Premium Bonds
 

Just a quick question.
Are premium bonds certificates acceptable as proof of funds?
After all they carry the holders name and address plus they are "secure investments".
Cheers;)

Re: Premium Bonds
 

But are they " easily transferable" ? I would say not, the point is this is meant to be cash you have near immediate access to

I don't know what the rules are on cashing in premium bonds , but my gut says they don't fulfill the intent of proof of funds

Re: Premium Bonds
 

Having cashed in bonds on previous occasions, the money has been transferred into my bank within 2 weeks. No matter what the cashed in amount has been.
Cheers

Re: Premium Bonds
 

The exact wording from the London document checklist is

Provide proof of unencumbered and readily transferable funds in a convertible currency available for settlement in Canada (for you and your family members):
•current bank certification letter; or
•evidence of savings balance; or
•fixed or time deposit statements.

In my opinion Premium bonds don't met the " readily transferable" portion of this , as by your own admission, they take up to 2 weeks to become available

However there are , as I see it , two ways to look at this

1) After going through all this , did you want to risk not being admitted on such a small technicality

2) I have actually yet to here of anyone , in my entire time on this board ( and I lurked for a long time before even joining), being refused entry due to lack of funds

You pays ya money ( or premium bonds :) ) , ya takes ya chance ;)

Re: Premium Bonds
 

I think the sheer lack of convention in offering Premium Bonds as evidence of economic independence, is enough to bring out the 'Application Rejected' stamp!

Re: Premium Bonds
 

we cashed ours in so that we can prove funds available. will probably re-invest once we land. ;)

Re: Premium Bonds
 

In theory government bonds are actually better proof than a bank statement. The money invested in a bond is safer than money invested in a bank account. Given that they also have face value denominated in a currency government bonds should be second only to actual cash when it comes to demonstrating you have the ability to fund yourself.

Whether or not you can convince the immigration people of this I wouldn't like to guess.

Re: Premium Bonds
 

So because some of a persons savings are in premium bonds is to be frowned upon!!! Why? I take it Canada or you would prefer "astute" money movers who don't mind a gamble with there cash. The chairman of Northern Rock must be a real poster boy;)

Re: Premium Bonds
 

Examples of Northern Rockian failure does little to undermine the fact that the Canadian Immigration Authority doesn't list Premium Bonds as being a 'usual' or often accepted form of financial security being evident.

With all things considered (such as do the Canadians recognise my UK qualifications etc?) why risk giving them anything that might delay application procedures?

Re: Premium Bonds
 

I wasn't aware that we were debating the safety, security or anything else to do with premium bonds

the question is do they meet the criteria laid out in the application process ?

My <opinion> is that they don't for the reasons I have stated above

I hardly think that this counts as them " being frowned upon"

Re: Premium Bonds
 

They do more than mortgage equity which many people use as proof at the application stage.

Re: Premium Bonds
 

I'd probably agree that you could use them at application stage.

Now I'm going to admit that my knowledge of the new process with the 120 day email etc is limited but I was under the impression that proof of funds was only asked for at one stage now and had to be the unencumbered actual money

if I'm wrong then fair enough

Re: Premium Bonds
 

Dunno. Personally I'd cash them in, make the application and then invest in something index linked (premium bonds are paying out next to nothing atm) - why take the risk that CHC won't understand?

(I think the process has changed again. People applying right now have to send in the full package; there is no 120 day thing any more)

Re: Premium Bonds
 

Gotta love how many times the system has changed in the last couple if years :)

Re: Premium Bonds
 

Hi, we used them as proof of funds without cashing them in and had no problems! :D