Bank Savings

Last few months I was overdrawn on my account about £1500 (within my £2k overdraft facility) however due to wages being credited from new job and money received from a friend (loan repaid back to me) It is in credit of about £6000. But as the money is in my current account I wasn’t sure if I should leave the funds there or transfer say £5k to my savings account.

Would it matter if the funds were in a particular account i.e. current or savings? in any case if I did move them into my savings account I would probably be requesting a statement a few days later so would it make any difference.

Are the ECO’s particular about what they see as a Savings account and what they see as day to day account.

Any help, much appreciated.

Ahmed

In our application,I didnt have any savings, but did prove good equity in my property.
All my accounts were overdrawn, a result of being a student only a year ago,however they were still within the overdraw limit of £400/£800.
I think its more important to show you earn more wages than the weekly benefit amount and have a secure permanent job with wages being paid regularly into your account.
Hope this helps, good luck

I agree with katiepig; it's not just about showing funds but also the source of funds. Some visas are refused when bank accounts suddenly show £6k credit without any way of justifying this payment - it looks as though the money has ben stashed there purely for the purposes of getting a visa.

I've never had a problem submitting overdrawn current account statements alongside savings accounts statements.

I'd be careful about putting the £5k in to savings right now as it might seem to the ECO that you are trying to show £10k (£5k in current account, £5k in savings).

Thanks , I see what you mean. But I had funds in my account in August and withdrew them and have since put them back in again. I have stated that the money that was withdrawn in August was given as a loan to a friend and he has since repaid it. I have also got him to write a letter (signed). I have about £2500 a savings account and £6K in a current account (the account where the funds were in and out)which like you mention is suddenly there. But I have a history of having the money in the account and withdrawing it and then having it there again. Also have a letter from a friend re pay back of loan. I have read that if there are sudden large deposits they want to see the history of the money

Hopefully they will look at long term financial stability than short term. I have last three months ago luckily landed a job paying £30k per annum am including my contract payslips etc.

Hi Ahmed
I am sure it makes no difference as the ECO will look at all bank statements. Suggest you do a covering letter explaining balances in both and your total funds available - this is the important thing, plus that they can see you have regular income. Any large credits or withdrawals also need to be explained.

Hi Ahmed,

Having an overdraft is not a problem. When I lodged my application my husband had an overdraft of 1,000 in his natwest account but it showed that there is a regular deposits. He has only 700 savings to his building society account. It is not important to have a very large amount of savings, as long as you have regular income that can support your wife it's fine. The important is that you should satisfy the ECO of this three: financial evidence-showing you have regular income, evidence of accomodation which is not overcrowded and evidence of your relationship.