What happens when you add a savings account to Venmo

When you add a savings account to Venmo, you create a direct link between that account and your Venmo balance. Money can then move in two directions: you can transfer funds from your savings account into Venmo to pay someone, or you can move money out of Venmo back into savings. Venmo does not hold the money in your savings account — it sits in Venmo's own system until you spend it or move it elsewhere.

The connection uses ACH transfers, which are electronic movements between banks that typically take one to three business days. This is different from linking a debit card, which lets you spend directly from the account without moving money first. A savings account link is slower but cheaper for Venmo to process, so the company allows it without fees on your end.

You will need your account number and routing number from your savings account. These are printed on the bottom left of your checks, or you can find them by logging into your bank's website or calling the bank directly.

Key Takeaways

  • You add a savings account through the Venmo app by going to Settings, then Linked Bank Accounts, then Add Bank Account.
  • Venmo will make two small test deposits to your savings account within one to two business days, and you must confirm the amounts to verify ownership.
  • After verification, transfers from savings into Venmo take one to three business days, and transfers out take the same time.
  • You can link multiple savings accounts, but each one must be verified separately with the test deposit method.

Step-by-step: adding the account in the app

Open the Venmo app and tap the three horizontal lines (menu) in the bottom right corner. Select Settings, then scroll down and tap Linked Bank Accounts. At the top of that screen, tap Add Bank Account.

Venmo will ask whether you want to link a bank account or a card. Choose Bank Account. You will then enter your bank's name — you can type it or scroll through the list. Venmo works with most major US banks and many smaller regional ones. If your bank does not appear, you can still link it manually by entering your routing number instead.

Next, enter your account number and confirm it. Venmo will show you a summary of what you entered. Review it carefully, because errors here will cause the verification step to fail. Tap Confirm when everything is correct.

The verification step: confirming the test deposits

After you submit your account details, Venmo sends two small deposits to your savings account — usually between $0.01 and $0.99 each. These deposits arrive within one to two business days. Check your savings account statement and note the exact amounts.

Go back to the Venmo app, return to Linked Bank Accounts, and find the account you just added. It will show a status like "Pending Verification." Tap it and select Verify Deposits. Enter the two amounts you saw in your bank statement, in the order Venmo asks for them. If you enter them correctly, the account moves to "Verified" status when ready.

If you enter the amounts wrong, you get two more attempts. After that, you will need to remove the account and start over. If the deposits never arrive, wait a full business day — ACH transfers can be slow. If they still do not show up after three business days, contact Venmo support through the app.

Moving money between savings and Venmo

Once your savings account is verified, you can transfer money into Venmo to pay someone. When you are about to send money to a friend, Venmo will ask where the money should come from. Tap Transfer from Bank and select your savings account from the list. The money leaves your savings account and arrives in your Venmo balance within one to three business days.

You can also move money out of Venmo back into savings. Tap the three lines menu, go to Settings, then Transfer History, then tap Transfer to Bank. Select your savings account, enter the amount, and confirm. This also takes one to three business days.

Venmo does not charge you for these transfers, but your bank might. Some banks charge a small fee for incoming ACH transfers or outgoing transfers to external accounts. Check your bank's fee schedule or call them to ask.

Timing: when money actually arrives

ACH transfers operate on a schedule that depends on when you initiate them and which business days your bank processes them. If you transfer money on a Monday morning, it might arrive by Wednesday. If you transfer on a Friday afternoon, it could take until the following Tuesday or Wednesday, because banks do not process ACH on weekends or federal holidays.

Venmo shows an estimated arrival date when you start the transfer, but this is not a may provide — it is based on normal processing times. If a transfer does not arrive by the date shown, wait one more business day before contacting support. Delays of one or two days are normal and do not indicate a problem.

If you need money faster, use a debit card instead of a savings account. Debit card transfers into Venmo are when ready, though Venmo charges a 1% fee for this speed. Transfers out to a debit card still take one to three business days.

Removing or replacing a savings account

If you want to stop using a particular savings account with Venmo, go to Settings, then Linked Bank Accounts, find the account, and tap the trash icon or Remove. The account is unlinked when ready. Any pending transfers to or from that account will still complete, but no new transfers can start.

You can link a different savings account at any time by repeating the add and verification process. There is no limit to how many accounts you can link, but you can only have one account set as your default for transfers. If you have multiple accounts linked, Venmo will ask you to choose which one to use each time you transfer.

Frequently Asked Questions

Why does Venmo need my account number and routing number?

These numbers tell Venmo's bank exactly which account to pull money from or send money to. The routing number identifies your bank, and the account number identifies your specific account within that bank. Without both, the transfer cannot reach the right place.

Can I link a savings account from a different bank than my checking account?

Yes. You can link savings accounts from any US bank that accepts ACH transfers. Most banks do, including online banks like Ally, Marcus, and Discover. You can also link accounts from credit unions if they participate in the ACH network.

What if the test deposits do not show up in my savings account?

Wait three full business days from when you submitted your account information. If they still have not arrived, the account number or routing number may be wrong. Remove the account from Venmo and add it again, double-checking the numbers against your bank statement or online banking portal. If deposits still do not arrive, contact your bank to confirm they accept incoming ACH transfers.

Can I transfer money from Venmo to my savings account when ready?

No. ACH transfers always take one to three business days, regardless of which direction the money moves. This is a limitation of the ACH system itself, not Venmo. If you need money in savings when ready, you would need to use a debit card instead, though transfers from Venmo to debit cards also take one to three business days.

What happens if I enter the wrong test deposit amounts during verification?

You get two more attempts to enter the correct amounts. If all three attempts fail, you will need to remove the account and start the process over. The test deposits will eventually be returned to Venmo, so you do not lose money — you just have to verify again.