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ISA/instant saving accounts for maintenance funds

Only for UK Tier 1 (Entrepreneur) points system

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entrepreneur123
Senior Member
Posts: 619
Joined: Wed Jan 09, 2013 11:12 am

ISA/instant saving accounts for maintenance funds

Post by entrepreneur123 » Mon Mar 25, 2013 10:27 am

HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?

monolyte
Member
Posts: 176
Joined: Tue Nov 27, 2012 2:01 pm

Re: ISA/instant saving accounts for maintenance funds

Post by monolyte » Mon Mar 25, 2013 10:48 am

entrepreneur123 wrote:HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
NO!!! you cant.
kindly go and read the T 1 E policy...

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sky_rise
Member of Standing
Posts: 369
Joined: Mon Aug 30, 2010 4:05 am
Location: London
Mood:

Re: ISA/instant saving accounts for maintenance funds

Post by sky_rise » Mon Mar 25, 2013 10:52 am

monolyte wrote:
entrepreneur123 wrote:HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
NO!!! you cant.
kindly go and read the T 1 E policy...
do you say that you have to keep 50.000 in your current account and show them from it? is it not acceptable to have them in flex.saver/easy saver (normal savings accounts)?

thankyou
"Ask me, and I shall provide it"

entrepreneur123
Senior Member
Posts: 619
Joined: Wed Jan 09, 2013 11:12 am

Re: ISA/instant saving accounts for maintenance funds

Post by entrepreneur123 » Mon Mar 25, 2013 11:04 am

Many thanks for your reply.
guidance policy page 33 paragrah 169. for maintenance funds
"Evidence must be in the form of cash funds held in an account (this includes savings
accounts
and current accounts even when notice must be given). Other accounts or financial
instruments such as shares, bonds, overdrafts, credit cards, pension funds etc, are not
acceptable, regardless of notice period."

Please can you tell us why we cannot show maintenance funds in saving accounts? It will be easier to understand if you could provide link to source. I am still not sure about investment funds so any help will be great. Thanks
monolyte wrote:
entrepreneur123 wrote:HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
NO!!! you cant.
kindly go and read the T 1 E policy...

monolyte
Member
Posts: 176
Joined: Tue Nov 27, 2012 2:01 pm

Re: ISA/instant saving accounts for maintenance funds

Post by monolyte » Mon Mar 25, 2013 11:20 am

entrepreneur123 wrote:Many thanks for your reply.
guidance policy page 33 paragrah 169. for maintenance funds
"Evidence must be in the form of cash funds held in an account (this includes savings
accounts
and current accounts even when notice must be given). Other accounts or financial
instruments such as shares, bonds, overdrafts, credit cards, pension funds etc, are not
acceptable, regardless of notice period."

Please can you tell us why we cannot show maintenance funds in saving accounts? It will be easier to understand if you could provide link to source. I am still not sure about investment funds so any help will be great. Thanks
monolyte wrote:
entrepreneur123 wrote:HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
NO!!! you cant.
kindly go and read the T 1 E policy...
92. For money held in the UK only, a recent personal bank or building society statement from the
UK financial institution holding the funds, which confirms the amount of money available to
you or your entrepreneurial team.
93. The total amount of available money must be either at least £200,000; or at least £50,000, as
applicable. If the money is held in several financial institutions, you must supply a statement
from each institution.
• The statements must be original documents and not a copy.
• The bank or building society holding the money must be based in the UK and regulated by
the FSA;
• The money must be in cash in the account. We will not accept ISA accounts or assets
such as stocks and shares;
• The account must be in your own name only (or both names for an entrepreneurial team)
only. Accounts in the name of a business or third party will not be accepted;
• Each bank or building society statement must be on the institution’s official stationery and
Tier 1 (Entrepreneur) Policy Guidance version 12/2012 Page 18 of 52
confirm each of the following details:
o Your name; or your name and your entrepreneurial team member’s name;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;

... HOPE THIS ALLOWS THE PENNY TO DROP....

