TIER 1 Maintainence funds kept in ISA or company account?

[WarisAli]

TIER 1 Maintenance (funds) states that You must have £800 of available funds in your account and these funds must have been continuously in your account for a period of 90 consecutive days when you apply.

Can you hold these funds in your ISA bank personal account or does it need to be in your daily bank account? In case as applying as self employed person, can these funds be helo for 90 days in the company bank account?

please can kindly advise?

thanks and best regards
Waris

[vivek47]

Hi,

I have the exact same query as well. From the guidance document:

86. Evidence must be in the form of cash funds. Other accounts or financial instruments such as shares, bonds, pension funds etc, regardless of notice period are not acceptable.

I'm guessing a Cash ISA (as opposed to a Stocks/Shares ISA) should be acceptable.

Waris - did you use an ISA to show evidence of funds? How did it work out for you?

Thanks and regards

[aliq09]

TIER 1 Maintenance (funds) states that You must have £800 of available funds in your account and these funds must have been continuously in your account for a period of 90 consecutive days when you apply.

Can you hold these funds in your ISA bank personal account or does it need to be in your daily bank account? In case as applying as self employed person, can these funds be helo for 90 days in the company bank account?

please can kindly advise?

thanks and best regards
Waris

Hi ,

The money should be in cash and can be withdrawn at any time just like you put your debit card and take out money from ATM from your personal account . In simple word it should be hard cash . Please refer to ISA details and if it's mentioned that the money can't go out for certain limit of time than it's not acceptable

Your second question

It should be in your personal account with your clear name

Thanks

[tearOne]

TIER 1 Maintenance (funds) states that You must have £800 of available funds in your account and these funds must have been continuously in your account for a period of 90 consecutive days when you apply.

Can you hold these funds in your ISA bank personal account or does it need to be in your daily bank account? In case as applying as self employed person, can these funds be helo for 90 days in the company bank account?

please can kindly advise?

thanks and best regards
Waris

Hi ,

The money should be in cash and can be withdrawn at any time just like you put your debit card and take out money from ATM from your personal account . In simple word it should be hard cash . Please refer to ISA details and if it's mentioned that the money can't go out for certain limit of time than it's not acceptable

Your second question

It should be in your personal account with your clear name

Thanks

hi aliq,

so what you saying business account as only director of a pvt ltd company cannot use as the mainainence funds?


regards,

azam

[jan77]

Cah IsA is a savings acc anyway. Home Office accept money from savings acc. I would suggest u a ask your bank if u can access all the funds in theISA anytime, if no restrictions on how much u can collect then u should be ok to use it

[kimourina]

The maintenance funds should be maintained in personal accounts and not business account.I had same query for my friend and found from solicitor that the funds cannot be maintained in self employed (business account).

Hope this helps..!!

-Kim