Venmo cannot deposit directly into a savings account
Venmo does not have a feature that lets you send money straight from your Venmo balance to a savings account at another bank. You can only transfer Venmo funds to a checking account that is linked to your Venmo profile. If you want the money in savings, you will need to move it there yourself after it arrives in checking.
This is a real limitation, not a setting you can change. Venmo's transfer system is built to work with checking accounts only. The transfer takes one to three business days, depending on your bank.
Key Takeaways
- Venmo transfers go only to a checking account you have linked to your profile, never directly to savings.
- After money lands in your checking account, you can move it to savings through your bank's app or website, usually instantly or within one business day.
- Venmo charges no fee to transfer to your own bank account, but some banks may charge a fee on their end.
- If you receive money in Venmo and want it in savings, link your checking account first, transfer to checking, then move it to savings.
The actual path: Venmo to checking to savings
The workaround is simple but requires two steps. First, link your checking account to Venmo if you have not already. Go to the Settings menu in the Venmo app, select "Payment Methods," and add your checking account using your routing number and account number. Venmo will verify the account by depositing two small amounts (usually under $1 each) into it, which you confirm in the app.
Once verified, go to your Venmo balance and tap "Transfer to Bank." Choose the checking account you just linked, enter the amount, and confirm. The money will arrive in one to three business days. After it lands in checking, log into your bank's app or website and transfer it to your savings account. Most banks let you move money between your own accounts instantly or within one business day at no cost.
This two-step process takes longer than a direct transfer would, but it is the only way to get Venmo funds into savings. The delay comes from Venmo's transfer time, not from moving money between your own accounts at the same bank.
Linking a checking account to Venmo
You need a U.S. checking account to link to Venmo. The account must be in your name and at a bank or credit union that participates in the ACH network, which includes nearly all mainstream banks. If you use a smaller or online-only bank, check their website to confirm they support ACH transfers.
Venmo will ask for your routing number and account number. You can find both on a check, or log into your bank's app and look for account details or settings. Venmo verifies the account by sending two micro-deposits, which usually arrive within one to two business days. You then confirm the amounts in the Venmo app to complete the link.
Once linked, that checking account stays on file. You can link multiple checking accounts if you have them, but Venmo will only transfer to whichever one you select at the time of transfer.
Fees and timing for Venmo transfers
Venmo charges no fee to transfer money from your Venmo balance to a linked checking account. However, your bank may charge a fee for receiving an incoming ACH transfer, though most do not. Check your bank's fee schedule or call their customer service line to confirm.
Transfers take one to three business days. Venmo processes the transfer immediately when you request it, but the actual movement of money through the banking system takes time. Weekends and bank holidays can add delays. If you transfer on a Friday evening, the money may not arrive until Tuesday or Wednesday.
After the money lands in your checking account, moving it to savings at the same bank is usually free and instant or next-business-day, depending on the bank. Some banks let you schedule transfers in advance, which can be useful if you want to automate moving money to savings on a set date each month.
What to do if you need the money in savings faster
If you cannot wait one to three business days for a Venmo transfer, your options are limited. You could withdraw cash from an ATM using your Venmo debit card (if you have one) and deposit it at your bank, but this is slow and exposes you to loss or theft. You could also ask the person who sent you money to send it directly to your bank account instead, though they would need your routing and account numbers.
The fastest legitimate route is to keep money in your Venmo balance temporarily and transfer it to checking when you have time, then move it to savings. Venmo balances earn no interest, so there is no financial benefit to leaving money there, but it does give you flexibility if you need to spend it quickly.
Savings accounts that work best with this setup
Any savings account at a bank or credit union that is linked to your checking account will work. You do not need a special type of savings account or a specific bank. High-yield savings accounts, money market accounts, and regular savings accounts all accept transfers from checking the same way.
If you are moving money from Venmo to savings regularly, consider a high-yield savings account, which pays more interest than a standard savings account. You can open one at most online banks or credit unions. The transfer process is identical: Venmo to checking, then checking to savings.
Frequently Asked Questions
Can I link a savings account directly to Venmo?
No. Venmo only accepts checking accounts for transfers. If you try to add a savings account, Venmo will reject it. You must transfer to checking first, then move the money to savings yourself through your bank.
What if my bank does not show up when I try to link it?
Some smaller or newer banks are not in Venmo's system. Try searching for the bank by name, or look for an option to enter your routing number manually. If neither works, contact your bank to confirm they support ACH transfers. If they do not, you may need to open a checking account at another bank to use Venmo.
Can I transfer Venmo money to someone else's savings account?
No. Venmo transfers only go to a checking account in your own name that you have linked to your profile. You cannot transfer to another person's account, whether checking or savings. If you want to send money to someone else, use Venmo's peer-to-peer payment feature instead.
Does Venmo report transfers to savings as income?
No. Transfers from Venmo to your own bank account are not income — they are your own money moving between accounts. Venmo does not report these transfers to the IRS. However, if someone pays you through Venmo for goods or services, that may be taxable income depending on the amount and your situation.
How long does it take to move money from checking to savings at the same bank?
Usually instantly or within one business day. Most banks let you transfer between your own accounts immediately through their app or website. Some banks may take up to one business day, so check your bank's policy. This is separate from the one-to-three-day wait for Venmo's transfer to checking.