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New Maintainance fund requirement and Cash ISA

Archived UK Tier 1 (General) points system forum. This route no longer exists.

Moderators: Casa, Amber, archigabe, batleykhan, ca.funke, ChetanOjha, EUsmileWEallsmile, JAJ, John, Obie, push, geriatrix, vinny, CR001, zimba, meself2, Administrator

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Dev07
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Posts: 4
Joined: Sun Sep 21, 2008 5:47 pm

New Maintainance fund requirement and Cash ISA

Post by Dev07 » Sun Sep 21, 2008 5:57 pm

Hello fellow boarders ...

Sorry for new topic... I searched the forum but couldn't find anything related to this topic. I am planning to apply for the Tier1 visa soon (switching from WP -> Tier1) and now confused with the new Maintainance fund clause. From Sept 19th the clause is added to disallow any proof of investments in bonds and funds.

For me all my money is in NS&I cash ISA, I also have statement from NS&I in required format. Does anyone know if funds in cash ISA are acceptable ? Did any of you guys show cash ISA for Maintainance fund requirement?

Many thanks for help guys ... and all the best to all who are applying or waiting for the result ...
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moneypenny
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Posts: 49
Joined: Sun Sep 21, 2008 8:23 pm
Location: Scotland

Post by moneypenny » Sun Sep 21, 2008 8:35 pm

I am also looking at using my Cash ISA for my application in a few months. If anyone had any examples it would be very useful.

My understanding of an ISA is that it isn't a fund or a bond. Rather it is a savings account that you are not charged tax on, so it encourages people to save. How much you put in is limited but you can withdraw as much as you'd like whenever you'd like. At least that is how it appears to me!
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Dev07
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Posts: 4
Joined: Sun Sep 21, 2008 5:47 pm

Post by Dev07 » Mon Sep 22, 2008 8:59 pm

I agree moneypenny ... but still will like someone who has already used cash ISA for maintainance fund requirement to reply ... Please guys reply soon ...
Last edited by Dev07 on Mon Sep 22, 2008 9:02 pm, edited 1 time in total.
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Dev07
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Joined: Sun Sep 21, 2008 5:47 pm

Post by Dev07 » Mon Sep 22, 2008 9:00 pm

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Dev07
Newly Registered
Posts: 4
Joined: Sun Sep 21, 2008 5:47 pm

Post by Dev07 » Wed Oct 01, 2008 6:42 pm

Hey guys please please reply.... I am still waiting for answer on this....
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moneypenny
Newbie
Posts: 49
Joined: Sun Sep 21, 2008 8:23 pm
Location: Scotland

Post by moneypenny » Thu Oct 02, 2008 9:36 am

Dev-

I actually looked into this at my bank. ISA stands for Individual Savings Account. My ISA is with HSBC and when I looked into the account offer it said very clearly that it was an instant access account. This is what the Home Office is after, savings you can access at any time.

I am going to see the immigration advisor at the Relocation Advisory Service in Scotland this afternoon and I will ask her about it and let you know what she says!

Hope that helps!
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moneypenny
Newbie
Posts: 49
Joined: Sun Sep 21, 2008 8:23 pm
Location: Scotland

Post by moneypenny » Tue Oct 14, 2008 12:15 pm

Sorry I took so long to get back. The immigration advisor I saw told me that an ISA was definitely ok to use. I actually got a pamphlet from HSBC that describes the account and I will probably sent that along with my application. It states that it is a savings account that I have immediate access to. That's basically all they are after. Hope that helps!
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