ISA/instant saving accounts for maintenance funds

[entrepreneur123]

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]

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...

[sky_rise]

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

[entrepreneur123]

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

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]

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

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]

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?

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

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]

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?

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

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]

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

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?

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)

[sky_rise]

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.

[entrepreneur123]

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

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]

@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]

@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]

@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]

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]

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

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]

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

[nasirkhan]

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

This was a real gem - Acronym correction after 10 months