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The short answer
A fixed deposit can count only if the money can be withdrawn immediately. As at October 2026, Appendix Finance FIN 8.1 accepts current, deposit, savings and investment accounts 'provided the account allows the funds to be accessed immediately', and FIN 8.2 rejects any product where funds cannot be withdrawn immediately, regardless of notice period.
Nigerian parents often keep school-fee money in a fixed deposit to earn interest while a child waits for a CAS. The question is whether that deposit counts as the 'money in your account' that UK Visas and Immigration expects. The answer turns on one condition in the Immigration Rules: immediate access.
What the rules say
Student visa funds are tested under Appendix Finance of the Immigration Rules. Two paragraphs decide the fixed deposit question:
- FIN 8.1
- Funds may be held in any form of personal bank or building society account (including current, deposit, savings, pension from which the funds can be withdrawn, or investment account) provided the account allows the funds to be accessed immediately.
- FIN 8.2
- Funds held in other accounts or financial instruments such as shares, bonds, credit cards, or pensions from which the funds cannot be withdrawn immediately, regardless of notice period, will not be accepted.
So the label 'fixed deposit' does not decide it. What decides it is whether you can take the money out today. A deposit that is locked until maturity, or that needs 30 days' notice, fails FIN 8.2 even though the money is real and safe.
Breakable deposits and penalties
Some banks let customers 'liquidate' a fixed deposit before maturity, often at the cost of some interest; your bank's terms will say. Does that count as immediate access? Appendix Finance does not mention penalties. The family-route rules in Appendix FM-SE (paragraph 11A) do say an account counts if savings can be accessed immediately 'with or without a penalty for withdrawing funds without notice', which shows how the Home Office thinks about penalties on that route, but that paragraph does not govern Student applications.
Because the Student rules are silent, the safest course is to have a bank letter that says in plain words that the funds can be withdrawn on demand, at any time, and whether any interest is forfeited. A caseworker who reads 'tenor: 180 days' with no mention of early withdrawal may treat the funds as locked.
Other conditions still apply
- 28 days: the balance must be held for at least 28 consecutive days, ending within 31 days of application (GOV.UK Student visa money page).
- Name: the account must be in your name, held jointly, or in your parent's or legal guardian's name with proof of relationship and their written consent (FIN 5.1 and 5.3).
- Institution: the bank must be regulated, use electronic records and be verifiable by the caseworker (FIN 2.1).
- Date: the most recent evidence must be dated within 31 days before application (FIN 7.1).
- Currency: naira is converted at the OANDA spot rate on the application date (FIN 1.1).
How to evidence a fixed deposit
- Ask the bank for a letter on letterhead, signed and dated, showing the account holder's name, account number, the deposit amount and balance, the start date of the deposit and the date of the letter.
- Ask it to state that the funds are available for withdrawal on demand, and any penalty for early withdrawal.
- Make sure the deposit has been in place, at or above the required amount, for the full 28 days. A rollover that briefly moved funds to another account can break the period; ask the bank to show continuity.
- If the deposit is in a parent's name, add the birth certificate and a signed consent letter.
- Keep the date of the letter within 31 days of your application.
Example
Example: a Kano family holds ₦30 million in a 90-day fixed deposit opened on 1 June. The bank's letter dated 10 July shows the deposit but says nothing about early withdrawal. The student applies on 20 July. The amount and dates may be fine, but the caseworker cannot tell whether the money is accessible. A second letter confirming withdrawal on demand removes that doubt.
Simpler alternative
If the bank will not confirm on-demand access, move the money into a savings or current account at least 28 days before applying. You lose some interest, but you remove the question altogether. Our guide to fixed deposit versus savings account for proof of funds compares the two across countries, and large lump-sum deposits explains why a sudden transfer can still raise questions about where the money came from.
Where Pryme fits
Pryme's Savings Boxes include a Fixed Box, and the same logic applies: money held to maturity is not immediately accessible, so do not rely on a fixed product for a visa balance. Keep visa funds in a balance you can withdraw at any time, such as a GBP balance.
Questions people ask
Is a fixed deposit accepted for a UK student visa?
Only if the funds can be accessed immediately. Appendix Finance FIN 8.2 rejects funds that cannot be withdrawn immediately, regardless of notice period.
Can I use my parents' fixed deposit for my UK visa?
An account in a parent's name is allowed with proof of relationship and their written consent, but the same immediate-access condition applies.
Does a 30-day notice account count for UK visa funds?
No. FIN 8.2 says funds that cannot be withdrawn immediately are not accepted, regardless of notice period.
What should the bank letter for a fixed deposit say?
Your name, account number, amount, the deposit's start date, the letter's date, and that the funds can be withdrawn on demand.
Sources
- GOV.UK: Immigration Rules Appendix Finance (updated Oct 2026) · accessed Oct 2026
- GOV.UK: Student visa – money (updated Oct 2026) · accessed Oct 2026
- GOV.UK: Immigration Rules Appendix FM-SE (updated Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.