# cash savings



## emy2007 (Jan 20, 2013)

Is it ok.if I have moved money from my current to savings within the 6month period?I didn't want it accumulating in my current...
Thanks


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## Joppa (Sep 7, 2009)

But then you have to wait for 6 months from the date of transfer to be able to use your savings.


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## emy2007 (Jan 20, 2013)

It's within the same bank... The transfer is visible on both accounts...


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## emy2007 (Jan 20, 2013)

??????


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## nyclon (Apr 3, 2011)

The money is supposed to stay in the account or accounts untouched for 6 months. If you move it from one account to another, that is going to count as "touched".


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## emy2007 (Jan 20, 2013)

I can understand if moving from one bank to a completely different bank,but this was from current to the savings within the same bank...
Does that mean that I cannot move anything or take anyghing if some money was saved in current aswell?


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## Joppa (Sep 7, 2009)

Yes, that is so, unless you can wait 6 months.

"The applicant and/or their partner must confirm that the money, which cannot be borrowed, is under their control and evidence that it has been held in their bank *account *for at least the 6 months prior to the date of application." Note the singular *account*, not '*accounts* within the same bank'.
http://www.ukba.homeoffice.gov.uk/s...DIs/chp8-annex/section-FM-1.7.pdf?view=Binary 7.2.1.


As evidence, you must enclose
"Personal bank statements showing the cash savings have been held in *an account* in the name of the person or of the person and their partner jointly for at least 6 months prior to the date of application."
7.3.1.


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## emy2007 (Jan 20, 2013)

So I cannot have several accounts either? I cant wait... I think ill apply and explain in a letter that I moved x amount from my current to savings ... How abt a standing order of savings from current to that savings account? Unacceptable too?


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## nyclon (Apr 3, 2011)

emy2007 said:


> So I cannot have several accounts either? I cant wait... I think ill apply and explain in a letter that I moved x amount from my current to savings ... How abt a standing order of savings from current to that savings account? Unacceptable too?


You can have several accounts but all the money you are using to meet the requirement must stay in the same account or accounts for the full 6 months. Moving it from one account to another within the 6 months means it's not untouched and your application will fail. Any amount above the requirement can be moved.


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## Joppa (Sep 7, 2009)

You can, but each account holding cash must be left untouched (you can add but cannot withdraw to bring it under the level you rely on) for 6 months.

The rules are quite clear as I have quoted, so they will disregard any amount you've moved within the past 6 months. And if this means you don't meet the financial requirement, your application will fail. Standing order or explanation is most unlikely to make them bend the rules.


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## emy2007 (Jan 20, 2013)

Ok.well I've got the total amount required from.the date of last transfer from current to savings in 3accounts.... There is interest being made and money being added every month to one of the accounts.... But nothing withdrawn that's ok.I guess?! So I can add to these accounts but not remove at all nor transfer out, transfer into them is ok?


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## nyclon (Apr 3, 2011)

emy2007 said:


> Ok.well I've got the total amount required from.the date of last transfer from current to savings in 3accounts.... There is interest being made and money being added every month to one of the accounts.... But nothing withdrawn that's ok.I guess?! So I can add to these accounts but not remove at all nor transfer out, transfer into them is ok?



Yes you can transfer in.


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## emy2007 (Jan 20, 2013)

Transfer in and interest being made?!and standing order to increase savings every month...?all ok...


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## nyclon (Apr 3, 2011)

emy2007 said:


> Transfer in and interest being made?!and standing order to increase savings every month...?all ok...



Making new (not transferring between accounts) deposits is fine. Earning interest is fine.


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## emy2007 (Jan 20, 2013)

I mean transfer from my current to savings?not removing from.savings at all just adding to it from current account..... Sorry I just need to be 100000000% sure


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## nyclon (Apr 3, 2011)

emy2007 said:


> I mean transfer from my current to savings?not removing from.savings at all just adding to it from current account..... Sorry I just need to be 100000000% sure



Does your savings account already have enough to satisfy the financial requirement?


