Premium bonds

[rubarb]

Hi

Im doing a settlement visa for me and the wife and have heard i can not show my savings in premium bonds it has to be in a normal bank account

Is this true please

Thank you

 

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[rubarb]

Also what are the total fees for a uk visa altogether thank you

 

 

 

Edited July 10, 2019 by theoldgit
Unnecessary quote removed.

[rubarb]

I have been told i can not show them as savings for a settlement visa i need to put into a normal bank account.
I would of thought i could show my paperwork for the visa showing my savings in premium bonds

 

 

 

[Chelseafan]

I have my savings in premium bonds too and want to use the same document as backup for a visa for the missus.

Who told you that they won't accept this as proof of savings ?

BTW, I'm making about 1.8% so far ????

 

[chickenslegs]

13 hours ago, Chelseafan said:

I have my savings in premium bonds too and want to use the same document as backup for a visa for the missus.

Who told you that they won't accept this as proof of savings ?

BTW, I'm making about 1.8% so far ????

 

I have used my Premium Bonds as evidence to show that we can afford our annual trips to the UK (my wife is on her 2nd 10-year visitor visa) and there has been no problem at all.

However, the OP is asking whether such savings are acceptable for a Settlement Visa. I can't answer his question, but it would be ridiculous (IMO) if they are not. NS&I savings are just as good as money in a bank.

 

[rasg]

The last time I checked quite recently, Premium Bonds cannot be used as proof of savings. It's ridiculous as you can get the cash from them in around 48 hours.

[rubarb]

Ive been told by a visa company that it has to be in a normal bank account so its accessible straight away as the visa application asks that

13 hours ago, Chelseafan said:

Who told you that they won't accept this as proof of savings ?

 

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[macahoom]

3 minutes ago, fredob43 said:

If you look at what you need in P/B to get a reasonable pay out it's around 25th UK. Most of the big ones (Not Many now) go to the peeps that have large amounts of them with lots of different sets of No:

I had over 20th UK in mine in groups of 1/2000 No: at a time. And used to get a pay out of some sort every month. That used to be reinvested in more P/B.

All gone now as you cant hold them if you are not a resident. 

As far as I know, you can hold them if you're not a resident.

 

My Thailand address has been registered with them for the last 15 years.

[fredob43]

1 minute ago, macahoom said:

As far as I know, you can hold them if you're not a resident.

 

My Thailand address has been registered with them for the last 15 years.

When I had mine some 5 year ago, it was on the internet that only UK residents can hold them. Might have change now but worth checking.

[theoldgit]

27 minutes ago, fredob43 said:

When I had mine some 5 year ago, it was on the internet that only UK residents can hold them. Might have change now but worth checking.

Non UK residents can hold, and non UK residents who are also resident outside of the UK can also buy but, but only in certain countries, where local laws permit.

[theoldgit]

Some posts removed or edited, this forum is for visa questions, not the advantages of holding Premium Bonds.

[rubarb]

Thanks for all your replys
It seems true i have to transfer my premium bonds savings to my normal bank 6 months before trying for a settlement visa
It seems ok to have them for a tourist visa application but not a settlement visa.

Some posts removed or edited, this forum is for visa questions, not the advantages of holding Premium Bonds.

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[rasg]

12 minutes ago, rubarb said:

It seems ok to have them for a tourist visa application but not a settlement visa.

That's right. All you need to show is that you have sufficient funds for a visit visa. A settlement visa is a totally different thing.  

 

Presumably you are relying on the £62,500 savings route to get the settlement visa and you don't have an annual income of £18,600?

[rasg]

16 minutes ago, rubarb said:

It seems true i have to transfer my premium bonds savings to my normal bank 6 months before trying for a settlement visa

I wouldn’t be too sure about that. I'm not sure about this but presumably the Premium Bonds are in your name? It normally takes about 48 hours to get your money out and I wonder, as the money in the bonds is in your name and under your control and you move it to a normal savings account if you will have to wait six months. The financial guidelines might answer the question.

