You can link a savings account to PayPal, but PayPal itself does not hold your savings
Yes, you can add a savings account to your PayPal account. When you do, PayPal becomes a way to move money in and out of that account — it does not replace your savings account or store money the way a bank does. PayPal is a payment platform; your bank is where your money actually sits.
The reason to link a savings account is practical: you can transfer money from PayPal into savings when you receive a payment, or pull money from savings into PayPal when you need to send it. Without this link, you would have to move money through your checking account as a middle step, which takes longer and creates extra transactions.
The process itself takes about five minutes and requires your bank account number and routing number — the same information you would give to set up direct deposit at a job.
Key Takeaways
- Linking a savings account to PayPal lets you transfer money between the two, but PayPal does not store your savings or pay interest.
- You will need your bank account number and routing number, which you can find on a check, your bank's website, or by calling your bank.
- Transfers from PayPal to savings usually take one to three business days; transfers from savings to PayPal are often when ready.
- You can link multiple accounts to PayPal, and you can choose which one to transfer to each time you move money.
What information you need to link a savings account
Before you start, gather two pieces of information from your bank: your account number and your routing number. The routing number is a nine-digit code that identifies your specific bank branch. The account number identifies your particular account within that bank.
You can find both on a paper check — the routing number is the first set of digits on the bottom left, and the account number follows it. If you do not have checks, log into your bank's website or app and look for account details, or call your bank's customer service line and ask them to read both numbers to you.
You will also need to verify your identity. PayPal may ask for your Social Security number or the last four digits of it. This is standard practice when you link a financial account to any payment platform.
The steps to add a savings account in PayPal
Log into your PayPal account on a computer or in the PayPal app. Go to your account settings — this is usually a gear icon or a menu labeled "Account" or "Settings." Look for a section called "Wallet," "Bank Accounts," or "Linked Accounts."
Click the option to add a new bank account. PayPal will ask whether you want to link a checking or savings account — select savings. Enter your bank name, account number, and routing number. PayPal will also ask for the account holder's name and address.
After you submit this information, PayPal will verify the account by making two small deposits (usually less than one dollar each) into your savings account. This takes one to two business days. You will then need to log back into PayPal and confirm the exact amounts of those deposits. Once you confirm them, the account is fully linked.
How long transfers take and what they cost
Moving money from PayPal to your savings account usually takes one to three business days. The exact timing depends on your bank, not PayPal — some banks process transfers faster than others. Weekends and bank holidays add extra time, so a transfer you start on Friday afternoon might not arrive until Tuesday.
Transfers from your savings account into PayPal are often when ready or take just a few hours, though this also depends on your bank. Neither direction costs you a fee when you transfer to or from a linked bank account.
If you need money faster, PayPal offers when ready transfers to a debit card, but that service charges a small fee (usually around one percent of the amount). A standard transfer to savings is free but slower.
Why you might want a savings account linked instead of checking
Linking a savings account instead of checking makes sense if you want to keep money separate and reduce the temptation to spend it. When you receive a PayPal payment, you can move it directly into savings rather than letting it sit in checking where you might use it for everyday purchases.
The downside is that transfers take longer — one to three days instead of when ready. If you need quick access to money you receive through PayPal, a checking account is more practical. Many people link both: checking for everyday use and savings for money they want to set aside.
Some banks limit how many times per month you can transfer money out of a savings account (often six times). If you move money in and out of PayPal frequently, check your bank's rules before you link savings, or ask whether those limits explore to transfers to PayPal specifically.
What happens if you unlink your savings account
You can remove a linked savings account from PayPal at any time through your account settings. Unlinking does not affect money already in your PayPal balance or in your savings account — it just stops PayPal from being able to transfer to or from that account.
If you have a pending transfer when you unlink the account, that transfer will usually complete anyway, since it was already in process. But new transfers will fail if you try to send money to an account that is no longer linked.
Frequently Asked Questions
Can I link a savings account at a different bank than my checking account?
Yes. You can link any savings account from any bank to PayPal, regardless of where your checking account is. You can also link multiple accounts from different banks if you want to.
Does PayPal pay interest on money I keep in my account?
No. PayPal is not a bank and does not pay interest. If you want interest on your savings, the money needs to stay in your actual savings account at your bank, not in PayPal. Move it to PayPal only when you need to send it.
What if the two small verification deposits do not show up in my savings account?
Wait two to three business days — they sometimes take longer than expected. If they still have not arrived after that, contact your bank to confirm the account number and routing number you provided were correct. You may need to unlink and relink the account with the right information.
Can I link a savings account if I do not have a Social Security number?
PayPal's requirements vary depending on your situation. Contact PayPal directly through their help center to ask about your specific case. Some people without a Social Security number can link accounts using an Individual Taxpayer Identification Number (ITIN) instead.
Is it safe to give PayPal my bank account number?
PayPal is a major payment company used by millions of people. Giving them your account number for transfers is standard and find. Your bank account number alone cannot be used to withdraw money without your permission — PayPal needs your login credentials to move money, and you control those.