Savings Requirement Quesiton

So I just wanted to make sure I understood the savings requirements. I select 6 months of statements, let's say from 4/15-10/15. Account 1 starts with 60000, and account 2 starts with 2500. I have enough. And then the next month, I use account 2 to buy some things, and it goes down to 2000, but account 1 went up to 65000. Is it ok that account 2 dipped in the level of savings as long as I had at least 62500 across all account on that day?

The total combined savings cannot drop below £62,500 for even 1 day during the 6 months. Also, ALL the money you are using has to have been held in the account for at least 6 months... so as soon as you deposit more money in, the 6 months has to start over or the extra money won’t count.

For example:
April 15th
Acct 1 = £60000
Acct 2 = £2500
Total = £62,500
6 months starts

May 12th
Acct 1 = £5,000 deposited = £65,000
Acct 2 = £2,000 withdrawn = £500
Total = £65,100

But only £60,500 has been in the account since April 12th, which isn’t enough to meet the requirement on Oct 15th, so the 6 months starts over again and you won’t qualify until Nov 12th.



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Another way to think about it is to just take the lowest balance of each account over the 6 months you want to use.

To take ksand's example for the dates that you mention, April 15th - October 15th.

Account 1 lowest balance. £60,000
Account 2 lowest balance. £500

So for that time period, you would only have £60,500 of qualifying savings in those 2 accounts.

Very good to know! My husband has been dipping into savings so I wanted to make sure it was ok and it looks like its not! Thankfully it was only a couple hundred so we're still ok at the current exchange rate but just barely. So one more question, let's say I start with 60000 in account one again, and 2500 in account 2. And then in 2 months, account 1 has 70000, and account 2 has the same amount. Can I transfer 5000 out of account 1 and still be ok?

Very good to know! My husband has been dipping into savings so I wanted to make sure it was ok and it looks like its not! Thankfully it was only a couple hundred so we're still ok at the current exchange rate but just barely. So one more question, let's say I start with 60000 in account one again, and 2500 in account 2. And then in 2 months, account 1 has 70000, and account 2 has the same amount. Can I transfer 5000 out of account 1 and still be ok?

In this example, the lowest balance is £60,000 + £2,500 = £62,500, so yes, you would be OK with that.

If you are cutting it close, with the cash being in dollars, you will have to check to be sure you still meet the requirements before you apply. They use the spot closing rate on Onada.com on the date you submit your online application.

Yes, what you need is the minimum amount of £62,500 to be in the account, untouched for the full 6 months.

So, you can withdraw and deposit anything above that amount, but you have to leave that base of £62,500 completely untouched.

So, for example, say you deposited £80,000 on April 15th. £62,500 of that must not be touched for the next 6 months... but you can do what you want with the other £17,500, so you can withdraw some of it and put some of it back in, and you can add to it, but you mustn't dip into the £62,500 at all.