entrepreneur123
Senior Member
Posts: 619
Joined: Wed Jan 09, 2013 11:12 am

Re: ISA/instant saving accounts for maintenance funds

Post by entrepreneur123 » Mon Mar 25, 2013 11:26 am

Thanks for your reply.
So in simple words , we can use savings accounts for maintenance funds but we can not use saving accounts for investment funds?

monolyte wrote:
entrepreneur123 wrote:Many thanks for your reply.
guidance policy page 33 paragrah 169. for maintenance funds
"Evidence must be in the form of cash funds held in an account (this includes savings
accounts
and current accounts even when notice must be given). Other accounts or financial
instruments such as shares, bonds, overdrafts, credit cards, pension funds etc, are not
acceptable, regardless of notice period."

Please can you tell us why we cannot show maintenance funds in saving accounts? It will be easier to understand if you could provide link to source. I am still not sure about investment funds so any help will be great. Thanks
monolyte wrote:
entrepreneur123 wrote:HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
NO!!! you cant.
kindly go and read the T 1 E policy...
92. For money held in the UK only, a recent personal bank or building society statement from the
UK financial institution holding the funds, which confirms the amount of money available to
you or your entrepreneurial team.
93. The total amount of available money must be either at least £200,000; or at least £50,000, as
applicable. If the money is held in several financial institutions, you must supply a statement
from each institution.
• The statements must be original documents and not a copy.
• The bank or building society holding the money must be based in the UK and regulated by
the FSA;
• The money must be in cash in the account. We will not accept ISA accounts or assets
such as stocks and shares;
• The account must be in your own name only (or both names for an entrepreneurial team)
only. Accounts in the name of a business or third party will not be accepted;
• Each bank or building society statement must be on the institution’s official stationery and
Tier 1 (Entrepreneur) Policy Guidance version 12/2012 Page 18 of 52
confirm each of the following details:
o Your name; or your name and your entrepreneurial team member’s name;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;

... HOPE THIS ALLOWS THE PENNY TO DROP....

monolyte
Member
Posts: 176
Joined: Tue Nov 27, 2012 2:01 pm

Re: ISA/instant saving accounts for maintenance funds

Post by monolyte » Mon Mar 25, 2013 11:31 am

entrepreneur123 wrote:Thanks for your reply.
So in simple words , we can use savings accounts for maintenance funds but we can not use saving accounts for investment funds?

monolyte wrote:
entrepreneur123 wrote:Many thanks for your reply.
guidance policy page 33 paragrah 169. for maintenance funds
"Evidence must be in the form of cash funds held in an account (this includes savings
accounts
and current accounts even when notice must be given). Other accounts or financial
instruments such as shares, bonds, overdrafts, credit cards, pension funds etc, are not
acceptable, regardless of notice period."

Please can you tell us why we cannot show maintenance funds in saving accounts? It will be easier to understand if you could provide link to source. I am still not sure about investment funds so any help will be great. Thanks
monolyte wrote:
NO!!! you cant.
kindly go and read the T 1 E policy...
92. For money held in the UK only, a recent personal bank or building society statement from the
UK financial institution holding the funds, which confirms the amount of money available to
you or your entrepreneurial team.
93. The total amount of available money must be either at least £200,000; or at least £50,000, as
applicable. If the money is held in several financial institutions, you must supply a statement
from each institution.
• The statements must be original documents and not a copy.
• The bank or building society holding the money must be based in the UK and regulated by
the FSA;
• The money must be in cash in the account. We will not accept ISA accounts or assets
such as stocks and shares;
• The account must be in your own name only (or both names for an entrepreneurial team)
only. Accounts in the name of a business or third party will not be accepted;
• Each bank or building society statement must be on the institution’s official stationery and
Tier 1 (Entrepreneur) Policy Guidance version 12/2012 Page 18 of 52
confirm each of the following details:
o Your name; or your name and your entrepreneurial team member’s name;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;

... HOPE THIS ALLOWS THE PENNY TO DROP....
YOU CAN USE AN ORDINARY SAVINGS ACCOUNT BUT NOT INSTANT SAVINGS ACCOUNT (ISA). ITS A PITY THEY JUST TRY TO CONFUSE EVERYONE WITH THESE POLICIES.

