Bank Accounts for Cash Savings/Spouse Visa

Hello,

My husband and I are getting together cash savings (over £62,500) so that we have a backup plan for our spouse visa if he can not get a UK job in the next 6 months. We don't really care what account the money sits in, since we won't be touching it, but what would be the most straightforward solution?

I have added him to my bank account, so that is technically now joint (although on the statements, my name comes first). He also has his own bank account. Should all the cash savings be sitting in our joint account, his account, or a combination of both? Just looking for the most clean-cut way to set things up for if we need to prove the savings for the visa!

Thanks!

It really doesn't matter which account(s) it's in, as long as the account(s) are either in:
- his name only
- your name only
- both your names only (no one else on the account)

The money could all be in one account, or it could be spread across 10 accounts... it makes no difference, as long as you can show £62,500 or more held for at least 6 months. Though you will need to provide bank statements from each account if it is spread across more than one.

Ideally you want savings to all stay in the same account(s) for the whole 6 months, so that you only have to send 1 set of bank statements... i.e. if you moved the money to a different account halfway through the 6 months, you would need to provide statements from both accounts to show the money was in one or both of the accounts for the entire time.

Also, if the total balance dips below £62,500 for even 1 day, you won't meet the requirements, so you don't want to be in a situation where you transfer money out of one account but  it doesn't go into another account on the same day... because if there is even 1 day where it's not in either account, it will reset the 6 months.

I guess the only thing that might make things a bit easier is if the money is in a UK GBP account, so that you don't have to worry about exchange rate fluctuations when you apply... but it's not a major issue if it isn't - you just have to make sure that the amount is the equivalent of £62,500 on the day you submit the application (using the OANDA exchange rate on that day).

The only other thing to think about would be the ease of getting statements in the correct format.

They either need to be sent to you through the post by the bank, of if they are printed from online, they need to be stamped on every page by the bank or accompanied by a letter verifying ether authenticity.

But yes, pick one account and keep all the money there.

Thank you for all the info! Since I'm the one being sponsored, I thought they didn't count any of my finances? I think we will use our joint account, if that's not the case.

Unfortunately, we are both in the states right now, so will be using a US account. We are a little nervous about the conversion rate fluctuations (especially during these uncertain times). How much extra do you think we should include in case the dollar ends up dropping even more against the pound? 

Also, do retirement funds (401k etc.) count towards the total?

Thanks!

Thank you for all the info! Since I'm the one being sponsored, I thought they didn't count any of my finances? I think we will use our joint account, if that's not the case.

No, it's only your employment income (Category A or B) or self-employment income (Category F or G) that cannot be counted... because you don't yet have the right to work in the UK.

However, you can use your finances for any of the following categories:
- Category C: Non-employment income
- Category D: Cash Savings
- Category E: Pension Income

Once you are living in the UK with the right to work, your employment or self-employment income can be counted for future applications, either on its own or combined with your spouse's income if needed.

Unfortunately, we are both in the states right now, so will be using a US account. We are a little nervous about the conversion rate fluctuations (especially during these uncertain times). How much extra do you think we should include in case the dollar ends up dropping even more against the pound? 

It's really hard to tell... I think you're just going to have to keep a close eye on the exchange rates as you get closer to when you plan to apply.

What sort of figure do you expect to have in savings?

Right now, you would need $81,599.40 to make £62,500.... but 2 days ago you would have needed $81,770.60, and on August 1st, you would have needed $82,003.80. However, on July 1st, you would only have needed $77,051.20 to meet the requirement.

Also, do retirement funds (401k etc.) count towards the total?

Yes, a 401k can be used, as long as the money has been in there in full for at least 6 months, and you can access it to withdraw money immediately (with or without penalty).