# Meeting the financial requirement with savings



## vaz1 (Jul 13, 2012)

I have managed to gather approximately £63,000 required for the financial requirements for someone who has no current employment (I will be a student teacher for one year, then hopefully an employed teacher after).

I will be the sponsor for my partner, so the money has to be my account right?

Where do I place the money? In a current bank account? In a savings account? In an investment?

Does it all have to be together or can I split it into different accounts under the same name/bank?

Obviously the money has to remain in my account for at least 6 months, however can the amount fluctuate, or can it never go below the £62,500 threshold?

Also proof that the money is mine... my mother has kindly given me the majority of it. She is prepared to sign an legal document declaring it is a cash gift to me - so will this be a problem?

Can I only start the application after the money has been in my possession for 6 months, or can the visa application be started earlier, so that it is granted in 6 months time from now?

So many questions, I know. Sorry! Any help/advice is greatly appreciated.


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## ashkevron (May 1, 2012)

I will be the sponsor for my partner, so the money has to be my account right?

- yours or your partner's.

Where do I place the money? In a current bank account? In a savings account? In an investment?

- current or savings but NOT in an investment account. Basically, you need to have full access to the money at any time.

Does it all have to be together or can I split it into different accounts under the same name/bank?

- it can be split, as long as none of the accounts are investment accounts and you have access to the money at any time.

Obviously the money has to remain in my account for at least 6 months, however can the amount fluctuate, or can it never go below the £62,500 threshold?

- it can never go below £62,500 threshold

Also proof that the money is mine... my mother has kindly given me the majority of it. She is prepared to sign an legal document declaring it is a cash gift to me - so will this be a problem?

- no, it should be fine.

Can I only start the application after the money has been in my possession for 6 months, or can the visa application be started earlier, so that it is granted in 6 months time from now?

- you have to have held the money in your possession for 6 months before you can apply.

So many questions, I know. Sorry! Any help/advice is greatly appreciated.

- I have not applied under the new rules so I am not 100% certain everything is correct, but I thin k it should all be right. Certainly under the old rules the money could not have been held in the investment accounts.


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## vaz1 (Jul 13, 2012)

ashkevron said:


> Where do I place the money? In a current bank account? In a savings account? In an investment?
> 
> - current or savings but NOT in an investment account. Basically, you need to have full access to the money at any time.
> 
> ...


Thanks for the quick reply, some good info there. So does the money have to be in an savings/current account during the whole 6 months? Or could it be invested for those 6 months and then released when required.

It's just that having £63,000 in an account accruing very little interest seems like a waste, but if it what needs to be done, then so be it.


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## Joppa (Sep 7, 2009)

vaz1 said:


> I have managed to gather approximately £63,000 required for the financial requirements for someone who has no current employment (I will be a student teacher for one year, then hopefully an employed teacher after).
> 
> I will be the sponsor for my partner, so the money has to be my account right?


It can be in your name, you partner's name or joint.



> Where do I place the money? In a current bank account? In a savings account? In an investment?


It must be in a ready cash account, so no notice account or non-liquid account like stocks and shares, non-cash ISAs etc.



> Does it all have to be together or can I split it into different accounts under the same name/bank?


Can be split, within the restrictions above.



> Obviously the money has to remain in my account for at least 6 months, however can the amount fluctuate, or can it never go below the £62,500 threshold?


The required amount has to stay untouched. But any amount over can be spent.



> Also proof that the money is mine... my mother has kindly given me the majority of it. She is prepared to sign an legal document declaring it is a cash gift to me - so will this be a problem?


As they can demand to see the source(s) of cash - where they come from, a loan or a gift etc, such documents will be required and should accompany your application.



> Can I only start the application after the money has been in my possession for 6 months, or can the visa application be started earlier, so that it is granted in 6 months time from now?


You can only apply for settlement visa once the money has been in your account for 6 months.

Detailed rules are in http://www.ukba.homeoffice.gov.uk/s...DIs/chp8-annex/section-FM-1.7.pdf?view=Binary Section 5.4.5 and following.


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## Joppa (Sep 7, 2009)

vaz1 said:


> Thanks for the quick reply, some good info there. So does the money have to be in an savings/current account during the whole 6 months? Or could it be invested for those 6 months and then released when required.
> 
> It's just that having £63,000 in an account accruing very little interest seems like a waste, but if it what needs to be done, then so be it.


The money has to stay in a ready-cash account (current, instant savings etc) for the entire six months. Savings account should accrue some interest on your balance. Shop around for the best deal. No part of £62,500 can be invested at any time during the 6 months. Be careful if you are selling a property to release the capital to use as savings, as these things have a habit of taking longer than expected, esp if mortgage is involved, or buyer pulling out of deal etc.


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## vaz1 (Jul 13, 2012)

Great, thanks for all your replies. Now does anyone know the best account to leave the money for 6 months? I've been looking at Nationwide MySave Online Plus, but it's only 2.75%.

