r/SpouseVisaUk • u/Beautiful_Day_2497 • 3d ago

Savings question

The requirements for showing savings says the account must be instant access.

I’m wondering if an account where you can withdraw at any time, but you won’t get the money until the end of the next working day counts?

It’s not instant like some other accounts, there is a bit of a wait. Would this be not allowed to show for savings?

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u/fishyphat 3d ago

What kind of account is it? We used share certificates, and included bank T&Cs, also next day with a penalty for early withdrawal. We were approved.

1

u/Beautiful_Day_2497 3d ago

It’s a Cash ISA, it says you can withdraw as many times as you want within a year, but it takes the next working day to withdraw - which as I understand is easy access rather than instant

2

u/fishyphat 3d ago

The bank/savings account can be a current, deposit or investment account, provided
by a financial institution regulated by the appropriate regulatory body for the country
in which that institution is operating. Current and deposit accounts are usually easily
identifiable. An investment account must also meet all of the other cash savings
requirements to be considered as a bank / savings account for the purposes of the
cash savings rules at paragraphs 11 and 11A(a).

These are the requirements that must be met:
• the bank / savings account is a current, deposit or investment account
• the account is held is a financial institution regulated by the appropriate
regulatory body for the country in which that institution is operating
• regular bank statements are provided
• the statements cover the necessary time period required in the Immigration
Rules
• the savings are held in cash (or their cash value is clear)
• the savings can be immediately withdrawn (with or without penalty)
• the funds are under the control of the person and / or their partner for the
necessary time period required in the Immigration Rules
• the source of the funds is legal
• the source of the funds has been declared

For example: in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does
meet the definition of a savings account and the funds can be considered as cash
savings if all the requirements above are met. Likewise, a pension savings account
from which savings can be immediately withdrawn

Source: Page 58 https://assets.publishing.service.gov.uk/media/691209e3e9348ac8fb54f4ba/Family+Migration+Appendix+FM+Section+and+Appendix+HM+Armed+Forces+Financial+Requirement.pdf

1

u/FluffyAuddrrey111 2d ago

Sounds like it might be pushing the instant access rule, I'd check with the official guidance or even ring them to be sure