Spouse Visa - Savings Method: Does the money need to be in a savings account?
Feb 10th 2018, 1:32 am
#1
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Thread Starter
Joined: Feb 2018
Posts: 18
Spouse Visa - Savings Method: Does the money need to be in a savings account?
Hi,
My fiance and I plan to get married this year and apply for a spouse visa as soon as we can (after we get married). We plan to use our savings to meet the financial requirement. I (a US citizen) can meet the savings requirement on my own if I needed to, and my fiance (a UK citizen) is just short of the £62,500 that is required.
I have a few question regarding how we should meet the financial requirement:
1. Should I just use my savings to meet the requirement or would it be better to show both our bank accounts to prove we more than meet the requirement?
2. Does the money have to be in a designated savings account or can it just be a checking account?
3. I keep everything in one bank account. Lets say I have $300,000 in there, am I not allowed to touch that money at all for 6 months, or does the money in that account just have to stay above the £62500 that's required? Im not sure if this question makes sense, what I mean is...lets say I have $300,000 and it fluctuates within the 6 months. One month it goes up to $310,00 when I get paid by my job, but I pay my bills/buy food/etc and it goes down to $305,000...will that be okay as long as it always has the £62500?
4. Would it be easier to set up a second account, and place the £62500 in there on its own?
Thank you!
My fiance and I plan to get married this year and apply for a spouse visa as soon as we can (after we get married). We plan to use our savings to meet the financial requirement. I (a US citizen) can meet the savings requirement on my own if I needed to, and my fiance (a UK citizen) is just short of the £62,500 that is required.
I have a few question regarding how we should meet the financial requirement:
1. Should I just use my savings to meet the requirement or would it be better to show both our bank accounts to prove we more than meet the requirement?
2. Does the money have to be in a designated savings account or can it just be a checking account?
3. I keep everything in one bank account. Lets say I have $300,000 in there, am I not allowed to touch that money at all for 6 months, or does the money in that account just have to stay above the £62500 that's required? Im not sure if this question makes sense, what I mean is...lets say I have $300,000 and it fluctuates within the 6 months. One month it goes up to $310,00 when I get paid by my job, but I pay my bills/buy food/etc and it goes down to $305,000...will that be okay as long as it always has the £62500?
4. Would it be easier to set up a second account, and place the £62500 in there on its own?
Thank you!
Feb 10th 2018, 2:54 pm
#2
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Joined: May 2010
Location: San Diego, California
Posts: 9,652
Re: Spouse Visa - Savings Method: Does the money need to be in a savings account?
The money needs to be in an account to which you have ready access; so a savings/deposit/checking account is fine.
The minimum of 62,500 must be in the account and not go below that amount for 6 months. If you have 300,000 in the account and it fluctuates, but does not go below 62,5000 then that is OK
You only need to use one person's account if that account is 62,500 minimum.
If you want to set up a separate account showing just 62, 500 then you can do so. Remember to take into account exchange fluctuations.
The minimum of 62,500 must be in the account and not go below that amount for 6 months. If you have 300,000 in the account and it fluctuates, but does not go below 62,5000 then that is OK
You only need to use one person's account if that account is 62,500 minimum.
If you want to set up a separate account showing just 62, 500 then you can do so. Remember to take into account exchange fluctuations.
Feb 11th 2018, 6:13 am
#3
Just Joined
Thread Starter
Joined: Feb 2018
Posts: 18
Re: Spouse Visa - Savings Method: Does the money need to be in a savings account?
Thank you for your reply!
In your personal opinion, do you think it matters whose savings account we use (mine or my fiances)? Would it be abnormal for the US citizen to use their savings opposed to the UK citizen who is the sponsor?
In your personal opinion, do you think it matters whose savings account we use (mine or my fiances)? Would it be abnormal for the US citizen to use their savings opposed to the UK citizen who is the sponsor?
Feb 11th 2018, 8:15 am
#4
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: Spouse Visa - Savings Method: Does the money need to be in a savings account?
It doesn't make any difference. For my spouse visa we used savings that were in my name only.
