Yes, you can connect a savings account to Venmo, but the process and what you can do with it depends on which bank you use
Venmo lets you link a savings account as your funding source for sending money to other people. When you send money through Venmo, the app pulls from whichever account you've designated as your primary funding method — which can be a savings account. However, not every bank's savings account works the same way with Venmo, and there are limits on how much you can move.
The key difference from a checking account is timing. Transfers from a savings account to Venmo take longer to complete because of how banks process savings withdrawals. You also cannot receive Venmo payments directly into a savings account — Venmo only deposits refunds and transfers into a checking account or debit card.
If your goal is to move money between Venmo and savings quickly and easily, a checking account is usually the better choice. But if you want to fund Venmo payments from savings without keeping a separate checking account, it is possible with most major banks.
Key Takeaways
- You can add a savings account to Venmo as a funding source, but transfers from savings to Venmo take two to three business days instead of being when ready.
- Venmo will only send money back to a checking account or debit card, not to a savings account, even if that is where you funded the original payment.
- Most major banks allow their savings accounts to be linked to Venmo, but some online banks and credit unions have restrictions or do not support the connection.
- Venmo's weekly sending limit is $20,000 for verified accounts, regardless of whether you fund from checking or savings.
How to add a savings account to Venmo
Open the Venmo app and go to Settings, then Wallet, then Payment Methods. Tap "Add a Bank Account." You will be asked to enter your bank name, account number, and 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 verified, your savings account appears in your list of funding sources. When you send money, you can choose which account to pull from. If you want Venmo to use your savings account by default, set it as your primary payment method in the same menu.
The entire process takes three to five business days from the moment you enter your account details to the moment you can actually send money from that savings account. During verification, do not close the Venmo app or move away from the payment methods screen, or you may have to start over.
Why transfers from savings take longer
Banks treat savings account withdrawals differently than checking account withdrawals. Federal Regulation D historically limited how many withdrawals you could make from a savings account per month — that rule was suspended in 2020, but the infrastructure banks built around it remains. When Venmo initiates a transfer from your savings account, the bank processes it as a withdrawal rather than a debit, which adds processing time.
A transfer from a checking account to Venmo usually completes within hours or by the next business day. A transfer from savings typically takes two to three business days. If you send money on a Friday evening from a savings account, the recipient may not see it until Tuesday or Wednesday.
This delay matters if you are trying to send money urgently. If speed is important, use a checking account or a debit card instead.
What happens when someone sends you money
If you receive a Venmo payment, the money goes to your primary funding source — but only if that source is a checking account or debit card. If your primary funding source is a savings account, Venmo will not deposit the incoming payment there. Instead, the app will hold the money in your Venmo balance until you manually transfer it to a bank account.
To move money from your Venmo balance to your savings account, you have to go through your checking account or debit card first. Go to Wallet, tap "Transfer to Bank," and choose your checking account or debit card. The money arrives in that account in one to three business days. From there, you can transfer it to savings through your bank's app or website.
This extra step is a quirk of how Venmo's system is built. The company treats checking accounts and debit cards as the only valid destinations for outgoing transfers, even though savings accounts can be funding sources for outgoing payments.
Banks and savings accounts that work with Venmo
Most major banks support Venmo connections to savings accounts: Bank of America, Wells Fargo, Chase, Citibank, US Bank, and Capital One all allow it. Many regional banks and credit unions do as well, though some have opted out or have restrictions.
Online banks are mixed. Ally Bank, Marcus, and Discover support Venmo. Some smaller online banks do not, or they require you to use a routing number that Venmo does not recognize. If you are unsure whether your bank works, try adding the account in the Venmo app — the app will tell you if the bank is not supported before you enter sensitive information.
If your bank is not supported, you can still use Venmo by linking a debit card instead of a bank account. Debit cards work with Venmo regardless of which bank issued them, though the card issuer may charge a fee for the transaction.
Venmo's limits on how much you can send
Venmo sets a weekly sending limit of $20,000 for accounts that have been verified with a photo ID and Social Security number. This limit applies whether you fund from checking, savings, or a debit card. If you have not verified your identity, your limit is much lower — usually $300 per week.
Your bank may also set its own limits on how much can be withdrawn from your savings account in a week or month. Check your account agreement or call your bank to find out what that limit is. If your bank's limit is lower than Venmo's, the bank's limit is what matters.
These limits reset weekly on Mondays. If you hit the limit on a Wednesday, you can send again the following Monday.
When a savings account makes sense for Venmo
Linking a savings account to Venmo is useful if you want to keep your checking account separate from peer-to-peer payments, or if you do not have a checking account at all. Some people use savings as their main account and do not maintain a checking account for daily use.
It is less useful if you are sending money frequently or need it to arrive quickly. The two to three day delay from a savings account means the recipient will wait longer, and you lose the ability to send when ready. If you are splitting a dinner bill or paying back a friend the same day, a checking account or debit card is faster.
If you receive money through Venmo regularly, a savings account as your primary funding source creates extra work — you will have to transfer received payments from Venmo to checking first, then to savings. For most people, keeping a checking account linked as the primary source and using savings only when you need to fund a large payment makes more sense.
Frequently Asked Questions
Can I receive Venmo payments directly into my savings account?
No. Venmo only sends money to checking accounts and debit cards. If you receive a payment and your primary funding source is a savings account, the money stays in your Venmo balance. You must transfer it to a checking account or debit card first, then move it to savings through your bank.
How long does it take to verify a savings account with Venmo?
Venmo makes two small test deposits to your savings account, which usually arrive within one to two business days. You then confirm the amounts in the app. The whole process takes three to five business days from start to finish.
Will my bank charge me a fee for linking my savings account to Venmo?
Most banks do not charge a fee for linking an account to Venmo or for transfers initiated by Venmo. However, some banks charge a fee for each withdrawal from a savings account, or they may charge if you exceed the number of withdrawals allowed per month. Check your account agreement or contact your bank directly.
What if Venmo says my bank is not supported?
If your bank is not supported, you can link a debit card instead. Debit cards work with Venmo regardless of the issuing bank. Your card issuer may charge a small fee per transaction, but the connection will work.
Can I set my savings account as my default funding source?
Yes. In Venmo Settings under Wallet and Payment Methods, you can choose which account appears as your primary funding source. When you send money without selecting a specific account, Venmo will pull from whichever one you set as default.