[Tony M]

These are the requirements for cash savings:

 

The following table illustrates all the requirements that must be met:
Summary of all the requirements that must be met for funds to be considered as cash savings held in a current, deposit or investment account
1
The bank/savings account is a current, deposit or investment account
2
The account is held is a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating
3
The financial institution is not on the list of excluded institutions under the Immigration Rules
4
Regular bank statements are provided
5
The statements cover the necessary time period required in the Immigration Rules
6
The savings are held in cash (or their cash value is clear)
7
The savings can be immediately withdrawn (with or without penalty)
8
The funds are under the control of the person and/or their partner for the necessary time period required in the Immigration Rules
9
The source of the funds is legal
10
The source of the funds has been declared

[rubarb]

To me that sounds like its ok to have them in premium bonds but to be on the safe side I'll just transfer them to my bank account for 6 months bank statements then after the visa application just return to premium bonds

These are the requirements for cash savings:
 
The following table illustrates all the requirements that must be met:
Summary of all the requirements that must be met for funds to be considered as cash savings held in a current, deposit or investment account
1
The bank/savings account is a current, deposit or investment account
2
The account is held is a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating
3
The financial institution is not on the list of excluded institutions under the Immigration Rules
4
Regular bank statements are provided
5
The statements cover the necessary time period required in the Immigration Rules
6
The savings are held in cash (or their cash value is clear)
7
The savings can be immediately withdrawn (with or without penalty)
8
The funds are under the control of the person and/or their partner for the necessary time period required in the Immigration Rules
9
The source of the funds is legal
10
The source of the funds has been declared

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[rubarb]

Im relying on savings and house rental income.
It seems the better option for me as im self employed and i believe its a lot harder with paper and bank statements being self employed

That's right. All you need to show is that you have sufficient funds for a visit visa. A settlement visa is a totally different thing.  
 
Presumably you are relying on the £62,500 savings route to get the settlement visa and you don't have an annual income of £18,600?

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[rasg]

If you are self employed, earn over £18,600 pa and submit annual accounts it's pretty straightforward. I just emailed the guidelines to my accountant and let him sort it out. Cost me £100.

[theoldgit]

Thanks for the clarification Tony, as usual the requirements are as clear as mud, I've put my views in bold, I think the best advice is to cash them, though I'm still not sure that they need to be transferred a full six months in advance.

I'm sure a number of applicants hold Premium Bonds, the guidance isn't clear, in my view, whether they meet the requirements or not.

 

"The following table illustrates all the requirements that must be met:
Summary of all the requirements that must be met for funds to be considered as cash savings held in a current, deposit or investment account
 

1 The bank/savings account is a current, deposit or investment account Not current, it could be argued that they are deposit or investment.
2 The account is held is a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating Bizarrely the NS&I isn't regulated, though it is underwritten by HMG.
3 The financial institution is not on the list of excluded institutions under the Immigration Rules Complies
4 Regular bank statements are provided Not regularly supplied
5 The statements cover the necessary time period required in the Immigration Rules N/A
6 The savings are held in cash (or their cash value is clear) The cash value is clear
7 The savings can be immediately withdrawn (with or without penalty) Complies, I suspect 

the 48 hours to process might be regarded as immediate. 
8 The funds are under the control of the person and/or their partner for the necessary time period required in the Immigration Rules Assuming the bonds have been have been held for the required period
9 The source of the funds is legal Maybe
10 The source of the funds has been declared If the bonds are the source of the funs then probably."

[rubarb]

Unfortunately being a taxi driver and dealing in cash everyday i dont put my money in the bank every week
I have been told if i dont put 50% or more of my money i earn in to the bank every week I'll probably get turned down with a settlement visa.

The way ive been told is to go down the unemployed income root through my house rentals and savings.
Hopefully thats the better and easier way for me

If you are self employed, earn over £18,600 pa and submit annual accounts it's pretty straightforward. I just emailed the guidelines to my accountant and let him sort it out. Cost me £100.

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[Tony M]

13 hours ago, rubarb said:

Unfortunately being a taxi driver and dealing in cash everyday i dont put my money in the bank every week
I have been told if i dont put 50% or more of my money i earn in to the bank every week I'll probably get turned down with a settlement visa.

The way ive been told is to go down the unemployed income root through my house rentals and savings.
Hopefully thats the better and easier way for me

 

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I don't think that is true.  The decision will be made on whether, as a sole trader, your accounts, and tax reflect your claimed income.  Your accounts should show your income, and your allowances, etc. Even ECOs are aware that you will be paid in cash (mostly) and have cash expenditures. 

If you are going down the property rental and cash savings route, be aware of the requirements, and the amount of cash you will need to meet the financial threshold.

[rasg]

If it was the wife of the taxi driver I could see that cash that is not banked would be a problem. In the case of a wife who has a job and is paid in cash the money has to be paid into an account in the name of the wife or jointly, the wife and husband. Essentially the money she has earned has be under the control of the wife.

 

I don't think that applies to a sponsor. As long as you can show an SA30 and tax returns, bank statements etc and they exceed the £18,600 it should be fine. Yes you do need to show bank statements and they need to be validated by the bank unless they are original posted statements.