Can I use savings to supplement my income?
Yes, savings can supplement regular income for the RWR+ Card financial requirement by dividing total savings by 12
How Savings Are Counted
Savings can supplement your regular income by:
- Dividing your total savings by 12 months
- Adding this amount to your monthly income
- Using the combined figure to meet the minimum requirement
Example Calculation
- Monthly net income: €1,100
- Total savings: €6,000
- Monthly equivalent of savings: €6,000 ÷ 12 = €500
- Combined monthly available income: €1,100 + €500 = €1,600
- Required minimum (single person): €1,273.99
- Result: ✅ Requirement met
Acceptable Types of Savings
- Bank account balances (“checking account”)
- Savings accounts
- Fixed deposits
- Building society contracts (Bausparverträge)
- Life insurance with cash value
We strongly recommend having your savings in Austria and on an Austrian banking account. That will make confirmation easier.
If you have your savings on an account abroad (e.g. in Ukraine), you will have to proof the origins of these funds.
Documentation Requirements
You must provide:
- Recent bank statements (less than 3 months old)
- Statement of origin of funds for large amounts or if abroad
- Proof of accessibility from Austria (for foreign accounts)
- Translation of foreign bank documents
Important Considerations
- Savings must be legally acquired and verifiable
- Funds must be immediately accessible
- There’s no official formula for minimum savings amount
- Having substantial savings strengthens your application
How mypaperwork.ai can help
mypaperwork.ai can help you calculate how much of your savings can be counted toward your income requirement, prepare the necessary documentation, and guide you you how to explain the origin of your funds if needed.