Maintenance Funds

[kat3]

Hi,

I am currently in the UK and will be applying for extension of HSMP under the new Tier 1 PBS in mid August 2008, about 8 weeks before my current HSMP leave expires.

Do I therefore need to provide 3 months of maintenance of at least 800 pounds balance for May, June and July or for June, July, August? Reason is that in mid May one of my transactions in my current account went down to 760 pounds therefore would not meet the requirements.

Could I submit my savings account statements instead of current account as evidence for maintenence? The balance in my savings account is more than 800 pounds from 1st May and will keep maintaining it above this amount till a apply. Do I need to prove that the savings account is instant assess? If I do, what would be the best way?

Thank you

[push]

Hi,

I am currently in the UK and will be applying for extension of HSMP under the new Tier 1 PBS in mid August 2008, about 8 weeks before my current HSMP leave expires.

Do I therefore need to provide 3 months of maintenance of at least 800 pounds balance for May, June and July or for June, July, August? Reason is that in mid May one of my transactions in my current account went down to 760 pounds therefore would not meet the requirements.

Thank you

The UK Border Agency website says:

"The personal bank or building society statements should clearly show:

your name;
the account number;
the date of the statement;
the financial institution's name and logo;
transactions covering a three-month period;
that there are sufficient funds present in the account on a regular basis that meet our minimum level of maintenance (funds) requirement; and
the receipt of funds along with regular withdrawals from the account. "

For a savings account the last point may be a bit tricky.

For your current Account, you can provide a statement covering the period Mid May to Mid August.

[geriatrix]

It is actually "the receipt of funds along with regular withdrawals from the account, where appropriate" as the last point in the list above.

In general, saving accounts allow instant access to money so I don't think you need any extra letter from the bank to confirm that. The usual examples of such saving accounts are flex saver, regular saver, cash isa, premier saving atc.

Moreover, as long as you maintain a minimum balance required, it shouldn't matter if you haven't made any transaction into / out of the account during the 3 month period.

regards

[push]

It is actually "the receipt of funds along with regular withdrawals from the account, where appropriate" as the last point in the list above.

In general, saving accounts allow instant access to money so I don't think you need any extra letter from the bank to confirm that. The usual examples of such saving accounts are flex saver, regular saver, cash isa, premier saving atc.

Moreover, as long as you maintain a minimum balance required, it shouldn't matter if you haven't made any transaction into / out of the account during the 3 month period.

regards

The PBS main guidance doc has that extra where appropriate", however, the BIA website doesn't. But I completely agree with what you have said. Savings account do indeed offer immediate access, so there should not be any issue showing funds in one.

regards,

push_hsmp