Embarking on a journey of higher education in the United Kingdom requires meticulous planning and attention to detail, especially when it comes to financial documentation. Among the essential paperwork needed for securing a Confirmation of Acceptance for Studies (CAS) and subsequently applying for a student visa is the UK bank statement. In this detailed guide, we’ll delve into the importance of the UK bank statement, the 28-day maturity requirement, and provide a step-by-step calculation using Northumbria University London as an illustrative example.
The Significance of UK Bank Statements
The UK bank statement serves as a cornerstone of your application process, offering tangible evidence of your financial stability and capability to sustain yourself throughout your academic pursuit in the UK. It not only assures the university of your ability to cover tuition fees but also convinces immigration authorities of your capacity to afford living expenses without recourse to public funds.
Whose bank statement can be used?
While the bank statement can be by your name, it’s crucial to note that immediate family members—such as
- parents
- siblings
- spouse
can also provide it on your behalf. However, if the statement isn’t in your name, an affidavit or an authority letter from the account holder must accompany it, affirming permission to utilize the funds for your education in the UK.
Understanding the 28-Day Maturity Requirement
One of the fundamental prerequisites for a UK bank statement is its maturity period of at least 28 consecutive days. This stipulation ensures the genuineness of the funds, substantiating that they’ve been accessible for an adequate duration rather than being merely deposited temporarily for the application process.
Step-by-Step Calculation:
Bank statement for UK depends on the University fee, initial deposit and living expenses for nine months. Living expenses inside London are 1334 and outside London are 1023 per month. Let’s calculate the bank statement for Northumbria university as an example. Suppose the total annual tuition fee is £15,200, with an initial deposit of £5,515. Additionally, considering the living costs within London at £1,334 per month, we aim to calculate the required bank statement for nine months.
Calculate Outstanding Fee: Subtract the initial deposit from the total tuition fee.
Outstanding Fee = Total Fee – Initial Deposit
= £15,200 – £5,515
= £9,685
Determine Living Costs for Nine Months: Multiply the monthly living expenses by nine.
Total Living Costs = Monthly Living Costs * 9 months
= £1,334 * 9
= £12,006
Calculate Total Required Funds: Add the outstanding fee to the living costs for nine months.
Total Required Funds = Outstanding Fee + Total Living Costs
= £9,685 + £12,006
= £21,691
When is bank statement required?
Applying for CAS
It’s imperative to present your UK bank statement to the university during the CAS application process for review. You have to upload it along other documents in the CAS shield.
Visa application
Similarly, when applying for a student visa, the immigration authorities will scrutinize your bank statement to ensure compliance with financial requirements. Ensuring that your statement aligns with the calculated total required funds will significantly bolster your application’s success rate.
In essence, the UK bank statement serves as a cornerstone of your academic journey, affirming your financial preparedness and commitment to your educational pursuits in the UK. By adhering to the guidelines and diligently preparing your documentation, you can navigate the application process with confidence and embark on a transformative academic experience in the UK.
