Maxi ISA as evidence for Maintenance Requirement

[room606]

I have just read the new requirements for the Tier 1 visa and in order to qualify for leave to remain under Tier 1, an applicant must demonstrate they have sufficient funds of at least £800 over a 3 month period.

Point 4 under the Maintenance requirements section of the Tier 1 guide states the following as valid evidence for this requirement:


4. Letter from Financial Services Authority (FSA) regulated
financial institution confirming funds:
The letter from Financial Services Authority (FSA) regulated
financial institution should state:
• the applicant's name;
• the account number;
• the date of the letter;
• the financial institution's name and logo;
• the funds held in the applicant's account;
• that the funds of £800 have been in the bank for at
least 3 months and the balance must always have
been at least £800.
Letters which simply state the balance in the account on
a particular day or an average balance over the 3 month
period are not sufficient.

Would a Maxi ISA qualify for this? For those not familiar with ISAs, they are tax-free savings accounts and a maxi ISA is an individual savings account that can also hold stocks and shares.

Thanks

[asys]

Hi,

Mini Cash ISA should also be fine but the typical cost of maintaing such account can cost some money .

ideal you can look at any Saving accounts which most of the Banks offer and you should be able to keep money in it .
Most of the Banks in UK is regulated by FSA.

[room606]

Hi,

Mini Cash ISA should also be fine but the typical cost of maintaing such account can cost some money .

ideal you can look at any Saving accounts which most of the Banks offer and you should be able to keep money in it .
Most of the Banks in UK is regulated by FSA.

Yes, I'm pretty certain that a cash ISA would be fine. My concern is whether a maxi ISA containing most of its value in stocks and shares would be accepted as proof of maintenance funds.

[pantaiema]

it might be acceptable, but the problem with Maxi ISA, is that it is a tax free investement and you might the real value less than the value after valuation and not as instant as cahs, current a/c, etc.

I fully believe mini Cash ISA (not Maxix ISA) will be acceptable.

Would a Maxi ISA qualify for this? For those not familiar with ISAs, they are tax-free savings accounts and a maxi ISA is an individual savings account that can also hold stocks and shares.

Thanks

[sidshekhar]

Hello,
I am providing Cash Mini ISA statement to score points under Maintainence Funds section.Do I need to provide a letter from the Bank saying that Cash Mini ISA is instant access account and can be accessed immidiately.
Regards,
Sid

Hi,

Mini Cash ISA should also be fine but the typical cost of maintaing such account can cost some money .

ideal you can look at any Saving accounts which most of the Banks offer and you should be able to keep money in it .
Most of the Banks in UK is regulated by FSA.

Yes, I'm pretty certain that a cash ISA would be fine. My concern is whether a maxi ISA containing most of its value in stocks and shares would be accepted as proof of maintenance funds.

[tech]

Hi

Did you provide any additional documents along with Mini Cash ISA
to score points under Maintainence Funds ?

Thanks for your time

tech