Why you would add a savings account to PayPal
Adding a savings account to PayPal lets you move money between PayPal and your bank without using a debit card. When you receive money through PayPal — from a friend paying you back, a side job, or selling something — you can send it directly to your savings account instead of keeping it in PayPal's wallet. You can also pull money from your savings account into PayPal if you need to send a payment and don't have a balance.
The main reason people do this is speed and control. Money moving from PayPal to a linked savings account usually arrives within one to three business days. You keep your savings account as your main money hub and use PayPal as a temporary holding place, rather than treating PayPal like a bank.
Key Takeaways
- You link a savings account through PayPal's wallet settings, not through your bank's website.
- PayPal will deposit two small test amounts into your savings account, and you must enter those amounts back into PayPal to confirm the account is yours.
- Once confirmed, transfers from PayPal to your savings account take one to three business days and cost nothing.
- You can remove the savings account link at any time, and PayPal will stop sending money there.
The steps to add your savings account
Start by logging into your PayPal account on a computer or the PayPal app. Go to your wallet — on the website, this is usually a tab at the top. Look for a button that says "Link a bank account" or "Add bank account". Click it.
PayPal will ask for your bank's name, your account number, and your routing number. Your account number is on the bottom left of your checks, and your routing number is the nine-digit code on the bottom left as well (the first set of numbers). If you don't have checks, you can find both numbers by logging into your bank's website or calling your bank's customer service line.
Enter the information and submit. PayPal will tell you that two small deposits — usually between 1 and 99 cents each — will arrive in your savings account within a few business days. This is PayPal's way of confirming that the account is actually yours.
Confirming the account is yours
Check your savings account statement after three to five business days. You should see two small deposits from PayPal with a description that includes a code — usually something like "PayPal Confirmation 123456". Write down both amounts exactly as they appear.
Go back to PayPal and find the option to confirm your bank account. You'll see a field asking for the two deposit amounts. Enter them in the order PayPal asks for them. Once you submit, PayPal will verify the amounts and your account will be linked.
If the deposits don't arrive after five business days, contact your bank to make sure they didn't block them. Some banks flag small deposits from unfamiliar sources. You can also contact PayPal support to ask them to resend the deposits or use an alternative verification method.
What information PayPal needs from you
PayPal requires your full legal name, the name on your savings account, your account number, and your routing number. The name on your PayPal account should match the name on your savings account, or the link may be rejected. If your names don't match — for example, if you changed your name after opening one account — contact PayPal support before you start.
You do not need to give PayPal your PIN, password, or online banking login. PayPal never asks for these. If a page asks for your password, you are on a fake website — close it and go directly to PayPal.com instead.
How long transfers take and what they cost
Transfers from PayPal to your linked savings account take one to three business days. Weekends and bank holidays don't count as business days, so a transfer you start on Friday afternoon might not arrive until Tuesday. PayPal does not charge you a fee for this transfer, and your bank should not either — it's a standard bank-to-bank move.
Transfers from your savings account into PayPal (called "adding funds") also take one to three business days and cost nothing. Some banks may charge their own fee for outgoing transfers, though most do not for transfers to PayPal.
Removing or replacing your savings account
If you want to stop using a savings account with PayPal, go to your wallet settings and find the linked account. Look for a "Remove" or "Unlink" button. Click it and confirm. PayPal will stop sending money there, though any transfer already in progress will still complete.
To switch to a different savings account, you can add a new one while the old one is still linked, then remove the old one. PayPal lets you have multiple bank accounts linked at the same time, so you can choose which one to send money to each time you transfer.
What to do if the link fails
If PayPal rejects your account information, the most common reason is that the name on your PayPal account doesn't match the name on your savings account exactly. Check both accounts and make sure the spelling and order of names are identical. If they're not, you may need to update your PayPal name or contact your bank about updating your account name.
The second most common reason is an incorrect account or routing number. Double-check both numbers against your bank statement or your bank's website. A single digit wrong will cause the link to fail. If you're unsure, call your bank and ask them to confirm both numbers while you're on the phone.
If you've checked both the names and the numbers and the link still fails, contact PayPal support. They can see what error their system received and may be able to tell you what's wrong. Some banks require you to contact them first to allow PayPal to link to your account, though this is rare.
Frequently Asked Questions
Can I link a checking account instead of a savings account?
Yes. PayPal works with both checking and savings accounts. The process is identical — you enter the account number and routing number, and PayPal sends two test deposits. Choose whichever account you prefer to receive money in.
What happens if I enter the wrong deposit amounts when confirming?
PayPal will tell you the amounts don't match and ask you to try again. You have multiple attempts. If you can't find the deposits in your bank statement, contact PayPal and ask them to send the deposits again or use a different confirmation method.
Do I have to keep money in PayPal, or can I transfer it all out?
You can transfer all your PayPal balance to your savings account whenever you want. There's no minimum you have to keep in PayPal. Many people transfer money out as soon as they receive it.
Is it safe to give PayPal my account and routing number?
Yes. Your account and routing number are designed to be shared — they're printed on every check you write. PayPal is a major company regulated by the government, and they use industry-standard security. Never share your PIN or online banking password, but the account and routing numbers are safe to enter.
Can someone else transfer money out of my savings account through PayPal?
No. Only you can authorize transfers from your PayPal account. Someone would need to log into your PayPal account with your password to move money, which is the same as any other account. Use a strong, unique password and enable two-factor authentication on PayPal for extra security.