ILR Financial Requirement

[albion22]

Hi,

I've just read tonight that the cash savings requirement is £34,600 and not £62,500 as it was for our last FLR application. Is that correct?

Also are fixed rate cash ISAs accepted? The government states that all providers must allow instant access but are free to impose penalties which are typically 90 days loss of interest on amounts withdrawn so assume these accounts are perfectly acceptable. In addition do limited access savings accounts qualify in which for example 3 or 6 withdrawals per calendar year are allowed?

[zimba]

The required cash savings for ILR without relying on any other sources of income is indeed £34600

For cash saving, the guide tells you this:

Cash savings – further guidance
.
.
These are the requirements that must be met:

• the bank/savings account is a current, deposit or investment account
• the account is held is a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating
• regular bank statements are provided
• the statements cover the necessary time period required in the Immigration Rules
• the savings are held in cash (or their cash value is clear)
• the savings can be immediately withdrawn (with or without penalty)
• the funds are under the control of the person and/or their partner for the necessary time period required in the Immigration Rules
• the source of the funds is legal
• the source of the funds has been declared

For example, in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does
meet the definition of a savings account and the funds can be considered as cash
savings if all the requirements above are met. Likewise, a pension savings account
from which savings can be immediately withdrawn.

https://assets.publishing.service.gov.u ... rement.pdf