Yes, you can link a savings account to PayPal, and it works in both directions
You can connect a savings account to PayPal so money moves between them. PayPal lets you link a bank account (including savings accounts) to send money out, receive money in, or keep a balance in your PayPal wallet. The connection is one-way for some actions and two-way for others — you can pull money from your savings into PayPal, and you can push money from PayPal back to your savings account.
The process takes a few minutes to set up, but PayPal needs to verify you own the account before the link becomes fully active. That verification usually happens through small test deposits that appear in your savings account within a few business days.
Key Takeaways
- You link a savings account to PayPal through the Wallet section of your account settings, where you add your bank's routing number and your account number.
- PayPal verifies ownership by depositing two small amounts (usually under $1 each) into your savings account, which you then confirm in PayPal.
- Once verified, you can transfer money from PayPal to your savings account at no cost, though the transfer takes one to three business days.
- You can also use your linked savings account to fund PayPal purchases, though some savings accounts may not be accepted for this purpose.
- PayPal keeps your account and routing numbers encrypted, but you should still treat this link like any other sensitive financial connection.
How to add your savings account to PayPal
Log into your PayPal account and go to Wallet (or Account on older versions). Look for the option to add a bank account or payment method. PayPal will ask for your bank's name, your account type (select "savings"), your routing number, and your account number.
Your routing number is a nine-digit code that identifies your bank. You can find it on the bottom left of any check, or by calling your bank or visiting their website. Your account number is on the bottom of your checks as well, or in your online banking portal. Do not use your debit card number — PayPal needs the actual bank account details.
After you enter this information, PayPal will tell you that verification is pending. You will not be able to use this account to transfer money yet.
The verification process and how long it takes
Within one to three business days, PayPal deposits two small amounts into your savings account — usually between 1 and 99 cents each. The deposits appear with a description that includes a code, often something like "PayPal Verification" followed by numbers.
Once you see these deposits in your savings account, go back to PayPal and enter the two amounts you received. PayPal checks that the numbers match, and your account is then verified. This usually takes less than a minute after you submit the amounts.
If you do not see the deposits after five business days, contact your bank to make sure they are not being filtered as spam or held in a pending section. Some banks delay small deposits or flag them as unusual activity.
Moving money from PayPal to your savings account
Once your savings account is verified, you can transfer money from your PayPal balance to it. In your PayPal Wallet, find the option to transfer money (sometimes labeled "Transfer to Your Bank" or "Withdraw"). Select your linked savings account, enter the amount, and confirm.
The transfer is free and takes one to three business days. The money goes directly into your savings account — it does not stop in PayPal or require any action on your part once you confirm the transfer. You can transfer as much as you want, as long as you have that amount in your PayPal balance.
If you have a PayPal Cash or PayPal Cash Plus account, you may also be able to transfer money when ready for a small fee, but standard transfers to a linked savings account are always free.
Using your savings account to fund PayPal purchases
After verification, you can also use your linked savings account to pay for things on PayPal — either purchases from sellers or money you send to friends. When you check out or send money, PayPal will let you choose which payment method to use. Select your savings account instead of your PayPal balance.
Not all savings accounts are accepted for this purpose. Some banks flag PayPal as a merchant and decline the transaction, or your bank may have rules about which types of accounts can be used for online payments. If your savings account is declined, you can still transfer money into your PayPal balance first and pay from there.
Each purchase or transfer funded by your savings account may take a day or two to clear, depending on your bank's processing speed. You will see the charge in your savings account as pending at first, then it will settle.
Security and what happens if something goes wrong
PayPal encrypts your routing number and account number, so they are not stored in plain text on their servers. However, linking any account to an online service means trusting that service with sensitive information. Use a strong, unique password for your PayPal account — one you do not use anywhere else.
If you notice an unauthorized transfer from your PayPal account to your savings account, report it to PayPal when ready through the Resolution Center. PayPal has a dispute process for unauthorized transfers, though your bank also has protections under federal law. Contact your bank at the same time so they can monitor your account.
If you want to remove the link, go back to your Wallet settings and delete the bank account. This stops any future transfers, but it does not affect transfers that have already been sent.
When a savings account might not work with PayPal
Some savings accounts, particularly those at very small banks or credit unions, may not be compatible with PayPal's verification process. If PayPal cannot deposit the verification amounts, you will see an error message. In that case, you can try linking a checking account instead, or contact your bank to ask if they have any restrictions on PayPal.
Joint accounts can be linked to PayPal, but only one person's name needs to be on the account. However, both account holders can see the transfers if they check the account together. If you share a savings account with someone else, make sure they know you are linking it to PayPal.
If you have a custodial account (an account managed by a parent or guardian for a minor), you may not be able to link it to PayPal, depending on the account type and your age. Check with your bank or PayPal support if you are unsure.
Frequently Asked Questions
How long does it take to verify a savings account with PayPal?
The two test deposits usually arrive within one to three business days. Once you see them and enter the amounts in PayPal, verification is when ready. The whole process typically takes three to five business days from start to finish.
Can I link multiple savings accounts to one PayPal account?
Yes. You can add more than one bank account to PayPal, including multiple savings accounts. Each one needs to go through the verification process separately, but once verified, you can choose which account to transfer to or fund from.
What if I enter the wrong routing or account number?
PayPal will reject the information if the numbers do not match your bank's records. You will see an error message and can try again with the correct numbers. If you keep getting rejected, contact your bank to confirm your routing number is correct.
Does PayPal charge a fee to transfer money to my savings account?
No. Standard transfers from PayPal to a linked savings account are always free. The transfer takes one to three business days. when ready transfers are available on some account types but cost a small fee.
Can I link a savings account at a different bank than my checking account?
Yes. You can link savings accounts from any bank, credit union, or online bank that accepts ACH transfers. You do not need to use the same bank for all your accounts.