Account Types That Can Hold Settlement Funds for Express Entry
“Just keep it in a savings account, it’s simplest” — that’s the kind of advice that circulates in emigration Facebook groups, usually from someone who did it three years ago under different rules. In practice, account types that can hold settlement funds are more varied than that single piece of advice suggests, and the differences matter more than people assume.
The one rule that governs every account type
IRCC’s (Immigration, Refugees and Citizenship Canada’s) settlement funds requirement, for Express Entry candidates applying under the Federal Skilled Worker or Federal Skilled Trades programmes, comes down to one test: the money must be genuinely and legally yours, available both when you apply and again when a permanent resident visa is issued. Equity in real estate doesn’t qualify, and borrowed money doesn’t count, no matter how liquid it looks on paper. Every account-type comparison below sits inside that constraint — the liquidity requirements for proof of funds accounts come down to what you can actually get your hands on, not what the account is called.
The simplest option: a plain savings account
A current or savings account is the simplest option precisely because it’s fully liquid — the balance is available on demand, and a bank letter plus six months of statements is a clean, uncomplicated document set. The trade-off is opportunity cost: money sitting in an ordinary account earns little.
Where a fixed deposit gets complicated
A fixed deposit or notice account earns more, but it introduces a genuine question worth resolving before you rely on one: is money in a notice-period account “available” in the sense IRCC requires, if withdrawing it early means giving up interest or waiting out a notice window? The safest approach is to treat only the portion you can access without penalty as counted funds, and to hold any notice-period product well clear of your application timeline rather than assuming it will resolve itself in time.
Why an investment account needs more paperwork
An investment or brokerage account sits furthest from a straightforward bank letter. Values move with the market, statements look different from a bank’s, and demonstrating that the funds are both yours and readily convertible takes more explaining than a current account ever does. None of that makes an investment account unusable — it just means the documentation burden is higher, and a comfortable buffer above the minimum matters more when the underlying value can move before you apply.
What officers are actually looking for
Officers reviewing a settlement funds file are looking for money that behaves in a boring, stable, obviously-yours way over time. A lump sum that appears suddenly close to your application date raises the obvious question of whose money it actually is — regardless of which account type it sits in. Consistency across six months of history matters more than which product technically held the balance.
Weighing SA notice and money market products
South African readers weighing notice deposits, money market accounts and similar products against an ordinary savings account should treat the underlying liquidity question, not the product’s interest rate, as the deciding factor — and confirm directly with a South African financial adviser how a specific product’s access terms interact with the exchange control rules on moving the money out.
The version that avoids trouble
Split the difference: keep the required minimum, plus a real buffer, in something fully liquid, and let any higher-yield product sit separately, outside what you count toward the requirement.
Our free guide on proof of funds and moving money walks through the paper trail IRCC expects, and pairs well with a proper conversation with a South African financial adviser before you move anything.