UK spouse visa financial requirement: Using cash savings to meet the threshold

Many couples give up on their UK spouse visa dreams far too early, thinking the financial requirement can only be met through a steady salary. But that’s not true. There’s another way, and it could be your way in – cash savings.

The common misconception

Let’s clear something up. To sponsor your spouse or partner to join you in the UK, the Home Office requires that you meet a financial threshold. If you're using income alone, that threshold is currently £29,000.

Understandably, that disqualifies a lot of people, especially:

• Freelancers or those with variable income
• Self-employed individuals
• Stay-at-home parents
• Retirees or those between jobs

But here’s the good news: employment income isn’t the only way to qualify.

What is the cash savings route?

If you (or your partner) have at least £88,500 in cash savings, you can meet the financial requirement without relying on income at all. The only catch? That money needs to have been in your account for at least six months before applying.

Your savings must be:

• In your name or your partner’s (or jointly held)
• Immediately accessible (can be withdrawn any notice period)
• Held in a regulated financial institution
• Clearly documented with bank statements and a source-of-funds explanation

It’s an option that’s often overlooked, but for many, it’s the simplest and most reliable route.

How savings can reduce the income requirement

If you don’t have this amount of money saved, it doesn’t mean all hope is lost. The Home Office also allows you to combine whatever savings you do have with your income, thus lowering the income requirement. 

Here’s how it works:

• The first £16,000 of your savings is disregarded
• Every £2.50 of savings over £16,000 reduces the income requirement by £1
• This means that even modest savings can make a big difference

The more savings you have, the lower the income requirement becomes.

Which accounts can be used for cash savings?

When applying for a UK spouse visa using the cash savings route, not all bank or investment accounts qualify. To be accepted, your savings must be held in an account that meets specific requirements set out by the UK Home Office.

The good news is that you can use a current account, deposit account or even certain investment accounts – as long as they meet the criteria below.

For an account to be accepted as a source of cash savings, it must meet all of the following conditions:

• The account is a current, deposit or investment account
• It is held in a financial institution regulated by the appropriate authority in that country
• Regular bank statements are available
• The statements cover the full six-month holding period required under immigration rules
• The savings are held in cash, or the cash value is clearly identifiable
• The funds can be immediately withdrawn (with or without a penalty)
• The money has been under the control of you and/or your partner for the required time period
• The source of the funds is legal and has been declared

Examples of acceptable accounts:

• A UK current or savings account with monthly statements
• A stocks and shares ISA (Individual Savings Account), provided the cash value is clear and accessible
• A pension savings account, if the funds can be withdrawn immediately

Always ensure that the funds are liquid, legally sourced, and fully documented. If any of the above criteria aren't met, your savings may not be accepted – and that could put your visa application at risk.

Who this option is perfect for

You might want to consider the cash savings route if:

• Your income fluctuates from month to month
• You’re newly self-employed and don’t have the required tax records yet
• You’re living abroad and don’t earn UK-based income
• You’re between jobs but have access to a lump sum
• You’ve recently inherited money or sold a property

What you'll need

To apply successfully using savings, you’ll need:

• Bank statements showing the £88,500 was held continuously for six months
• A letter from the bank confirming the funds
• Proof of how the money was obtained (e.g. inheritance letter, sale contract)

This documentation goes in with your visa application to show you meet the financial requirement through savings alone.

Don’t disqualify yourself too early

Far too many people assume they’re ineligible before checking the facts. Yes, the rules can be complex. But if you or your partner have access to cash savings, you could be closer to approval than you think.

Don't give up before exploring every option. Cash savings might just be the key to your future together in the UK.

Whether you're still unsure which path to take, or you’re ready to submit your application and want to make sure it's watertight, we can walk you through the process. Get in touch with our knowledgeable advisers on immigration@sableinternational.com or +27 (0) 21 657 2180