₦airaland Forum

amnotapervert:
Good morning,

Please I want to clarify, should funds in saving accounts be moved into mutual funds accounts or mutual funds liquidated to savings account?

Or it doesn’t matter?
In stating it in the SOP, should funds be stated individually (mutual funds and savings)
Or together in one account?

Good evening 👋

Let me break this down for you clearly:

1. Using Fixed Deposit as Proof of Funds (POF)

Yes, a fixed deposit / mutual investment fund certificate can work, but IRCC is very particular about liquidity. A few things to ensure:

Evidence of history – show that the fixed deposit account has been active for some time (not just recently created for visa purposes). Provide the certificate + account statement covering the period.

Liquidation proof – if you’re liquidating, get an official letter/statement from Stanbic IBTC confirming liquidation and transfer of funds into your personal (Access Bank) account.

Bank statement (main account) – make sure your Access Bank account shows the inflow from Stanbic and that the balance reflects the required POF. Include 6 months’ statement to prove financial consistency.

Letter of explanation (LOE) – attach a simple explanation in your study permit application: explain that you had the funds invested in a fixed deposit for safekeeping and have now liquidated them to make funds available for your studies.

At this point, the key is to make your Access Bank account look strong and reliable*at the time of application. Immigration officers want to see you have funds readily available, not locked away.

2. Strengthening Your POF

To solidify:

Get official bank reference letters from both Stanbic IBTC and Access Bank confirming account ownership, balances, and dates.
Ensure no sudden suspicious large deposits shortly before application (except the liquidation inflow, which you’ll explain).
if possible, add sponsor’s affidavit (if applicable) or show multiple sources (e.g., partial family support, scholarship, etc.) to diversify.

3. If You Do Another Program After 1 Year ( FYI do not tell IRCC you want to do another program after 1 year for now)

Yes — if you enroll in another program after your first year, you’ll need to show proof of funds again when applying for a new study permit or extension (unless you already qualify for PGWP and plan to work instead).

Example: If you finish a 1-year program and apply for another program, IRCC expects to see POF for that new program (tuition + 1-year living expenses).
If you transition directly to PGWP, you don’t need POF anymore.