Why you'd add a savings account to Venmo
Venmo lets you link a savings account so money you receive sits somewhere that earns interest instead of staying in your Venmo balance. When someone pays you through Venmo, that money normally lands in your Venmo account first—a holding space with no interest. Linking a savings account lets you move that money out automatically or on demand, and it also gives you a second source to pull from when you're sending money to friends.
The process takes about five minutes and requires your bank's routing number and your account number. Venmo accepts most U.S. banks, credit unions, and online banks. Once linked, your savings account appears as a funding source you can choose from when you send money, and you can transfer your Venmo balance to savings whenever you want.
Key Takeaways
- You need your savings account's routing number and account number to link it to Venmo, both of which you can find on a check or your bank's website.
- Venmo accepts most U.S. banks and credit unions, but some smaller or international banks may not be supported.
- Once linked, your savings account becomes a funding source for sending money and a destination for moving your Venmo balance out.
- Transfers from Venmo to your savings account take one to three business days and are free.
- You can link multiple savings accounts if you have them at different banks.
Finding your routing and account numbers
Your routing number and account number are printed on the bottom left of any check from your savings account. The routing number is the first nine digits, followed by your account number. If you don't have checks, log into your bank's website or app and look for account details, account information, or settings. Most banks display both numbers there.
Some banks call the routing number the "transit number" or "ABA number." If you can't find it online, call your bank's customer service line—they can read both numbers to you in under a minute. Write them down or copy them before you open Venmo, because you'll need them ready to enter.
Steps to link your savings account in Venmo
Open the Venmo app and tap the three horizontal lines (menu) in the bottom right corner. Select "Settings," then tap "Payment Methods." Choose "Add a Bank Account." Venmo will ask whether you want to add a checking or savings account—select savings.
Enter your bank's name in the search box. If your bank appears, tap it. If it doesn't, select "Can't find your bank?" and Venmo will ask you to enter your routing number manually. Type in your routing number, then your account number. Venmo will ask for your name and address to confirm the account is yours. Review the information, then tap "Confirm."
Venmo will send two small deposits (usually under $1 each) to your savings account within one to two business days. Check your bank account for these deposits, then return to Venmo and enter the amounts you see. This verification step confirms you own the account. Once you enter the correct amounts, your savings account is fully linked.
What happens if your bank isn't listed
If your bank doesn't appear in Venmo's search results, you can still link it by entering your routing number manually. Select "Can't find your bank?" and proceed with the routing number method. This works for most credit unions and smaller regional banks that Venmo doesn't list by name.
If Venmo rejects your routing number or the verification deposits don't arrive after three business days, your bank may not be compatible with Venmo's system. Contact your bank to confirm they support third-party transfers. If they don't, you can still receive money in your Venmo balance, but you won't be able to link that specific savings account. You could open a savings account at a larger bank or online bank that Venmo supports, or keep money in your Venmo balance and transfer it manually when needed.
Moving money from Venmo to your savings account
Once your savings account is linked, tap the three lines (menu) and select "Transfer to Bank." Choose your savings account from the list of linked accounts. Enter the amount you want to move—you can transfer your entire Venmo balance or any portion of it. Tap "Transfer" and confirm.
The money will arrive in your savings account in one to three business days. Venmo doesn't charge a fee for this transfer. The timing depends on your bank's processing speed; some banks deposit money overnight, while others take the full three days. If you're moving money to cover a bill, plan for the full three days to be safe.
Using your savings account to send money
When you're ready to send money to a friend, tap the person's name or search for them. Enter the amount and tap "Pay." Before you confirm, Venmo will show you which account the money is coming from. If it's set to your Venmo balance, tap that line to change it. Select your savings account instead. Confirm the payment.
The money will be deducted from your savings account immediately, but it may take one to three business days to reach your friend's account, depending on how they receive it. If your friend has Venmo, they'll see the money within minutes, but if Venmo has to transfer it to their bank, it takes longer. You can check the status of any transfer by tapping the transaction in your Venmo history.
Linking multiple savings accounts
You can link more than one savings account to Venmo if you have accounts at different banks. Repeat the linking process for each account. Each one will go through the verification step with the two small deposits. Once all accounts are linked, you'll see them all listed when you choose a funding source for sending money or when you transfer money out of Venmo.
This is useful if you want to keep money separated by purpose—one account for emergency savings, another for a specific goal—and move money between them through Venmo. You can only have one default account, which is the one Venmo will use unless you change it before each transaction.
Frequently Asked Questions
How long does it take to link a savings account?
The linking process itself takes five minutes, but the verification deposits take one to two business days to arrive. Once you enter the deposit amounts, your account is active. The whole process from start to finish is usually complete within two to three business days.
Can I link a savings account at an online bank?
Yes. Online banks like Ally, Marcus, and Discover are supported by Venmo. Search for your bank's name in Venmo's list. If it doesn't appear, use the manual routing number option. Online banks typically process transfers quickly, often within one business day.
What if I enter the wrong account number?
Venmo will reject the account during verification if the number doesn't match your bank's records. You'll see an error message and can try again with the correct number. If you've already entered it wrong multiple times, contact Venmo support through the app to reset the linking process.
Is there a limit to how much I can transfer to my savings account?
Venmo's transfer limits vary based on your account history and verification status. Most users can transfer up to $20,000 per week. Your bank may also have its own limits on incoming transfers. Check your bank's terms or contact them if you're moving a large amount.
Can I remove my savings account from Venmo later?
Yes. Go to Settings, tap Payment Methods, find your savings account, and select "Remove." You can re-link it anytime by following the same process. Removing it doesn't affect any money already in your Venmo balance or any completed transfers.