Venmo will not let you link a savings account directly
Venmo only accepts checking accounts for bank transfers. If you try to add a savings account number, Venmo's system will reject it during verification. This is a hard rule, not a setting you can change or work around within the app.
The reason is technical: Venmo uses the ACH network to move money, and ACH transfers require a checking account for consumer-to-consumer payments. Savings accounts can receive ACH transfers, but Venmo's platform does not support them as a source for sending money out.
If your only bank account is a savings account, you have options—but they add a step. You can move money from savings to a checking account first, then link the checking account to Venmo. Or you can use a different payment method entirely.
Key Takeaways
- Venmo requires a checking account; savings accounts will not pass verification and cannot be linked to your Venmo wallet.
- You can transfer money from your savings account to a checking account at the same bank, then link the checking account to Venmo.
- Venmo also accepts debit cards and prepaid cards as payment methods, which may work if you do not have a checking account.
- Money sent from Venmo to a bank account takes one to three business days, regardless of account type.
- If you receive money on Venmo, you can transfer it to a savings account, but you must go through a checking account as an intermediary.
How to verify a bank account with Venmo
When you add a bank account to Venmo, the app asks for your routing number and account number. Venmo then sends two small deposits (usually under $1 each) to that account within one to two business days. You log back into Venmo and enter the exact amounts of those deposits to confirm you own the account.
This verification process only works with checking accounts. If you enter a savings account number, Venmo will either reject it immediately with an error message, or the verification deposits will fail because the account type does not match Venmo's requirements.
Once verified, your checking account stays linked to Venmo until you remove it. You can have multiple checking accounts linked at once, but you can only set one as your default for transfers out.
Moving money from savings to checking to use Venmo
If you only have a savings account, the simplest path is to open a checking account at the same bank. Most banks let you do this online in minutes. Once the checking account is open, transfer the money you need from savings to checking using your bank's app or website.
Then link the checking account to Venmo using the standard verification process. The whole sequence—opening the account, transferring money, and linking to Venmo—can happen in one business day if you move quickly.
Some banks charge monthly fees for checking accounts, but many offer free checking if you meet basic requirements like setting up direct deposit or maintaining a minimum balance. Check your bank's terms before opening a new account.
Using a debit card or prepaid card instead
If opening a checking account is not practical, you can link a debit card to Venmo instead. Venmo accepts Visa, Mastercard, American Express, and Discover debit cards. The card does not have to be tied to a checking account—prepaid cards work too.
When you pay someone on Venmo using a debit card, the money comes directly from that card's balance. There is no bank account verification step. However, Venmo charges a 3% fee for debit card payments, while bank transfers are free.
If you receive money on Venmo and want to cash it out, you still need a bank account—either checking or savings. Venmo will transfer the money to whichever account you link, but the transfer itself takes one to three business days.
Receiving money on Venmo and moving it to savings
When someone sends you money through Venmo, it lands in your Venmo balance, not in a bank account. To move that money to your savings account, you use Venmo's "Transfer to Bank" feature. Venmo will ask you to link a bank account for this transfer.
Here is the catch: Venmo's transfer system is designed to work with checking accounts. If you try to link a savings account, the transfer may fail or take longer than usual. The safest approach is to link a checking account, transfer the Venmo balance there, then move the money from checking to savings using your bank's app.
This two-step process takes three to five business days total: one to three days for Venmo to move money to checking, then one to two days for your bank to move it from checking to savings.
What happens if you try to add a savings account
If you enter a savings account number into Venmo, one of three things will happen. Most commonly, Venmo will show an error message immediately saying the account type is not supported. Sometimes the app will accept the number but fail during the verification step when the test deposits do not post. Rarely, a savings account will pass initial verification but fail when you try to send money out.
In all cases, you will not be able to use that savings account with Venmo. The app will not let you proceed, and you will need to link a checking account or use a debit card instead.
Alternatives if you do not have a checking account
If you cannot or do not want to open a checking account, you have three options. First, use a debit card linked to Venmo instead—this works immediately but costs 3% per transaction. Second, ask the person sending you money to use a different app like PayPal or Cash App, which may have different account requirements. Third, use Venmo only to receive money, and have it transferred to a savings account through a friend's or family member's checking account (though this adds complexity and trust issues).
The most practical solution for most people is opening a free checking account. Many online banks offer checking with no monthly fee, no minimum balance, and no direct deposit requirement. Once open, linking it to Venmo takes minutes.
Frequently Asked Questions
Can I link a money market account or high-yield savings account to Venmo?
No. Venmo only accepts checking accounts for outgoing transfers. Money market accounts and high-yield savings accounts are both savings products and will not pass Venmo's verification process. You must use a checking account or a debit card.
Will Venmo let me transfer money to a savings account if I receive it?
Venmo's transfer-to-bank feature is designed for checking accounts, but some users report success linking savings accounts for incoming transfers only. However, this is not officially supported and may fail. The reliable method is to transfer from Venmo to a checking account first, then move the money to savings through your bank.
How long does it take to link a checking account to Venmo?
Linking takes minutes, but verification takes one to two business days. Venmo sends two small test deposits to your checking account, and you must confirm the amounts in the app. Once confirmed, your account is ready to use immediately.
Do I get charged a fee to link a bank account to Venmo?
No. Linking a checking account and transferring money from Venmo to that account are both free. Venmo only charges fees for debit card payments (3%) and for instant transfers to a bank account (1% to 2%, depending on the amount).
What if my bank rejected the verification deposits from Venmo?
This usually means the account number or routing number was entered incorrectly. Double-check both numbers in your bank's app or statement and try adding the account again. If the problem persists, contact your bank to confirm the account is set up to receive ACH transfers.