UK Spouse Visa - types of accounts allowed for savings

Hi -
I am having trouble figuring out if my investment accounts as-is can be used for the savings requirement, or if I will need to liquidate them before I submit the application.

The financial requirement appendix states:
 UK a ‘stocks and shares’ Individual Savings Account (ISA) does
meet the definition of a savings account and the funds can be considered as cash
savings if all the requirements above are met

I am a US citizen so I am not familiar with that specific type of account. I'm a bit confused about what US investment accounts will be accepted.

Have any US citizens used specific types of investment accounts for the savings requirement and had it be accepted? What types of accounts were they?

Thanks!

An ISA is a UK specific account. As a US citizen you don't want one due to the tax implications.

What type of account do you currently have? Is it fully vested with funds available for immediate withdrawal (with or without a penalty)?

I've read that from the US you can use your employer 401k towards the savings route. The UKBA used to have it listed in () in the appendix up until recently. Not been able to find it listed since 2015 (I think) but i have read of others using this account to qualify.

I've read that from the US you can use your employer 401k towards the savings route. The UKBA used to have it listed in () in the appendix up until recently. Not been able to find it listed since 2015 (I think) but i have read of others using this account to qualify.

Yes, a 401K can be used as long as the funds can be withdrawn immediately (with or without penalty).

The only thing that has changed in the UKVI guidance wording is that they've taken out the pension fund example that specifically states 'such as a 401K'. However, the rest of the wording is still exactly the same and several people have successfully applied using a 401K in the last year or two.

Yes, a 401K can be used as long as the funds can be withdrawn immediately (with or without penalty).

The only thing that has changed in the UKVI guidance wording is that they've taken out the pension fund example that specifically states 'such as a 401K'. However, the rest of the wording is still exactly the same and several people have successfully applied using a 401K in the last year or two.

Yep, no idea why they removed the reference. This is what Hubby and I may use when we get to that point. We both have enough (combined) in our 401ks to qualify for the savings route.

Yep, no idea why they removed the reference. This is what Hubby and I may use when we get to that point. We both have enough (combined) in our 401ks to qualify for the savings route.

Be very careful to follow the guidance to the letter, we have also seen people refused using a 401k if they have been just a bit off with the evidence. Available for immediate withdrawal is huge.

An ISA is a UK specific account. As a US citizen you don't want one due to the tax implications.

What type of account do you currently have? Is it fully vested with funds available for immediate withdrawal (with or without a penalty)?

Well, fully vested as in I own all of it but it is mutual funds and stocks so I would need to sell them before I had the value in cash. Selling takes less than a day. Would this count?

Be very careful to follow the guidance to the letter, we have also seen people refused using a 401k if they have been just a bit off with the evidence. Available for immediate withdrawal is huge.

Yeah, I’m a bit nervous to use mine as the rules for my pension fund is that while I’m still an employee, I can only withdraw due to financial hardship. If I’m not an employee, the funds are available (with a penalty). The trouble is that if I got the visa, I would quit my job - making the fund eligible. However, at time of application, I would still have my job.

Well, fully vested as in I own all of it but it is mutual funds and stocks so I would need to sell them before I had the value in cash. Selling takes less than a day. Would this count?

The key is that the account can be accessed immediately, and the language is important. The bank will need to provide a letter that specifies the terms of the account. If they aren't considered immediately accessible, you would have to look at moving them to a savings account. Some of the more experienced members may have suggestions based on the different types of investment accounts and any refusals they've seen.

This is the official guidance:

11A. In respect of cash savings:

(a) The savings may be held in any form of bank/savings account (whether a current, deposit or investment account, provided by a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating), provided that the account allows the savings to be accessed immediately (with or without a penalty for withdrawing funds without notice). This can include savings held in a pension savings account which can be immediately withdrawn.

(b) Paid out competition winnings or a legacy which has been paid can contribute to cash savings.

(c) Funds held as cash savings by the applicant, their partner or both jointly at the date of application can have been transferred from investments, stocks, shares, bonds or trust funds within the period of 6 months prior to the date of application, provided that:

(i) The funds have been in the ownership and under the control of the applicant, their partner or both jointly for at least the period of 6 months prior to the date of application.

(ii) The ownership of the funds in the form of investments, stocks, shares, bonds or trust funds; the cash value of the funds in that form at or before the beginning of the period of 6 months prior to the date of application; and the transfer of the funds into cash, are evidenced by a portfolio report or other relevant documentation from a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating.

(iii) The requirements of this Appendix in respect of the cash savings held at the date of application are met, except that the period of 6 months prior to the date of application in paragraph 11(a) will be reduced by the amount of that period in which the relevant funds were held in the form of investments, stocks, shares, bonds or trust funds.

(iv) For the purposes of sub-paragraph 11A(c), “investments” includes funds held in an investment account or pension account or fund which does not meet the requirements of paragraphs 11 and 11A(a).