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## emy2007 (Jan 20, 2013)

Yes has the required amount from 27/2 ,so I have to postpone applying a couple of months till 6 months are over.I did transfer an amount from current to one of my saving accounts later on but its over the required amount needed...


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## emy2007 (Jan 20, 2013)

Thank u for Ur patience and help...


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## emy2007 (Jan 20, 2013)

Sorry I need more clarification of the above... Thanks


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## Leanna (Oct 22, 2012)

emy2007 said:


> Sorry I need more clarification of the above... Thanks


Are you asking if you can continue to make deposits into your savings account that you are using to meet the requirements? If that is your question, yes, you can make deposits INTO the account.


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## emy2007 (Jan 20, 2013)

Leanne, thank you for Ur reply...
From 27/2 I have the required amount of cash savings split over 3 accounts.
First account is a monthly savings account has a standing order of £250 from my current every month.is that ok? has the amount which will be relied upon from 27/2... So after that the amount increases per month.

The other savings account, can I transfer money to it from my current to prevent it accumulating in my current account?

The third account is an ISA which has been untouched, just interest being added... That's ok too I guess?


Thanks


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## emy2007 (Jan 20, 2013)

The ISA is accessable without penalty... So I can use whenever


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## Leanna (Oct 22, 2012)

emy2007 said:


> Leanne, thank you for Ur reply...
> From 27/2 I have the required amount of cash savings split over 3 accounts.
> First account is a monthly savings account has a standing order of £250 from my current every month.is that ok? has the amount which will be relied upon from 27/2... So after that the amount increases per month.
> 
> ...


You can make any amount of deposits INTO your savings accounts from a regular account, standing order, whatever. You CANNOT transfer out (unless you already have a balance sufficient to meet the requirements) and you CANNOT transfer between savings accounts (from savings 1 to savings 2 etc) as this resets the counter. 

If you are going to use the account to meet financial requirements, best rule of thumb is do not transfer that money out. Keep your accounts as is, unless you are adding funds.


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## jack123 (Aug 7, 2012)

Just to clarify, say if I were to need savings of 20,000, I could add and remove money from that account as much as I desire as long as it never dips below 20,000? So for example it could have been 20,000 on the 1st of January, 25,000 by March and down to 21,000 by May and it should still be fine to meet the six months requirement?


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## WestCoastCanadianGirl (Mar 17, 2012)

jack123 said:


> Just to clarify, say if I were to need savings of 20,000, I could add and remove money from that account as much as I desire as long as it never dips below 20,000? So for example it could have been 20,000 on the 1st of January, 25,000 by March and down to 21,000 by May and it should still be fine to meet the six months requirement?


Yes, as long as the account allows direct access to the funds... i.e. you could go into the bank on Monday morning and ask for £1000 because you fancied buying a new suit, a couple of shirts, a tie, and a pair of shoes from a boutique on Regent Street and get that money right on the spot and not have to wait a predetermined period of time before the money is given to you.... if you have to wait for any period of time to get the cash in hand, the account _is *not*_ suitable for this situation.


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## jack123 (Aug 7, 2012)

WestCoastCanadianGirl said:


> Yes, as long as the account allows direct access to the funds... i.e. you could go into the bank on Monday morning and ask for £1000 because you fancied buying a new suit, a couple of shirts, a tie, and a pair of shoes from a boutique on Regent Street and get that money right on the spot and not have to wait a predetermined period of time before the money is given to you.... if you have to wait for any period of time to get the cash in hand, the account _is *not*_ suitable for this situation.


Thanks for the info! As what I've done is have a good portion of my savings on an account which I can move money in and out of at will. Then every month when I get paid I've put 70-80% of my wages into the savings so its increased gradually. However when I actually need money to spend I've transferred it back out. The amount has never actually dropped below what I'd need for the visa, merely that there has been significant activity in it!

