Need advice about cash savings requirements.
May 15th 2014, 1:25 am
#1
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Joined: Nov 2012
Posts: 4
Need advice about cash savings requirements.
Hello everyone. I have been a long time follower on this forum, as my US citizen husband and I have been planning to relocate to the UK for a couple of years now. We submitted his application a couple of months ago, then had to upgrade to priority due to the applications now taking a lot longer than earlier on in the year. We applied using our savings which are well above the required amount and received this email reply today….
Your application falls to be refused solely because you do not meet the income threshold requirement under Appendix FM and/or the related evidential requirements under Appendix FM-SE.
It seems that because our savings are in an instant access bond the UKBA will not grant the visa and it is now on hold pending the court decision about the income threshold. I had thought that because...
The savings may be held in any form of bank/savings account, provided that the account allows the savings to be accessed immediately (with or without a penalty for withdrawing
the fact that the money was in a bond would not matter. I had seen that…
[I]Funds held as cash savings by the applicant, their partner or both jointly at the date of application can have been transferred from investments, stocks, shares, bonds or trust funds within the period of 6 months prior to the date of application, provided that[I]
but not seen anywhere that says an instant access bond would not be accepted. Can anyone point me in the right direction as to whether they have just been mean or that money in this kind of bond is not ok. We have replied to their email asking if we can just transfer the money to another savings account for it to be accepted, but have not got a reply yet. Really don't want to have to withdraw the application and lose the $2000 we've already spent applying. Would really appreciate any advice to get this process finalised!!! Thanks in advance from a very stressed Brit!
Your application falls to be refused solely because you do not meet the income threshold requirement under Appendix FM and/or the related evidential requirements under Appendix FM-SE.
It seems that because our savings are in an instant access bond the UKBA will not grant the visa and it is now on hold pending the court decision about the income threshold. I had thought that because...
The savings may be held in any form of bank/savings account, provided that the account allows the savings to be accessed immediately (with or without a penalty for withdrawing
the fact that the money was in a bond would not matter. I had seen that…
[I]Funds held as cash savings by the applicant, their partner or both jointly at the date of application can have been transferred from investments, stocks, shares, bonds or trust funds within the period of 6 months prior to the date of application, provided that[I]
but not seen anywhere that says an instant access bond would not be accepted. Can anyone point me in the right direction as to whether they have just been mean or that money in this kind of bond is not ok. We have replied to their email asking if we can just transfer the money to another savings account for it to be accepted, but have not got a reply yet. Really don't want to have to withdraw the application and lose the $2000 we've already spent applying. Would really appreciate any advice to get this process finalised!!! Thanks in advance from a very stressed Brit!
May 15th 2014, 1:58 am
#2
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Joined: May 2010
Location: San Diego, California
Posts: 9,654
Re: Need advice about cash savings requirements.
We have seen several postings of people who have submitted evidence of investments which they are considered to have "instant access"..e.g. ISAS, stocks, bonds, brokerage accounts; and have been refused the visa.
However , if you read the Financial Requirements document it does state that the investment must be as CASH. It has been interpreted that where it states the savings must be in the form of bank/savings account, it means as CASH in a bank/saving account.
[i]Funds held as cash savings by the applicant, their partner or both jointly at the date of application can have been transferred from investments, stocks, shares, bonds or trust funds within the period of 6 months prior to the date of application, provided that[i]
The above statement says funds which have been transferred- again interpreted as the funds are now in cash form.
You need to liquidate your bonds.
However , if you read the Financial Requirements document it does state that the investment must be as CASH. It has been interpreted that where it states the savings must be in the form of bank/savings account, it means as CASH in a bank/saving account.
[i]Funds held as cash savings by the applicant, their partner or both jointly at the date of application can have been transferred from investments, stocks, shares, bonds or trust funds within the period of 6 months prior to the date of application, provided that[i]
The above statement says funds which have been transferred- again interpreted as the funds are now in cash form.
You need to liquidate your bonds.
May 15th 2014, 2:16 pm
#3
Forum Regular
Joined: Sep 2013
Posts: 270
Re: Need advice about cash savings requirements.
Sorry to hear this. Suggest you immediately cash out 62.5 GBP worth and get it in a bank savings account. Then I would write them a letter explaining what you have done. Provide them the evidence and see if they accept your explanation.
Good luck
Cheers
Nigel
Good luck
Cheers
Nigel
May 16th 2014, 12:17 am
#4
BE Forum Addict
Joined: Jul 2012
Posts: 1,221
Re: Need advice about cash savings requirements.
I agree with Nigel as to your best course of action. The savings must be such that you could walk in one day and get out your money right there and then. Not sure your 'instant access bond' allows that. In hindsight it would gave been better if you had cashed in the bond and then submitted the application. Even though our savings were in fixed deposit with the right to break at any time, we still asked the bank to write a letter confirming that. So sorry you have had this disappointment.
May 16th 2014, 9:21 pm
#5
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Joined: Nov 2012
Posts: 4
Re: Need advice about cash savings requirements.
Thank you all for your replies.
The money in my bond can be accessed instantly and at any time, (and I had declared this with the application) but it was my mistake to think that they would still accept an account labeled as a 'bond'.
I have put the steps in motion to liquidate the bond. However, the UKBA still have not responded to my question that if I liquidate the bond they will process the visa under the same application. My local MP is chasing up the Home Office for an answer, so hopefully that will help. If not, then I'm going to have to withdraw the application and apply again in a few months.
My husband needs his passport back for travel in 3.5 weeks, so this is becoming a time crunch too. I am very reluctant to keep the application 'on hold', while requesting his passport returned, as our travel plans include visiting the UK this summer. I'm well aware of the problems US spouses have encountered at border control when their spouse visa applications are still on hold.
The money in my bond can be accessed instantly and at any time, (and I had declared this with the application) but it was my mistake to think that they would still accept an account labeled as a 'bond'.
I have put the steps in motion to liquidate the bond. However, the UKBA still have not responded to my question that if I liquidate the bond they will process the visa under the same application. My local MP is chasing up the Home Office for an answer, so hopefully that will help. If not, then I'm going to have to withdraw the application and apply again in a few months.
My husband needs his passport back for travel in 3.5 weeks, so this is becoming a time crunch too. I am very reluctant to keep the application 'on hold', while requesting his passport returned, as our travel plans include visiting the UK this summer. I'm well aware of the problems US spouses have encountered at border control when their spouse visa applications are still on hold.
Nov 16th 2014, 6:53 pm
#6
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Joined: Nov 2012
Posts: 4
Re: Need advice about cash savings requirements.
Hi everyone. I realized that I hadn't followed up after my questions for you all…apologies. In the end I sent in a letter from my bank detailing that the bond could be immediately broken, with the breakage fee involved so that the money could be immediately accessed. My husband's visa was granted soon after thankfully.
So I just wanted to say thank you for taking the time to respond and to advise other people going the savings route for a spouse visa. They are very strict about the bank account that your money is held in and it's best to have it in a regular bank account so there can be no doubt that the money is accessible. Avoid any account that is called a bond even if it is instant access like mine was.
So I just wanted to say thank you for taking the time to respond and to advise other people going the savings route for a spouse visa. They are very strict about the bank account that your money is held in and it's best to have it in a regular bank account so there can be no doubt that the money is accessible. Avoid any account that is called a bond even if it is instant access like mine was.
Nov 18th 2014, 9:28 am
#7
Forum Regular
Joined: Nov 2014
Posts: 36
Re: Need advice about cash savings requirements.
Glad to hear it worked out ok!
