A WISE account is a savings account designed to help you build emergency savings while you receive certain government benefits

A WISE account (Work Incentives Savings Account) is a special savings account created by federal law for people who receive Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI). The account lets you save money without losing your benefits, which is different from a regular savings account.

Normally, if you receive SSI, having too much money in savings can cause your benefits to stop. SSI has a resource limit — the total value of things you own — and savings count toward that limit. A WISE account is an exception to this rule. Money you put into a WISE account does not count against your resource limit, so you can save without triggering a loss of benefits.

The account is offered through banks and credit unions, not through Social Security itself. You open it like any other savings account, but you tell the bank it is a WISE account so they report it correctly to Social Security.

Key Takeaways

  • A WISE account is a savings account for people receiving SSI or SSDI that does not count toward your resource limit, so you can save without losing benefits.
  • You can deposit up to $17,000 per year into a WISE account (the amount changes yearly), and the total balance can grow beyond that without affecting your SSI.
  • Money in a WISE account must be used for work incentives — things like education, training, assistive technology, or starting a business — not everyday expenses.
  • You open a WISE account through a bank or credit union, not through Social Security, and you need to provide proof that you receive SSI or SSDI.
  • Once you stop receiving SSI or SSDI, the account becomes a regular savings account and counts toward your resource limit again.

Who can open a WISE account

You can open a WISE account if you receive SSI or SSDI. You do not need to be working or planning to work — the account exists to help you save toward work-related goals, but you do not have to use it that way when ready.

Some people receive both SSI and SSDI at the same time. Either one qualifies you to open a WISE account. If you receive only regular Social Security retirement benefits (not SSI or SSDI), you cannot open a WISE account, because those benefits do not have the same resource limits.

You will need to show the bank proof that you receive SSI or SSDI. This is usually a recent benefit statement from Social Security, a letter from Social Security showing your benefit amount, or a copy of your award letter. Call the bank before you go in to ask which documents they accept.

How much you can save and what the money is for

You can deposit up to a certain amount each year without it counting against your SSI resource limit. That amount changes yearly — it was $17,000 in 2024, but Social Security adjusts it each January. The bank or Social Security's website will have the current year's limit.

The total balance in your WISE account can grow beyond the yearly deposit limit. If you deposit $17,000 one year and it earns $500 in interest, that $500 does not count against your limit either. The account can hold thousands of dollars without affecting your SSI.

The money must be used for work incentives — things that help you work or prepare to work. This includes education or training, assistive technology (like a computer or mobility device), starting a business, paying for childcare while you work, or transportation to a job. You cannot use the money for everyday living expenses like groceries or rent, though the rules are broad enough to cover many work-related needs.

You decide when and how to spend the money. Social Security does not approve each withdrawal. If you withdraw money and use it for something other than work incentives, Social Security may count that withdrawal against your resource limit, so keep records of what you spend it on.

How to open a WISE account

Start by calling banks and credit unions in your area and asking if they offer WISE accounts. Not every bank does, so you may need to call several. Once you find one that offers them, you will need to bring proof of your SSI or SSDI benefit status.

Bring a photo ID (driver's license, state ID, or passport), proof of your current address (a utility bill or lease), and your Social Security benefit statement or award letter. Some banks may ask for additional documents. Call ahead to confirm what they need.

When you open the account, tell the bank clearly that you want to open a WISE account, not a regular savings account. The bank will set it up with the correct designation so Social Security knows it is a WISE account when you report it.

You will also need to report the account to Social Security. When you report your resources to Social Security (usually once a year or when your situation changes), tell them you have a WISE account and give them the account number and bank name. Social Security will not count the balance toward your resource limit.

What happens to the account if your benefits change

As long as you receive SSI or SSDI, your WISE account keeps its special status. The balance does not count against your resource limit, no matter how much money is in it.

If you stop receiving SSI or SSDI — because your income increased, your medical condition improved, or for another reason — the account becomes a regular savings account. From that point forward, the balance counts toward your resource limit if you ever need to reapply for SSI. The money does not disappear, but it loses its protected status.

If you return to receiving SSI or SSDI later, you can open a new WISE account. The old account remains a regular savings account, but you can start fresh with a new one.

WISE accounts versus other savings options

A WISE account is different from an ABLE account, which is another savings account for people with disabilities. ABLE accounts are for people who became disabled before age 26, while WISE accounts are for anyone receiving SSI or SSDI regardless of age. ABLE accounts have lower yearly deposit limits but higher total balance limits. Both accounts protect savings from affecting your benefits, so which one is better depends on your situation.

A regular savings account at a bank does count toward your SSI resource limit. If you have more than $2,000 in countable resources (the current limit for SSI), your benefits will be reduced or stop. This is why a WISE account is valuable — it lets you save without that penalty.

Some people use a WISE account to save toward a specific goal (like buying a computer for work or paying for a training course) and a regular savings account for everyday emergencies. You can have both, as long as your regular savings account stays under the SSI resource limit.

Frequently Asked Questions

Can I use WISE account money for anything other than work-related expenses?

Technically you can withdraw the money for any reason, but if you use it for non-work expenses, Social Security may count that withdrawal against your resource limit. Keep receipts or records showing what you spent the money on. If you are unsure whether something counts as a work incentive, ask Social Security before you withdraw.

Do I have to use the money in my WISE account, or can I just let it sit there?

You do not have to use it. The account exists so the money is available when you need it for work-related goals. Many people save for years before they withdraw anything. The money earns interest and stays protected from your resource limit the whole time.

What if my bank does not offer WISE accounts?

Call other banks and credit unions in your area. Larger banks are more likely to offer them, but some smaller institutions do as well. You can also contact your local Social Security office — they sometimes have a list of banks in your area that offer WISE accounts.

Can someone else manage my WISE account for me?

Yes, you can set up a power of attorney or have a representative payee manage the account, but the account must still be in your name. Talk to the bank about what documents they need if someone else will be helping you manage it.

Does interest earned in a WISE account count against my resource limit?

No. Interest, dividends, and any other earnings in the account do not count toward your resource limit. Only deposits you make count toward the yearly limit, and even those do not affect your SSI as long as they stay in the WISE account.