entrepreneur123
Senior Member
Posts: 619
Joined: Wed Jan 09, 2013 11:12 am

Re: ISA/instant saving accounts for maintenance funds

Post by entrepreneur123 » Mon Mar 25, 2013 11:33 am

Thanks I got "Direct Saver Account" with RBS hope its ok?

monolyte wrote:
entrepreneur123 wrote:Thanks for your reply.
So in simple words , we can use savings accounts for maintenance funds but we can not use saving accounts for investment funds?

monolyte wrote:
entrepreneur123 wrote:Many thanks for your reply.
guidance policy page 33 paragrah 169. for maintenance funds
"Evidence must be in the form of cash funds held in an account (this includes savings
accounts
and current accounts even when notice must be given). Other accounts or financial
instruments such as shares, bonds, overdrafts, credit cards, pension funds etc, are not
acceptable, regardless of notice period."

Please can you tell us why we cannot show maintenance funds in saving accounts? It will be easier to understand if you could provide link to source. I am still not sure about investment funds so any help will be great. Thanks
92. For money held in the UK only, a recent personal bank or building society statement from the
UK financial institution holding the funds, which confirms the amount of money available to
you or your entrepreneurial team.
93. The total amount of available money must be either at least £200,000; or at least £50,000, as
applicable. If the money is held in several financial institutions, you must supply a statement
from each institution.
• The statements must be original documents and not a copy.
• The bank or building society holding the money must be based in the UK and regulated by
the FSA;
• The money must be in cash in the account. We will not accept ISA accounts or assets
such as stocks and shares;
• The account must be in your own name only (or both names for an entrepreneurial team)
only. Accounts in the name of a business or third party will not be accepted;
• Each bank or building society statement must be on the institution’s official stationery and
Tier 1 (Entrepreneur) Policy Guidance version 12/2012 Page 18 of 52
confirm each of the following details:
o Your name; or your name and your entrepreneurial team member’s name;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;

... HOPE THIS ALLOWS THE PENNY TO DROP....
YOU CAN USE AN ORDINARY SAVINGS ACCOUNT BUT NOT INSTANT SAVINGS ACCOUNT (ISA)

User avatar
sky_rise
Member of Standing
Posts: 369
Joined: Mon Aug 30, 2010 4:05 am
Location: London
Mood:

Re: ISA/instant saving accounts for maintenance funds

Post by sky_rise » Mon Mar 25, 2013 11:34 am

entrepreneur123 wrote:HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
ISA is a different type of account and is not accepted. Ordinary one is accepted.
"Ask me, and I shall provide it"

entrepreneur123
Senior Member
Posts: 619
Joined: Wed Jan 09, 2013 11:12 am

Re: ISA/instant saving accounts for maintenance funds

Post by entrepreneur123 » Mon Mar 25, 2013 11:35 am

Thanks I got "Direct Saver Account" with RBS hope its ok?
sky_rise wrote:
entrepreneur123 wrote:HI,
Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
ISA is a different type of account and is not accepted. Ordinary one is accepted.

ac2107
Junior Member
Posts: 66
Joined: Mon Dec 10, 2012 1:58 pm
Location: London

Post by ac2107 » Mon Mar 25, 2013 1:08 pm

@monolyte

can I double check that:

for Maintenance funds: both cash ISA or an ordinary cash saving account are ok.

for Investment funds: ONLY ordinary cash saving account is ok.


is the above two correct?

I think the point is that the money must all be in cash. Because ISA has two types: cash ISA and investment ISA. The former is a normal saving account while the latter is a stock based investment and will not be accepted. http://ask.barclays.co.uk/help/savings/isa_differences

thanks

monolyte
Member
Posts: 176
Joined: Tue Nov 27, 2012 2:01 pm

Post by monolyte » Mon Mar 25, 2013 1:28 pm

ac2107 wrote:@monolyte

can I double check that:

for Maintenance funds: both cash ISA or an ordinary cash saving account are ok.

for Investment funds: ONLY ordinary cash saving account is ok.


is the above two correct?

