You can link a savings account to Venmo, but Venmo will treat it like a checking account
Yes, you can add a savings account to Venmo. When you do, Venmo connects to it the same way it connects to a checking account—through your bank's routing and account numbers. The transaction works, and money moves in and out. But Venmo does not distinguish between the two account types, so your savings account will function as a spending account while it is linked.
This matters because savings accounts often have withdrawal limits. Federal rules allow six withdrawals per month from a savings account before your bank may charge a fee or close the account. If you use Venmo to pull money out frequently, you could hit that limit. Checking accounts have no such restriction, which is why most people link checking instead.
If you want to move money into savings through Venmo, you can transfer from Venmo to your savings account using the same linked account. The process is identical whether the account is savings or checking—Venmo does not care which one receives the deposit.
Key Takeaways
- Venmo links to savings accounts using your routing and account number, the same as checking accounts.
- Federal rules limit you to six withdrawals per month from a savings account, and Venmo transfers count toward that limit.
- Your bank may charge a fee or restrict the account if you exceed the withdrawal limit.
- Transferring money into a savings account through Venmo works without restriction, since deposits do not count against the withdrawal limit.
- If you plan to move money out of Venmo regularly, a checking account avoids the withdrawal limit problem.
How to add a savings account to Venmo
Open the Venmo app and tap the menu icon (three horizontal lines) in the bottom right. Select "Settings," then "Payment Methods." Tap "Add Bank Account." Enter your bank's name, your account number, and your routing number. Venmo will verify the account by making two small deposits to it—usually within one to two business days. Check your bank statement, find those two amounts, and enter them back into Venmo to confirm ownership.
Once verified, the account appears in your payment methods list. When you send money or request payment, you can choose which linked account to pull from. When you receive money, you can choose which account to deposit it into. Venmo treats all linked accounts the same way in its interface—it does not label one as savings and another as checking.
Why the withdrawal limit matters for savings accounts
The six-withdrawal limit comes from Federal Reserve Regulation D, which applies to most savings accounts, money market accounts, and certain other savings products. Each time you use Venmo to send money from a linked savings account, that counts as one withdrawal. Each time you transfer money out of Venmo into a savings account, that also counts as one withdrawal.
If you hit six withdrawals in a calendar month, your bank can charge a fee—usually $10 to $25 per excess withdrawal. Some banks close the account after repeated violations. A few banks have removed the limit entirely, but most still enforce it. Before linking a savings account to Venmo, check your bank's terms or call them directly to confirm their policy.
Deposits into the savings account do not count against the limit, so receiving money through Venmo and depositing it into savings is unrestricted.
When linking a savings account makes sense
Link a savings account to Venmo if you plan to receive money and deposit it into savings, but rarely or never withdraw from Venmo using that account. For example, if you use Venmo to collect rent from roommates and want those deposits to go straight into savings, a linked savings account works well and costs you nothing.
It also makes sense if your bank removed the withdrawal limit or if you only send money through Venmo once or twice a month and can stay under six withdrawals. Check your bank's specific rules—some online banks and credit unions have more flexible policies than traditional banks.
If you send money frequently through Venmo or transfer out of Venmo multiple times per month, link a checking account instead. Checking accounts have no withdrawal limit, and the setup process is identical.
What happens if you exceed the withdrawal limit
The first time you exceed six withdrawals in a month, your bank typically charges a fee. The fee appears on your statement as an excess withdrawal fee or similar language. If it happens again the next month, your bank may send you a notice warning that repeated violations could result in account closure.
If you continue to exceed the limit, your bank can convert the account to a checking account, close it entirely, or restrict your access. The exact consequence depends on your bank's policy. You will not lose money, but you may lose access to that account or face ongoing fees.
If this happens, contact your bank and explain that you linked the account to Venmo without realizing the withdrawal limit. Many banks will reverse one or two fees as a courtesy, especially if it is your first violation. Going forward, use a checking account with Venmo or reduce the frequency of transfers.
Transferring money between Venmo and savings without hitting the limit
If you want to move money into savings through Venmo without using up your six withdrawals, use your checking account as the middleman. Link both accounts to Venmo. Send money from Venmo to your checking account, then transfer from checking to savings using your bank's app or website. This way, only one withdrawal counts against your savings account limit—the transfer from checking to savings—and you control when that happens.
Alternatively, if your bank offers it, set up an automatic transfer from checking to savings on a schedule that works for you. This does not involve Venmo at all and does not count against your Venmo transaction history.
Some people also use Venmo to receive money into checking, then manually transfer to savings once a week or once a month. This keeps you in control of the withdrawal count and lets you stay under the limit.
Frequently Asked Questions
Will Venmo charge me a fee for linking a savings account?
No. Venmo does not charge a fee to link any bank account, whether checking or savings. Your bank may charge a fee if you exceed the withdrawal limit, but that is your bank's rule, not Venmo's.
Can I link multiple savings accounts to Venmo?
Yes. You can link up to 10 bank accounts total to Venmo, and they can be any mix of checking and savings accounts. Each one is verified separately using the two-deposit method.
Does transferring money into Venmo from a savings account count as a withdrawal?
Yes. When you add money to your Venmo balance from a linked savings account, that counts as one withdrawal. Sending money directly from the savings account to another person also counts as one withdrawal. Only deposits into the savings account do not count.
What if my bank rejected the two verification deposits from Venmo?
Contact your bank and ask why the deposits were rejected. Common reasons include a closed account, a name mismatch, or a routing number error. Verify your account number and routing number are correct, then try adding the account again. If the bank is blocking Venmo specifically, you may need to call the bank and authorize the connection.
Can I remove a savings account from Venmo if I linked it by mistake?
Yes. Go to Settings, then Payment Methods, find the account, and tap "Remove." The account is unlinked immediately. Any pending transfers will still go through, but no new transactions can use that account.