Yes, you can connect a savings account to Venmo, but Venmo treats it differently than a checking account

Venmo will accept a savings account as a funding source, but the connection works through your bank's routing and account number, the same way it does for checking. The difference is in how long transfers take. When you send money from Venmo to a savings account, the transfer goes through the standard ACH network, which takes one to three business days. Venmo does not offer when ready transfers to savings accounts the way it does to some checking accounts linked to certain banks.

If you want to move money into Venmo from a savings account to pay someone, the process is identical to using a checking account. You enter your routing number and account number, Venmo verifies the account with two small deposits, and then you can fund transfers. The limitation is on the outbound side: when someone pays you through Venmo, you can transfer that balance to a savings account, but you will wait for the standard ACH timeline instead of the when ready option.

Key Takeaways

  • Venmo accepts savings accounts using your bank's routing number and account number, verified through two small test deposits.
  • Transfers from Venmo to a savings account take one to three business days because they use the ACH network, not Venmo's when ready transfer option.
  • You can fund Venmo payments from a linked savings account, but the money will be deducted on the same ACH timeline as outbound transfers.
  • If your bank offers when ready transfers through Venmo, that feature only works with checking accounts, not savings accounts.

How to add a savings account to Venmo

Open the Venmo app and go to the Settings menu, then select "Payment Methods." Choose "Add a Bank Account." You will enter your bank's name, your routing number, and your savings account number. Venmo will then send two small deposits (usually under one dollar each) to that savings account within one to two business days.

Once the deposits arrive, go back to the same menu and select "Confirm Bank Account." Venmo will ask you to enter the exact amounts of those two deposits. Once you confirm them correctly, the account is verified and ready to use. From that point forward, you can select that savings account as a funding source when you send money through Venmo.

Why transfers to savings accounts are slower

Venmo's when ready transfer feature—which moves money to your bank account in minutes—only works with checking accounts at participating banks. Savings accounts are not included in that network. When you transfer Venmo balance to a savings account, the transaction goes through the Automated Clearing House (ACH), the same system that handles direct deposits and bill payments. ACH transfers are batched and processed overnight, which is why they take one to three business days.

This timing applies whether you are moving money out of Venmo or funding a Venmo payment from your savings account. If you need faster access to your money, a checking account will give you the when ready transfer option. If you only have a savings account available, plan for the standard three-day window.

Funding Venmo payments from a savings account

When you send money to someone through Venmo, you can choose which bank account to pull the funds from. If you have a savings account linked, it will appear as an option alongside any checking accounts you have added. Select the savings account, and the transfer will begin. The money leaves your Venmo balance when ready, but the debit to your savings account will post within one to three business days, depending on your bank's processing schedule.

This delay means there is a window where the money has left Venmo but has not yet cleared from your savings account. Your bank may show a pending transaction during this time. Once the ACH transfer settles, the transaction is complete and your savings account balance will reflect the withdrawal.

Receiving money into a savings account

When someone sends you money through Venmo, that balance sits in your Venmo account until you transfer it out. You can move it to your linked savings account at any time by going to "Transfer to Bank" in the app. Select the savings account from your list of linked accounts, enter the amount, and confirm. The transfer will take one to three business days to arrive.

Some people keep money in Venmo temporarily because they use it frequently for splitting bills or paying friends. If you prefer to move payments to savings when ready, you will need to use a checking account instead, since that is the only account type that qualifies for when ready transfers on most banks.

What happens if your savings account details change

If you close the savings account you linked to Venmo or change account numbers, you need to update Venmo before attempting another transfer. Go to Settings, select "Payment Methods," find the linked account, and choose "Remove." Then add the new account using the same verification process: routing number, account number, and confirmation of the two test deposits.

If you try to transfer money to an account that no longer exists or has been closed, the transfer will fail and the money will return to your Venmo balance. Venmo will notify you of the failed transfer. At that point, you can add a new account and try again.

Frequently Asked Questions

Can I use a savings account for when ready transfers on Venmo?

No. Venmo's when ready transfer feature only works with checking accounts at participating banks. Savings accounts always use the standard ACH timeline of one to three business days, regardless of which bank you use.

Do I need a checking account if I only have a savings account?

No. You can use Venmo with only a savings account linked. You will not have access to when ready transfers, but you can send and receive money normally. Transfers will take one to three business days instead of minutes.

What if the two test deposits don't show up in my savings account?

Wait two to three business days from when you entered your account information. If the deposits still have not arrived, your routing number or account number may be incorrect. Go back to Settings, remove the account, and re-enter the information carefully. Contact your bank if you are unsure of your routing number.

Can I link the same savings account to multiple payment apps?

Yes. You can link the same savings account to Venmo, PayPal, Square Cash, and other services simultaneously. Each app will send its own verification deposits, so you may see multiple small credits to your account over a few days.

What is the maximum amount I can transfer to a savings account?

Venmo's transfer limits depend on your account history and verification status, not the type of bank account. Limits typically range from a few hundred dollars per week for new accounts to several thousand for established users. Check your account settings under "Transfer Limits" to see your current maximum.