I think the point is that the money must all be in cash. Because ISA has two types: cash ISA and investment ISA. The former is a normal saving account while the latter is a stock based investment and will not be accepted. http://ask.barclays.co.uk/help/savings/isa_differences

thanks
YES YOU ARE RIGHT, BUT FOR SOME PEOPLE BOTH INVESTMENT FUND AND MAINTENANCE ARE IN THE SAME ACCOUNT SO IT IS ADVISABLE TO MAKE SURE THE TOATAL AMMOUNT IS NOT IN ISA ACCOUNT SO ONE DOESNT GET REFUSED BECAUSE OF INVESTMENT FUND IS IN THE SAME ISA ACCOUNT WITH THE MAINTENANCE. AND YOU KNOW SO OF THESE CASE WORKERS CAN BE FUNNY SO WHY NOT KEEP IT SIMPLE..

ac2107
Junior Member
Posts: 66
Joined: Mon Dec 10, 2012 1:58 pm
Location: London

Post by ac2107 » Mon Mar 25, 2013 1:37 pm

monolyte wrote:
ac2107 wrote:@monolyte

can I double check that:

for Maintenance funds: both cash ISA or an ordinary cash saving account are ok.

for Investment funds: ONLY ordinary cash saving account is ok.


is the above two correct?

I think the point is that the money must all be in cash. Because ISA has two types: cash ISA and investment ISA. The former is a normal saving account while the latter is a stock based investment and will not be accepted. http://ask.barclays.co.uk/help/savings/isa_differences

thanks
YES YOU ARE RIGHT, BUT FOR SOME PEOPLE BOTH INVESTMENT FUND AND MAINTENANCE ARE IN THE SAME ACCOUNT SO IT IS ADVISABLE TO MAKE SURE THE TOATAL AMMOUNT IS NOT IN ISA ACCOUNT SO ONE DOESNT GET REFUSED BECAUSE OF INVESTMENT FUND IS IN THE SAME ISA ACCOUNT WITH THE MAINTENANCE. AND YOU KNOW SO OF THESE CASE WORKERS CAN BE FUNNY SO WHY NOT KEEP IT SIMPLE..
yes, its ture. better to keep it as simple as you can. I dont have a choice now cause time is short and my maintenance is already in my e-ISA account, but all in cash. That's why I want to double check if it is ok to use Cash ISA account.

thanks again.

fexnok
Newly Registered
Posts: 7
Joined: Mon Feb 10, 2014 2:42 pm

Re: ISA/instant saving accounts for maintenance funds

Post by fexnok » Mon Feb 10, 2014 2:57 pm

entrepreneur123 wrote:HI,

Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
Did the UKBA accept cash Isa? I'm in the same situation as you but I haven't got time to transfer the funds to another account

Thanks

entrepreneur123
Senior Member
Posts: 619
Joined: Wed Jan 09, 2013 11:12 am

Re: ISA/instant saving accounts for maintenance funds

Post by entrepreneur123 » Mon Feb 10, 2014 3:40 pm

I used normal saving account for 50k and current account for 900 maintance

fexnok wrote:
entrepreneur123 wrote:HI,

Please can anyone tell me, if i can use ISA/instant saving accounts to show maintenance funds(90 days) for Tier 1 Entrepreneur visa? Also is it possible to use such accounts to show investment funds(£50,000)?
Did the UKBA accept cash Isa? I'm in the same situation as you but I haven't got time to transfer the funds to another account

Thanks

entrepreneur123
Senior Member
Posts: 619
Joined: Wed Jan 09, 2013 11:12 am

Re: ISA/instant saving accounts for maintenance funds

Post by entrepreneur123 » Sat Oct 11, 2014 10:12 am

ISA stands for Individual savings account (ISA). Not Instant Saving Account.

nasirkhan
- thin ice -
Posts: 229
Joined: Sun Jun 08, 2014 10:11 pm

Re: ISA/instant saving accounts for maintenance funds

Post by nasirkhan » Sat Oct 11, 2014 11:53 pm

entrepreneur123 wrote:ISA stands for Individual savings account (ISA). Not Instant Saving Account.
This was a real gem - Acronym correction after 10 months :idea:

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