Hi. Can the 500k be on a savings account ? The account is still on my name but gets interest, i can move it to my account that has a debit card (just a simple personal bank account) but I wanna try first without moving it. Anyone knows?
Answer summary
Yes, the 500k requirement can be met with funds in a savings account as long as you have immediate access to the funds. It's advisable to provide bank statements showing the funds and any transfers between accounts to demonstrate accessibility, especially during visa applications.
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Anonymous ******************
For me, they accepted it. 99% of my funds are in my savings account because it earns the most interest. I provided statements for both accounts and highlighted the transfers between the two.
In a covering letter amongst other things, I explained why most of the funds are in a savings account and the ease of transferring between the two via the app and then withdrawals from the ATM with a debit card. Mine was during in person applications and they asked me to demonstrate how transfers are done on the app!