I’ll always choose cash over payment apps, but it seems like Venmo is an unavoidable part of sharing dinner, tipping baristas, or otherwise functioning as a social creature these days. The app lets you keep a balance, essentially turning it into a pseudo bank account. But for most people, having a Venmo balance is unnecessary and potentially risky. Here’s why you probably don’t need money in Venmo, and how to add money if you want to.

Venmo is not a bank. It does not offer the same protections as an FDIC-insured checking or savings account. If something were to happen to Venmo as a business, you could lose that money with little recourse. Additionally, Venmo balances do not earn interest like a savings account. So there is no financial benefit to keeping money there.

In fact, having a balance in Venmo can make you more vulnerable to scams. Scammers often prefer payment apps over traditional bank transfers. With your money already in Venmo, it can be easier for a scammer to trick you into transferring that money to them.

For most people, it’s smarter to only transfer money to Venmo when you need to make a payment. Leave the rest of your money in a real bank account where it’s insured and can earn interest.