Many UK Sponsors may be thinking about using only cash savings under the financial requirements set by the Home Office. A few important points to consider is that:
- The amount to show is £62,500. It can be spread across 1 bank account or multiple bank accounts. It can be held in any currency.
- The amount must be held for a minimum of 6 months in the account (s) and the closing balance and the minimum balance during the entire 6 months period must be £62,500.
- In such cases even the UK visa applicant can show cash savings. They can even be combined with the UK Sponsors savings if there is a shortfall.
- Cash savings can be combined with the UK Sponsors employment income if there is a shortfall in employment income.
- Often we have clients ask if they can use amounts that are in the region of £10,000 BUT it is important to remember that the cash savings and employment works on a variable sliding scale where there is a complex calculation involved. For any cash savings to be considered where there is a shortfall of employment income, the savings must start always start at£16,000 at which point the home office formula for determining the financial requirements comes into play. For example if your employment income was £18,000 per year then you need to have £17,500 in cash savings. A Home office approved equation is used. Due to the complicated nature of the equation is it advisable to seek legal advice and this is where we can help you.