On the topic of savings, a decent amount of my savings was a sort of a 'good luck for the future/married life' from the parents. Is there anything that I need to do because of that?


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## nyclon (Apr 3, 2011)

jack123 said:


> Thanks for the info! As what I've done is have a good portion of my savings on an account which I can move money in and out of at will. Then every month when I get paid I've put 70-80% of my wages into the savings so its increased gradually. However when I actually need money to spend I've transferred it back out. The amount has never actually dropped below what I'd need for the visa, merely that there has been significant activity in it!
> 
> On the topic of savings, a decent amount of my savings was a sort of a 'good luck for the future/married life' from the parents. Is there anything that I need to do because of that?


Yes. You'll need a statement from your parents that it was a gift and you'll need a copy of their bank statement showing the money leaving their account and a copy of your statement showing the money going in.


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## jack123 (Aug 7, 2012)

nyclon said:


> Yes. You'll need a statement from your parents that it was a gift and you'll need a copy of their bank statement showing the money leaving their account and a copy of your statement showing the money going in.


Wow that's fair enough I guess! Does it matter how much in savings they had left after this gift amount? While I have no idea how much they would have had left, they had recently purchased a new property so I'm assuming there had to be an impact there!


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## nyclon (Apr 3, 2011)

jack123 said:


> Wow that's fair enough I guess! Does it matter how much in savings they had left after this gift amount? While I have no idea how much they would have had left, they had recently purchased a new property so I'm assuming there had to be an impact there!


What they want to be sure of is that the money really is a gift that is not expected to be returned. If giving you money empties their bank account, that doesn't look too good.


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## jack123 (Aug 7, 2012)

nyclon said:


> What they want to be sure of is that the money really is a gift that is not expected to be returned. If giving you money empties their bank account, that doesn't look too good.


Well I'm sure they didn't empty it, they tend to be sensible enough. Though I just can't imagine that there was a lot left either!


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## milliesmith (Feb 2, 2013)

Leanna said:


> You can make any amount of deposits INTO your savings accounts from a regular account, standing order, whatever. You CANNOT transfer out (unless you already have a balance sufficient to meet the requirements) and you CANNOT transfer between savings accounts (from savings 1 to savings 2 etc) as this resets the counter.
> 
> If you are going to use the account to meet financial requirements, best rule of thumb is do not transfer that money out. Keep your accounts as is, unless you are adding funds.


Hello, I hope it's okay for me to jump onto this thread. I have asked the question before, but I was not 100% clear either. We will be applying for a spouse visa for my husband, a US citizen, and we are planning to meet the financial requirement via savings. We have the requirement amount in an IRA, which is totally liquid, but there is activity on the account month to month, for dividends, charges etc. Would this account qualify us?
Thanks very much!


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## Leanna (Oct 22, 2012)

milliesmith said:


> Hello, I hope it's okay for me to jump onto this thread. I have asked the question before, but I was not 100% clear either. We will be applying for a spouse visa for my husband, a US citizen, and we are planning to meet the financial requirement via savings. We have the requirement amount in an IRA, which is totally liquid, but there is activity on the account month to month, for dividends, charges etc. Would this account qualify us?
> Thanks very much!


The UKBA will take the accounts lowest figure over the 6 months prior to your application to meet the financial requirements. If you let the amount dip below the required amount for even 1 day, the 6 month counter resets. So keep that in mind. As long as the activity you mention still keeps the account above £62,500 you are in the clear.


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## milliesmith (Feb 2, 2013)

Leanna said:


> The UKBA will take the accounts lowest figure over the 6 months prior to your application to meet the financial requirements. If you let the amount dip below the required amount for even 1 day, the 6 month counter resets. So keep that in mind. As long as the activity you mention still keeps the account above £62,500 you are in the clear.


Okay, this is great news! Thank you very much for the information and your time.


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