Venmo can send money to a savings account, but only through your linked bank account
Venmo does not transfer directly to a savings account. When you move money out of Venmo, it goes to the checking account you linked during setup. If you want the money in savings, you have two options: transfer it from your checking account to savings after it arrives, or link a different bank account that is a savings account and transfer to that instead.
The catch: Venmo only lets you link one bank account at a time. If your primary linked account is checking, you would need to unlink it, link your savings account instead, and then transfer. This takes an extra step but works if you want deposits to go straight to savings.
The timeline matters. A transfer from Venmo to your bank account takes one to three business days. If you then move money from checking to savings, that is another one to three days. Plan accordingly if you need the money in savings by a specific date.
Key Takeaways
- Venmo transfers only to the single checking or savings account you have linked, not to multiple accounts at once.
- You can link a savings account directly to Venmo and transfer money there, but you must unlink your current account first.
- Money takes one to three business days to move from Venmo to your bank, and another one to three days if you then move it to a different account.
- If you receive Venmo payments regularly and want them in savings, linking your savings account directly is faster than transferring twice.
How to transfer Venmo funds to a linked savings account
Open the Venmo app and tap the three horizontal lines (menu) in the bottom right. Select "Settings," then "Payment Methods." You will see your currently linked bank account listed. Tap "Remove" next to it.
Once removed, tap "Add Bank Account" and enter your savings account details: routing number, account number, and account type (select "Savings"). Venmo will verify the account by making two small deposits to your savings account—usually within one to two business days. Check your savings account statement, find those two amounts, and enter them in the Venmo app to confirm.
After verification, you can transfer money out of Venmo. Tap the three lines, select "Transfer to Bank," choose the amount, and confirm. The money will arrive in your savings account in one to three business days.
What happens if you want to switch back to checking
If you later need to receive Venmo payments into checking instead, repeat the process: remove the savings account and link your checking account. Venmo will verify it the same way with two small test deposits.
This is inconvenient if you switch frequently, which is why many people keep their checking account linked and manually transfer to savings after receiving money. That takes longer overall but avoids the unlinking and verification step each time.
Using a third-party service to split deposits
Some banks and fintech apps let you set up automatic transfers between your own accounts. If your bank offers this feature (most do), you can link Venmo to checking, then set up an automatic transfer rule that moves a percentage or fixed amount to savings each time money arrives. This happens without you doing anything manually.
Check your bank's website or app under "Transfers" or "Automation" to see if this is available. If it is, you can keep Venmo linked to checking and let the bank handle moving money to savings on a schedule you set.
Why Venmo limits you to one linked account
Venmo's design assumes most people have one primary bank account. Linking multiple accounts would create confusion about where money goes and increase the risk of sending funds to the wrong place. The single-account limit is a safety feature, not a technical limitation.
This also simplifies Venmo's compliance with banking regulations. Each linked account requires verification, and limiting it to one reduces the administrative burden on both Venmo and your bank.
Timing and fees to know
Venmo transfers to your bank are free and take one to three business days. Weekends and holidays extend the timeline. If you transfer on a Friday evening, expect the money to arrive Tuesday or Wednesday.
Your bank may charge a fee if you exceed the number of transfers allowed per month from savings (federal rules allow up to six per month for savings accounts, though many banks are more lenient now). If you are moving money to savings frequently, check your bank's transfer limits to avoid surprise fees.
Frequently Asked Questions
Can I link both a checking and savings account to Venmo at the same time?
No. Venmo only allows one linked bank account. You must remove the current account before linking a different one. The verification process takes one to two business days each time you switch.
What if I receive Venmo payments—do they go to savings if I link a savings account?
Yes. Incoming Venmo payments go to whichever account you have linked, whether it is checking or savings. If you link savings, all deposits land there directly.
Is it faster to transfer Venmo to checking first, then to savings?
No. Both routes take the same total time: one to three days from Venmo to your bank, then one to three days from checking to savings. Linking savings directly is actually one step shorter.
What if my bank rejects the Venmo transfer?
This is rare but can happen if the account number is wrong or the account is closed. Venmo will notify you and the money stays in your Venmo balance. Check your account details and try again, or contact your bank to confirm the account is active.
Can I transfer Venmo money to someone else's savings account?
No. Venmo transfers only to the bank account registered in your own name. You cannot send money directly to another person's account through Venmo's transfer feature. You would need to send them money through Venmo's peer-to-peer payment system instead.