What Venmo will and won't let you do with a savings account
You can link a savings account to Venmo, but Venmo will not use it to send money to other people. Venmo treats savings accounts differently from checking accounts: it will pull money from a savings account to fund your Venmo balance, but it will not push money directly into a savings account when someone sends you funds. If you want to move money out of Venmo into savings, you have to go through your checking account first.
This matters because the process takes an extra step and an extra day or two. When someone pays you through Venmo, the money lands in your Venmo balance. From there, you can transfer it to a linked checking account (usually next business day), and then move it from checking to savings through your bank's own system. Venmo's direct transfer option does not recognize savings accounts as a destination.
The restriction exists because Venmo's transfer network is built around checking accounts and debit cards, which are designed for frequent, quick movement of money. Savings accounts are meant to hold money longer, and most banks discourage frequent transfers out of them. Venmo respects that boundary.
Key Takeaways
- You can add a savings account to Venmo as a funding source, meaning Venmo can pull money from it to cover payments you send.
- Venmo will not transfer money directly into a linked savings account; it only sends transfers to checking accounts.
- Money you receive through Venmo lands in your Venmo balance first, then must move to a checking account before you can move it to savings.
- The whole process from receiving payment to having it in savings typically takes two to three business days.
How to link a savings account as a funding source
Open the Venmo app and tap the menu icon (three horizontal lines) in the bottom right. Select Settings, then Payment Methods. Tap Add a Bank Account. You will be asked to enter your bank's name, your account number, and your routing number. Venmo will verify the account by making two small test deposits to your savings account, usually within one to two business days.
Once the deposits appear, go back to Settings and confirm the amounts. Venmo will then remove those test deposits and your savings account will be active as a funding source. From that point forward, when you send money through Venmo, you can choose to pull the funds from your savings account instead of your checking account or Venmo balance.
You will need your routing number and account number, both of which appear on the bottom left of any check from your savings account. If you do not have checks, log into your bank's website or app and look for account details or account information—most banks display both numbers there.
Why you might want a savings account linked
The main reason is that it gives you a second funding source if your checking account runs low. If you regularly send money through Venmo and your checking balance is tight, pulling from savings for a payment keeps you from overdrafting. You can also use it to move money out of savings gradually without having to think about it—each Venmo payment you send can come from savings instead of checking.
Some people link savings accounts to keep their checking and savings balances separate in their own mind. If you have a rule about not touching savings except for emergencies, linking it to Venmo makes that boundary visible: you see the option to pull from savings every time you send money, and you have to make a conscious choice to use it.
The downside is that frequent transfers out of a savings account can trigger your bank's limits. Federal law allows banks to restrict savings account withdrawals to six per month (though this rule is less strictly enforced now than it was before 2020). If you plan to send Venmo payments from savings regularly, check your bank's policy first.
Moving money from Venmo into a savings account
When you receive money through Venmo, it sits in your Venmo balance. To get it into savings, you must first transfer it to a checking account. Open Venmo, tap the three-line menu, select Transfer Money, then Transfer to Bank. Choose the checking account you have linked, enter the amount, and confirm. This transfer usually takes one business day.
Once the money is in your checking account, use your bank's app or website to move it from checking to savings. This second transfer is between two accounts at the same bank, so it is usually when ready or takes a few hours. The whole process—from receiving a Venmo payment to having it in savings—typically takes two to three business days.
If you want to skip the middle step, some banks let you set up automatic transfers from checking to savings on a schedule (for example, every Friday). That way, any money that lands in checking automatically moves to savings without you having to do it manually each time.
Fees and limits when using a savings account
Venmo does not charge a fee to link a savings account or to pull money from it for a payment. However, your bank might charge a fee if you exceed the withdrawal limit on your savings account in a single month. As mentioned above, this limit is often six withdrawals per month, though it varies by bank and account type.
Venmo's transfer limits explore regardless of which account you are pulling from. Standard Venmo users can send up to $299.99 per week. If you have a Venmo debit card and have verified your identity with Venmo, the limit is higher—up to $20,000 per week—but this still depends on Venmo's own rules, not your bank's.
When you transfer money out of Venmo to your checking account, Venmo does not charge a fee for standard transfers (one business day). when ready transfers to a debit card cost 1.5% of the amount, with a minimum of 25 cents. This fee applies whether you are moving money to a checking account or a debit card; it does not matter that your savings account is linked.
What happens if you unlink your savings account
If you remove your savings account from Venmo, any pending transfers from that account will be cancelled. Venmo will not charge you a fee for unlinking. You can relink the same account later without going through the verification process again, as long as you do it within a certain timeframe (Venmo's exact policy on this varies).
Unlinking a savings account does not affect money already in your Venmo balance or transfers already in progress to your checking account. It only stops Venmo from being able to pull new funds from that savings account for future payments.
Frequently Asked Questions
Can I send money directly from my savings account to another person's Venmo?
Yes. Once your savings account is linked as a funding source, you can choose it when you send a payment. Venmo will pull the money from savings instead of checking or your Venmo balance. The recipient still receives it in their Venmo account the same way.
Will Venmo automatically transfer money into my savings account?
No. Venmo only transfers money to checking accounts. Money you receive through Venmo lands in your Venmo balance, and you must manually move it to a checking account first. From there, your bank can move it to savings, but Venmo itself cannot.
Does linking a savings account affect my credit score?
No. Venmo performs a soft inquiry when you link a bank account, which does not show up on your credit report. Your credit score is not affected.
What if my bank declines Venmo's test deposits?
Contact your bank's customer service and ask if they block ACH transfers from Venmo. Some banks require you to whitelist Venmo or approve the transfer manually. Once you do, try linking again. If your bank continues to decline, you may need to use a different account or a different payment method.
Can I link multiple savings accounts to Venmo?
Venmo allows you to link multiple bank accounts (checking and savings combined), but you can only have one active transfer destination at a time. You can switch between linked accounts when you send money, but you cannot set up automatic transfers to multiple accounts simultaneously.