limit at $2,000 for an individual and $3,000 for a married couple living together. This limit is not adjusted for inflation and has remained constant for many years.

What Counts Toward the Bank Account Limit?

When the SSA evaluates your resources, they look at anything you own that could be converted to cash and used for your food or shelter. Your money in the bank is a primary example of a countable resource. It includes funds held in:

• Checking accounts
• Savings accounts
• Certificates of Deposit (CDs)
• Money Market accounts

It is important to remember that this limit applies to your total countable resources, not just a single account. If you have money in multiple bank accounts, the balances are added together to determine if you are over the limit. Furthermore, cash on hand and other easily converted assets like stocks and bonds also count towards this total.

Exempt Resources: What Does Not Count?

While the SSA is very clear about what counts, they also provide specific exemptions for resources that are not counted towards the limit. Knowing these exemptions is key to managing your finances without jeopardizing your benefits. Key non-countable resources include:

• Your primary residence: The home you live in and the land it is on are generally not counted.
• One vehicle: One automobile is excluded, regardless of its value, if it is used for transportation for you or a member of your household.
• Household goods and personal effects: Your furniture, clothing, and other household items are exempt.
• Burial funds: Funds set aside for burial expenses are exempt up to $1,500 for an individual and $1,500 for their spouse.
• ABLE accounts: An Achieving a Better Life Experience (ABLE) account allows individuals with disabilities that began before age 26 to save money without affecting their SSI benefits, up to a certain amount (currently up to $100,000 for SSI eligibility).

Strategies for Saving While on SSI

For many SSI recipients, the low resource limit presents a significant challenge to building financial security. Fortunately, there are legal ways to save money beyond the $2,000/$3,000 limit, primarily through ABLE accounts and Special Needs Trusts.

The ABLE Account Advantage

ABLE accounts, established under federal law, are tax-advantaged savings accounts for individuals with disabilities. They offer a powerful way to save without affecting SSI eligibility. Up to $100,000 in an ABLE account is disregarded as a countable resource for SSI. The money in the account can be used for qualified disability expenses, such as education, housing, transportation, and healthcare. For SSI recipients, an ABLE account is often the best tool for building long-term savings for disability-related needs.

Special Needs Trusts (SNTs)

For larger sums of money, such as an inheritance or a settlement, a Special Needs Trust (SNT) is an effective tool. Funds held within a properly structured SNT do not count as a resource for SSI eligibility. These trusts are managed by a trustee and can be used for a wide range of goods and services that improve the individual's quality of life without interfering with their eligibility for needs-based benefits.

How to Avoid Exceeding the Resource Limit

To maintain your SSI eligibility, you must carefully manage your resources. Here are some critical tips to help you stay compliant:

• Spend down excess funds before month-end: The SSA looks at your resources on the first day of each month. If you anticipate receiving a lump sum that will put you over the limit, you may be able to 'spend down' the excess funds on exempt items or necessary expenses before the start of the next month. This could include paying bills, buying household goods, or paying for other allowable expenses.
• Don't give away money: Giving away a resource for less than its value (e.g., gifting money to a family member) can make you ineligible for SSI for a period of up to 36 months.
• Be cautious with joint accounts: If you have a joint bank account, the SSA may assume all the money in the account belongs to you, potentially pushing you over the resource limit. You may need to provide proof of ownership to differentiate your funds from the other account holder's.

Individual vs. Couple Resource Limits: A Comparison

Feature	Individual	Couple
Resource Limit	$2,000	$3,000
Bank Account Limit	Balances must not push total countable resources over $2,000.	Balances must not push total countable resources over $3,000.
Deeming of Resources	N/A	Spouse's income and resources are deemed, meaning they are considered available to the SSI recipient and can affect eligibility.
Lump Sum Rules	Must be spent down, put in an ABLE account, or an SNT.	Must be spent down, put in an ABLE account, or an SNT. The couple's total must remain under $3,000.

Reporting Changes to the SSA

It is your responsibility to report changes to your resources to the Social Security Administration. If your bank account balance unexpectedly exceeds the limit, you must report this change promptly, typically by the 10th day of the month after the change occurred. Failure to report in a timely manner can result in a penalty that reduces your benefits or require you to repay overpayments.

For more detailed information on resources and reporting requirements, the Social Security Administration's website is the most authoritative source: Understanding Supplemental Security Income SSI Resources.

Conclusion

Navigating the financial rules of Supplemental Security Income requires careful attention to your total countable resources, with bank account balances being a critical component. For an individual, the limit is $2,000, and for a couple, it is $3,000. While these limits are low, strategic planning using exempt resources like ABLE accounts or Special Needs Trusts can help you save for the future without risking your much-needed benefits. Staying informed and promptly reporting any changes to the SSA are the best ways to ensure your financial security while receiving SSI.

Frequently Asked Questions

What is the SSI resource limit for a single person?

The resource limit for a single individual receiving Supplemental Security Income (SSI) is $2,000. All countable resources, including bank account balances, cash, stocks, and bonds, must not exceed this amount on the first day of the month.

Does a married couple have a higher bank account limit on SSI?

Yes, a married couple living together is allowed a combined resource limit of $3,000. The total value of all their countable resources, including bank accounts, must be at or below this figure.

What happens if my bank account goes over the SSI limit?

If your bank account balance causes your total countable resources to exceed the limit, you risk losing your SSI benefits for that month. You must report this change to the SSA, and you may be required to repay any benefits you were not entitled to receive.

Do ABLE accounts affect SSI bank account limits?

No, funds held within an Achieving a Better Life Experience (ABLE) account are generally not counted towards the SSI resource limit. An individual can have up to $100,000 in an ABLE account without it affecting their SSI eligibility.

What should I do if I receive an inheritance while on SSI?

If you receive a lump sum like an inheritance, it will likely put you over the resource limit. You can spend the money down on exempt items or expenses before the end of the month, or you may be able to place the funds into a Special Needs Trust to protect your eligibility.

Can I have a joint bank account while receiving SSI?

Yes, but it's risky. The Social Security Administration (SSA) may consider all the money in a joint account to be your resource, even if some belongs to another person. You would have to prove which portion of the funds are not yours to avoid being penalized.

How do I report changes in my bank account to the SSA?

You should report any changes in your resources, including your bank account balance, to the Social Security Administration. The easiest way is often by calling your local office or using the online my Social Security account. You must report these changes within 10 days of the end of the month in which the change occurred.

Are SSI and Social Security Disability Insurance (SSDI) bank account rules the same?

No. Unlike SSI, SSDI is an insurance program and is not based on income or resources. Therefore, there is no limit on how much money you can have in the bank or in other assets while receiving SSDI.