Yes, you can add a savings account to Venmo, but Venmo treats it the same as a checking account
Venmo accepts any bank account connected to the ACH network — which includes most savings accounts at major banks and credit unions. When you link a savings account, Venmo doesn't distinguish between it and a checking account. You can transfer money into Venmo from your savings account and send it to other people, or receive money and transfer it back to savings.
The catch is speed. Transfers between Venmo and a savings account move on the ACH timeline, which takes one to three business days. If you need money to move faster, you would need to link a checking account instead and use Venmo's when ready transfer option (which costs a small fee and requires a debit card).
Venmo also doesn't let you transfer directly from savings to another person's savings account. The money lands in their Venmo balance first, and they choose where to send it next — whether that's their checking account, savings account, or somewhere else.
Key Takeaways
- Venmo accepts savings accounts through the ACH network, and you link them the same way you would link a checking account.
- Transfers from Venmo to a savings account take one to three business days, not minutes.
- If you need faster transfers, you will need to link a checking account and pay for Venmo's when ready transfer option.
- Money you receive on Venmo lands in your Venmo balance first; the recipient decides where to send it next.
How to add a savings account to Venmo
Open the Venmo app and tap the menu icon (three horizontal lines) in the bottom right corner. Select "Settings," then "Payment Methods," then "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 deposits to your savings account — usually within one to two business days — and you will confirm the amounts in the app to complete the link.
You can also link a savings account through the Venmo website by going to Settings > Payment Methods > Add a Bank Account and following the same steps. Either way, once the account is verified, it will appear in your payment method list and you can choose it when you transfer money out of Venmo or add money to your Venmo balance.
When transfers to savings take longer than you expect
ACH transfers are not when ready. When you move money from Venmo to your savings account, the transfer enters a queue with other ACH transactions. Banks process these in batches, usually once or twice per day. Weekends and bank holidays extend the timeline — a transfer initiated on Friday evening might not land until Tuesday morning.
If you initiated a transfer and it has been more than three business days, check your Venmo transaction history to see the status. If it shows "completed" on Venmo's end but the money has not appeared in your savings account, contact your bank's customer service with the transfer date and amount. The issue is usually on the bank's side, not Venmo's, and the bank can trace the transaction and push it through.
Why you might want a checking account instead
Venmo offers an when ready transfer option that moves money to a linked debit card in minutes, not days. This only works with a checking account debit card, not a savings account. The fee is usually 1% of the transfer amount (with a minimum of 25 cents), but if you regularly need money fast, it may be worth it.
A checking account also gives you more flexibility if you use Venmo for regular bill payments or frequent transfers. Many people keep a small checking account linked to Venmo for speed and a savings account linked for larger transfers they can plan ahead for.
What happens if you receive money while a savings account is linked
When someone sends you money on Venmo, it lands in your Venmo balance, not directly in your bank account. You then decide where to send it. If your savings account is linked, you can choose it as the destination for a transfer out. The money will move on the ACH timeline (one to three business days) just as it would if you were transferring your own money.
You can also keep the money in your Venmo balance and spend it directly using Venmo's debit card (if you have one), or transfer it to a different account later. Venmo does not automatically move received money anywhere — you are always in control of where it goes next.
Limits on how much you can transfer
Venmo sets weekly and monthly limits on how much you can send and receive. The exact limits depend on your account age and verification status, but new accounts typically start at lower limits and increase over time as you use the service. You can check your current limits in the app under Settings > Limits.
Your bank may also set its own limits on ACH transfers to and from your savings account. If you hit a limit, you will see an error message when you try to transfer. Contact your bank to ask whether the limit can be raised, or wait until the limit resets (usually weekly or monthly depending on the bank).
Frequently Asked Questions
Can I transfer money directly from my savings account to someone else's savings account through Venmo?
No. Money always lands in the recipient's Venmo balance first. They then choose where to send it — checking account, savings account, or elsewhere. You cannot bypass this step.
Will Venmo charge me a fee to link my savings account?
No. Linking a savings account is free. You only pay a fee if you use Venmo's when ready transfer option, which requires a debit card and costs 1% of the transfer amount.
What if my savings account is at a small credit union — will Venmo still accept it?
Most credit unions participate in the ACH network, so yes. If your credit union does not, Venmo will tell you when you try to link the account. Contact your credit union to confirm they support ACH transfers, or link a different account instead.
Can I use a savings account for Venmo's when ready transfer option?
No. when ready transfers only work with a debit card linked to a checking account. Savings accounts do not have debit cards, so you cannot use them for fast transfers.
How do I remove a savings account from Venmo if I do not want to use it anymore?
Go to Settings > Payment Methods, find the savings account in your list, and tap the delete or remove option. You can add it back later if you change your mind.