Yes, you can link a savings account to Venmo, but Venmo will treat it like a checking account
Venmo lets you connect a savings account directly, and the process is the same as linking any other bank account. However, there is an important catch: Venmo does not know the difference between a savings account and a checking account once it is linked. When you send money from Venmo, it pulls from whichever account you have set as your default funding source — and if that is your savings account, the money comes out of savings.
This matters because many savings accounts charge a fee if you make more than a certain number of withdrawals per month. Federal rules used to cap this at six withdrawals monthly, though that rule changed in 2020. Your specific bank may still enforce limits, so using Venmo repeatedly from a savings account could trigger fees. Before you link your savings account, check your bank's terms to see whether Venmo transfers count as withdrawals.
The safer approach for most people is to link a checking account instead, which has no withdrawal limits. If you only have a savings account, you can still use Venmo — just be aware of the potential fee risk.
Key Takeaways
- Venmo accepts savings account connections and treats them the same as checking accounts during the linking process.
- Your bank may charge fees if you exceed the monthly withdrawal limit on your savings account, and Venmo transfers count as withdrawals.
- Linking a checking account instead avoids withdrawal limits and is the standard choice for frequent Venmo users.
- You can change your default funding source in Venmo's settings at any time, so you can switch between accounts without relinking.
How to link 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." Tap "Add Bank Account" and choose "Savings" or "Checking" — Venmo will ask you which type it is. Enter your bank's routing number and your account number, both of which appear on the bottom left of a check or in your bank's online portal.
Venmo will then make two small test deposits to your savings account, usually within one to two business days. Check your bank statement for these deposits — they are typically less than one dollar each and will have a code in the description. Return to Venmo, enter those amounts, and Venmo will confirm the account is real and belongs to you. Once confirmed, your savings account is linked and ready to use.
When your bank charges fees for Venmo transfers
Some banks still limit the number of times you can withdraw from a savings account each month. The limit varies by bank — some allow six, others allow ten, and some have no limit at all. If you exceed the limit, your bank charges a fee, usually between $5 and $25 per excess withdrawal.
Venmo transfers count as withdrawals in most cases, so if you send money through Venmo five times in a month and your bank allows six withdrawals, you have one withdrawal left before fees kick in. The best way to know your bank's policy is to log into your online banking portal, call the customer service number on the back of your card, or ask at a branch. Tell them specifically that you want to know the monthly withdrawal limit on your savings account and whether digital transfers (like Venmo) count toward that limit.
Switching between accounts in Venmo
You can link multiple bank accounts to Venmo and choose which one funds each transfer. When you go to send money, Venmo shows your default funding source at the bottom of the screen. Tap it to see all linked accounts and select a different one for that single transfer.
To change your default funding source permanently, go to Settings, then Payment Methods, and tap the account you want to use most often. Select "Make Default" and Venmo will use that account for all future transfers unless you change it again. This way, you can link your savings account but set your checking account as the default, using savings only when you choose to.
What happens if you exceed your bank's withdrawal limit
If you send money through Venmo and exceed your bank's monthly withdrawal limit, your bank charges a fee — not Venmo. The fee appears on your bank statement as a separate charge, and your bank deducts it from your account. You will not see a warning from Venmo because Venmo does not track your bank's withdrawal limits.
Some banks will decline the Venmo transfer itself if you have already hit your limit that month, in which case the transfer fails and you get an error message in Venmo. Other banks allow the transfer but charge the fee afterward. Check your bank's policy to know which scenario applies to you.
Alternatives if your savings account has strict limits
If your bank charges high fees for excess withdrawals and you use Venmo often, consider opening a checking account at the same bank or a different bank. Many banks offer free checking accounts with no monthly fees and no withdrawal limits. You can keep your savings account for long-term saving and use the checking account as your Venmo funding source.
Another option is to transfer money from your savings account to a checking account once a month, then use the checking account to fund Venmo transfers. This way, you make only one withdrawal from savings per month and avoid fees. The transfer itself is usually free and takes one to two business days.
Frequently Asked Questions
Does Venmo charge a fee to link a savings account?
No. Linking any bank account to Venmo is free. Venmo makes two small test deposits to confirm the account is real, but those are not fees — they are deposits you keep or can request back.
Can I use my savings account for Venmo if I have a low balance?
Yes, as long as your balance covers the amount you are sending. Venmo does not have a minimum balance requirement. However, if the transfer would bring your balance below your bank's minimum, your bank may charge a fee.
What if my bank declines the Venmo transfer from my savings account?
This usually means you have hit your monthly withdrawal limit or your balance is too low. Check your bank's withdrawal limit and your current balance, then try again next month or use a different funding source. You can contact your bank to ask why the transfer was declined.
Can I move money from Venmo back into my savings account?
Yes. When you transfer money out of Venmo to a bank account, you can choose any linked account, including your savings account. This counts as a deposit to your savings account, not a withdrawal, so it does not affect your withdrawal limit.