Yes, you can link a savings account to PayPal, and it works in both directions
PayPal lets you connect a savings account so money can move between them. You can send money from PayPal to your savings account, or fund PayPal transfers and purchases using your savings account as the source. The connection happens through your PayPal account settings, and PayPal verifies the account is actually yours before the link becomes active.
The process takes a few minutes to set up, but verification—where PayPal confirms you own the savings account—can take several days. During that time, the account sits in a pending state and you cannot use it yet.
Key Takeaways
- You add a savings account through PayPal's wallet settings by entering your routing number and account number, which you can find on a check or your bank's website.
- PayPal verifies ownership by depositing two small amounts (usually under $1 each) into the savings account, which you then confirm in PayPal to complete the link.
- Once verified, you can transfer money from PayPal to your savings account at no cost, though the transfer takes one to three business days.
- You can also use a linked savings account to fund PayPal purchases and peer-to-peer transfers, though some banks charge their own fees for outgoing transfers.
- If you remove a linked savings account, any pending transfers to that account will fail, so do not unlink it while money is in transit.
How to add a savings account to your PayPal wallet
Log into your PayPal account on a computer or the mobile app. Go to Wallet (or My Money on the app), then select Link a bank account. PayPal will ask you to choose between a checking or savings account; select savings.
Enter your bank's routing number and your account number. You can find both on a check (routing number is the first nine digits on the bottom left; account number follows it). If you do not have a check, log into your bank's website or app and look for account details or statements—both numbers are listed there. PayPal will also ask for your account holder name, which must match the name on your PayPal account.
After you submit this information, PayPal will tell you that verification is pending. You will not be able to use this account yet.
The verification step: confirming you own the account
Within one to two business days, PayPal deposits two small amounts into your savings account—usually between $0.01 and $0.99 each. Check your savings account statement or your bank's app to see these deposits. The deposit descriptions will include a code or reference number.
Go back to PayPal, find the pending account in your wallet, and select Confirm or Verify. PayPal will ask you to enter the two deposit amounts you saw in your savings account. Once you enter them correctly, the account is verified and active.
If you do not see the deposits after two business days, check that you entered the routing and account numbers correctly. If they are wrong, PayPal will reject the deposits and you will need to remove the account and start over. If the numbers are correct but deposits still do not appear, contact your bank—some banks delay small deposits or flag them as suspicious.
Moving money from PayPal to your savings account
Once your savings account is verified, you can transfer money out of PayPal. In your PayPal wallet, select Transfer Money and choose Transfer to your bank. Select your savings account as the destination, enter the amount, and confirm.
PayPal does not charge a fee for this transfer, but it takes one to three business days to arrive. The exact timing depends on your bank—some post transfers the same day, others wait until the next business day. Weekends and bank holidays add extra time, so a Friday transfer might not land until Tuesday.
Once you start a transfer, you cannot cancel it. If you entered the wrong amount or changed your mind, you will have to wait for the money to arrive and then transfer it back to PayPal if needed.
Using your savings account to fund PayPal transactions
After verification, your savings account appears as a payment method when you make a purchase or send money through PayPal. You can select it instead of a debit card or credit card. PayPal will pull the money directly from your savings account to cover the transaction.
Be aware that your bank may charge its own fee for outgoing transfers, even though PayPal does not. Some banks charge $1 to $3 per transfer, or charge only if you exceed a certain number of transfers per month (federal rules allow up to six transfers per month from a savings account, though many banks charge if you go over). Check your bank's fee schedule or call them to confirm whether they charge for PayPal transfers.
What happens if you unlink or remove your savings account
If you remove a linked savings account from PayPal, any transfer that is already in progress will fail. The money will stay in your PayPal balance and you will need to transfer it again to a different account or wait for PayPal to return it.
Removing an account does not affect past transactions—those stay in your PayPal history. But if you plan to unlink an account, wait until all pending transfers have completed first. You can check the status of transfers in your PayPal activity or transaction history.
Security and fraud protection when linking a savings account
PayPal uses the two-deposit verification method partly as a security step: it confirms that you have access to the account and that the routing and account numbers are real. This makes it harder for someone to link an account that does not belong to them.
Once the account is linked, PayPal's buyer protection does not cover transfers to your own bank account the way it covers purchases. If you transfer money to your savings account and then dispute it with PayPal, PayPal will not reverse it—the money is yours and it is in your bank. If you believe a transfer was fraudulent or unauthorized, contact your bank instead, as they have the power to reverse transfers.
Frequently Asked Questions
Can I link multiple savings accounts to one PayPal account?
Yes. You can add more than one savings account, and each one goes through the same verification process. You choose which account to transfer to each time you move money out of PayPal. This is useful if you have accounts at different banks or want to split transfers between them.
What if the two verification deposits do not show up in my savings account?
First, wait two full business days—some banks are slower than others. Then log into your bank's app or website and search your recent transactions carefully, as the deposits may be labeled with a code rather than "PayPal". If they truly do not appear, the routing or account number you entered was wrong. Remove the account from PayPal and add it again with the correct numbers.
Does PayPal charge a fee to transfer money to my savings account?
PayPal does not charge a fee, but your bank may. Check your bank's fee schedule or contact them to learn whether they charge for transfers from PayPal or other third parties. Some banks allow a certain number of free transfers per month before charging.
Can I use a savings account linked to PayPal to pay bills?
Not directly through PayPal. You can transfer money from PayPal to your savings account, and then use your savings account to pay bills through your bank's bill pay service or by check. But PayPal itself does not send bill payments on your behalf.
What if I link the wrong savings account by mistake?
If you catch the error before verification is complete, remove the account and add the correct one. If it is already verified, you can still remove it without penalty—just make sure no transfers are in progress. Then add the correct account and go through verification again.