pendledreams5

Hi,
What type of bank account should we have our spouse visa financial requirements saving in? Currently, we have savings in a business checking account, I thought I read somewhere that the account needs to be a saving account. If that is the case, savings have to be in the savings account for at least 6 months?
Thank you

SanDiegogirl

Must be in an account which clearly shows that the relevant amount has been held for 6 months (unless in case of monies from sale of house or certain investments). Savings/deposits accounts are usually used for this purpose.
There is no major problem with having savings in a business checking account apart from the fact that the amounts in such an account will, one assumes, fluctuate month to month. You need to be able to show that you have had the necessary savings for 6 months and that they have not gone under the necessary amount in that time.

pendledreams5

Thank you for your reply!! We have certain amount over the financial requirement that never fluctuates, I was just worried that they frown upon a checking account vs a savings account. One less thing for me to worry about!

BritInParis

The money should be held in a personal account, not a business account.

SanDiegogirl

BIP is correct - having gone back and looked at Appendix FM-SE again it states:

11. In respect of cash savings the following must be provided:

1. (a) personal bank statements showing that at least the level of cash savings relied upon in the application has been held in an account(s) in the name of the person or of the person and their partner jointly throughout the period of 6 months prior to the date of application.
2. (b) A declaration by the account holder(s) of the source(s) of the cash savings.

No where does it state in the Appendix that a business account cannot be used - however it also does not state that one can use one.

As the account needs to be in the applicant's/sponsor's or joint names, one can assume that a business bank account would be suffice