Anyone know any better ones? Obviously it has to be an easy access account. 

Also does anyone know any good ways to get bills in my and my fiancée's name? Can she have bills if she is currently only on a tourist visa? Maybe a mobile phone bill, even if it is tied to my bank?


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## mehemlynn (Nov 16, 2011)

vaz1 said:


> Great, thanks for all your replies. Now does anyone know the best account to leave the money for 6 months? I've been looking at Nationwide MySave Online Plus, but it's only 2.75%.
> 
> Anyone know any better ones? Obviously it has to be an easy access account.
> 
> Also does anyone know any good ways to get bills in my and my fiancée's name? Can she have bills if she is currently only on a tourist visa? Maybe a mobile phone bill, even if it is tied to my bank?


As you aren't trying to prove you've lived together (like an unmarried partner has to) you don't need bills in her name at your house. 

M


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## vaz1 (Jul 13, 2012)

Ignore the bills stuff - tried to edit it, but my 15 minutes were up.

My fiancée is here on a 6 month tourist visa. We have the money, but we have to wait 6 months before we can apply. As all our spare money is tied up in the financial requirements (£62,500), we need to get married and get the spousal visa in the easiest and cheapest way.

So the possible routes are:

Leave the UK --> Apply for fiancee visa--> return to UK--> get married--> apply for spouse visa

or

Leave the UK--> get married somewhere --> apply for spouse visa outside UK --> return to the UK

The second one is better right?

Is there anywhere we can get married near the UK, without a special visa? It's possible that my fiancée could get a job in Eastern Europe as an English teacher for a few months - so could she apply from there?


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## Joppa (Sep 7, 2009)

vaz1 said:


> Ignore the bills stuff - tried to edit it, but my 15 minutes were up.
> 
> My fiancée is here on a 6 month tourist visa. We have the money, but we have to wait 6 months before we can apply. As all our spare money is tied up in the financial requirements (£62,500), we need to get married and get the spousal visa in the easiest and cheapest way.
> 
> ...


It may save you some visa fees, but much depends on your travel spending pattern.



> Is there anywhere we can get married near the UK, without a special visa? It's possible that my fiancée could get a job in Eastern Europe as an English teacher for a few months - so could she apply from there?


It's always more complicated to marry in a country where English isn't an official language, and you have to go through all the red tape in a foreign language. I'd be loath to get married in a country when I don't speak and understand local language effortlessly, though you can have an interpreter. 
Gibraltar is a good destination for weddings, as they have no residnece requirement, so even tourists on short stay can marry.


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## rickpharm (May 13, 2013)

*cash from investments ..settlement visa*

Hi All ....I am new here so sorry if this is in the wrong posting....

I have a question regarding cash savings for settlement visa.....

WHAT IS THE MINIMUM TIME CASH LIQUIDATED FROM INVESTMENTS CAN BE HELD PRIOR TO DATE OF APPLICATION?

Taken from IMMIGRATION DIRECTORATE INSTRUCTIONS-UK BORDER AGENCY (HOME PAGE)

7.2 CASH SAVINGS-FURTHER GUIDANCE

7.2.3.....So money held as cash savings at the date of application can have been liquidated by the same owner/s from investments and may have been held as investments for the first part of the period of 6 months prior to the date of application and as cash savings for the rest of that 6 month period.

On 7.2.4 there is a case study where investments are liquidated 2 months prior to date of application.

Hope someone actually knows the answer.
Regards Richard


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## Leanna (Oct 22, 2012)

rickpharm said:


> Hi All ....I am new here so sorry if this is in the wrong posting....
> 
> I have a question regarding cash savings for settlement visa.....
> 
> ...


Rather than piggy-backing on a thread that is nearly 6 months old, you'll get more answers by starting a new thread on the main page. Some rules have changed since this thread was posted.


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## vaz1 (Jul 13, 2012)

I'M GOING TO APPLY NEXT MONTH!!

Has anyone on the board successfully applied with *100% cash savings?*

I'm a bit nervous.

I've booked tickets to get married in New York. I've applied for a housing inspection report. I've had £62,500+ sitting in an account for over 8 months now. 

The cash savings (£62,500+) was partly my own savings as well as a cash gift from my mother. What supporting evidence should I provide?

I was thinking bank statements for myself for the last 12 months and a signed letter from my mother declaring the cash gift. Would it be beneficial to include my mother's bank statements for the last 12 months also? Her cash gift to me has come from several different sources so it might look a bit unusual on her account - would this be a problem? (She lent her savings out to my brothers and sisters, but then asked for them back so she could give me this cash gift...)

Also should I provide any supporting documents as good judge of character e.g. I just finished my PGCE and got a job as a high school science teacher - could sending a job contract be beneficial?


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## Joppa (Sep 7, 2009)

Letter from your mother plus the bank statement showing the money leaving her account and hitting yours should be sufficient.


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