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Maintenace: Is cash in a brokerage account acceptable?

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

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yggdrasil
Newbie
Posts: 36
Joined: Fri Jun 25, 2010 5:22 am
Ireland

Maintenace: Is cash in a brokerage account acceptable?

Post by yggdrasil » Wed Jun 30, 2010 4:56 pm

I will be applying for Tier 1 from the US and I'm concerned about the maintenance requirement. I have more than the cash needed for maintenance, but it is sitting in a money market in a brokerage account rather than in a bank proper. I believe there should be no problem using this to fulfill the requirement but I thought someone here would have a clearer understanding. I wanted to contact the UK Border Agency directly to ask but I can't find contact information for people calling from the US.

Cheers!
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aruni4470
Diamond Member
Posts: 1615
Joined: Fri Nov 16, 2007 9:54 pm
Location: Cambridgeshire

Post by aruni4470 » Wed Jun 30, 2010 7:53 pm

210. 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, pension funds etc, are not acceptable, regardless of notice period.

Source: Page 37 in the policy guidance

http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf
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yggdrasil
Newbie
Posts: 36
Joined: Fri Jun 25, 2010 5:22 am
Ireland

Post by yggdrasil » Thu Jul 01, 2010 2:01 am

Hi Aruni4470,

Thanks for the pointer. The words "current account" don't mean anything to an American but a search of the Internet reveals that in the UK this means a checking account in the US. So this is bad news for me.
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aruni4470
Diamond Member
Posts: 1615
Joined: Fri Nov 16, 2007 9:54 pm
Location: Cambridgeshire

Post by aruni4470 » Thu Jul 01, 2010 5:44 am

Hi yggdrasil,

I am not familiar with the type of bank accounts in America. That is why I have just pointed out the requirement in the policy guidance. Maybe somebody who moved to UK from US will be able to comment. All the best!!
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yggdrasil
Newbie
Posts: 36
Joined: Fri Jun 25, 2010 5:22 am
Ireland

Post by yggdrasil » Thu Jul 01, 2010 6:59 am

aruni4470 wrote:Hi yggdrasil,

I am not familiar with the type of bank accounts in America. That is why I have just pointed out the requirement in the policy guidance. Maybe somebody who moved to UK from US will be able to comment. All the best!!
Much appreciated!
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prisat
Member of Standing
Posts: 412
Joined: Sat May 08, 2010 8:16 am
Location: Earth

Re: Maintenace: Is cash in a brokerage account acceptable?

Post by prisat » Thu Jul 01, 2010 12:23 pm

yggdrasil wrote:I will be applying for Tier 1 from the US and I'm concerned about the maintenance requirement. I have more than the cash needed for maintenance, but it is sitting in a money market in a brokerage account rather than in a bank proper. I believe there should be no problem using this to fulfill the requirement but I thought someone here would have a clearer understanding. I wanted to contact the UK Border Agency directly to ask but I can't find contact information for people calling from the US.

Cheers!
I believe, you cant show this money. Bank / Financial Institution is completely different from a Security (Equities / Derivaties / Futures) company.
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