Manage your savings account
About managing your savings account
Square Savings helps you meet your savings goals by setting up folders and savings targets. You can also transfer funds directly into your savings account to accrue interest.
Before you begin
There is no minimum balance to open a savings account. However, there is a minimum balance of $10.00 per folder required to accrue interest at the daily periodic rate.
Interest is calculated daily using the account balance at the end of each calendar day. The interest you have earned is then credited to your account at the end of each month. The annual percentage yield (APY) on your account is subject to change at any time.
Your savings account earns interest on a per folder basis. For each folder in your savings account, you’ll accrue interest at the daily periodic rate on the daily balance in each folder where the daily balance in that folder is equal to or greater than $10.00.
If one of your savings folders has less than $10.00 on any given day, you won’t earn any interest on the balance of that folder for that day.
You can instantly transfer funds between your savings folders. There are no fees or limits around how often or when you choose to move your money.
If you earned $10 or more in interest income across your Square Savings accounts, or if any income tax was withheld from your earned interest during the calendar year, you may receive a Form 1099-INT. Form 1099-INT available by January 31st for the prior tax year. Learn how to Download Form 1099-INT.
Link and manage an external bank account
You can link an external bank account to your Square Savings account to transfer funds in one to two business days. Keep in mind:
Bank account information can only be updated once per day.
Square Savings only supports one external bank account to be linked at a time.
Updating your bank account on file, such as for your sales deposits, will not update the bank account on file for your savings account and vice versa.
For maximum account security, additional verification when linking a new bank account to your savings account may be required. In order to verify account ownership and proper use of the account being linked, you may be asked to log into your external bank account through a third party or to verify a test deposit to your account.
You can use the bank account linked for Square payments for your Square Savings account, or you can link a different external bank account using Plaid. To do so:
- Sign in to Square Dashboard and go to Banking.
- Select Savings > Settings.
- Under External bank account, click Add account.
- If you choose to use the bank account linked for Square payments for your savings account, select the linked bank account in the dropdown. The bank account should link instantly.
- If you choose to use a different bank account, select Use another account and follow the instructions in the prompt.
- Connect your bank account by selecting your bank and entering the credentials associated with your bank account. Most bank accounts should instantly verify. If the account can’t be instantly verified, it may take up to four days to complete verification.
- If you are unable to find your banking institution or if you do not wish to use your external bank account credentials, you may choose to link the external bank account manually using micro deposits. Select Link with account numbers in the bottom of the prompt to do so.
If you choose to manually verify your external bank account, you’ll be asked to verify a $0.01 micro deposit that is sent to your external bank account. To verify the micro deposits:
- Locate the $0.01 micro deposit Square sent to your bank account that contains a 3-digit alphanumeric code in the deposit description.
- Sign in to Square Dashboard and go to Banking.
- Select Savings > Settings.
- Click Verify account and enter the 3-digit code that came with your micro deposit to complete bank linking.
- Sign in to Square Dashboard and go to Banking.
- Select Savings > Settings.
- Under External bank account, click Use another account.
- Choose to add a new bank account or replace your existing bank account.
Locate your account and routing numbers
Sign in to Square Dashboard and go to Banking > Savings.
On the Overview page, click on the gear icon on the top right corner to access the Square Savings settings page.
Your account and routing number are listed under the Account details section.
The routing number for Square Savings is 124085396.
Set up and manage savings folders
- Sign in to Square Dashboard and go to Banking > Savings.
- Click Savings > Add new folder.
- Select the type of folder you want to create.
- Set your Automated Savings. This is the percentage of card sales you want automatically transferred to this folder. Choose to contribute up to 75% of your card sales, or select Not now if you want to set this amount later.
- Click Confirm to save your selected options.
Note: If you have multiple folders that total up to or are close to 75%, you may be unable to turn on Automated Savings for your other folder. In that case, please lower the percentage of your current active folders first before turning on Automated Savings for the other folder.
- Sign in to Square Dashboard and go to Banking > Savings.
- Select the folder you want to edit.
- Click (•••) > Edit folder name.
- Enter the new name > Confirm.
- Sign in to Square Dashboard and go to Banking > Savings.
- Select the folder you would like to delete.
- Click (•••) > Delete folder.
- If you have funds in this folder, those funds and any accrued interest will transfer to your General savings folder.
Note: You can’t delete a folder if there are pending transfers.
When you’re setting up a custom or ‘rainy day fund’ folder, you can set a savings target. Savings targets are specific dollar amounts and help streamline your savings goals for something you know the cost of, like a new piece of equipment. Once the target is reached, automated contributions will stop.
When setting a target, you can select Contribute indefinitely if you want to keep automatically contributing beyond that target amount. If you’re not sure how much money you’ll need to set aside for things like taxes, you can choose to save as you go without setting a target.
If you participate in automated savings, your daily contributions are initially marked as pending. Contributions pending before 5pm MST will be deposited the same day, while those pending at or after 5pm MST will be deposited the next day. All contributions are batched and reflected as a single daily transaction in your savings account.
Automated savings only uses funds from card sales. Any payments accepted in bitcoin aren’t included in automatic set-asides. If you want to save from all types of sales, you can make manual transfers from your Square Checking account or an external bank account into your Square Savings account.
Transfer funds
Transfers to a Square Checking account or Square balance are instant. Transfers to a linked bank account generally take 1-2 business days to process. It takes one business day if the transfer is initiated before 3pm CST or two business days if it is initiated after 3pm CST. Check with your bank if there are any bank policies or other factors that may affect transfer timing.
For ACH transfers into Square Savings, it generally takes 1-2 business days for funds to arrive, but the funds may take up to an additional 3 business days to become available.
If you would like to cancel a transaction made from your Savings account, contact Square support as soon as possible. Learn how to get support at Square.
- Sign in to Square Dashboard and go to Banking > Savings.
- Click Add money.
- The default option is to deposit funds into your General Savings folder. If you want to add funds to another folder, click the specific folder and then select Add money.
- Enter the transfer amount.
- Select the account to debit the funds from and click Looks good to submit the transfer.
- Sign in to Square Dashboard and go to Banking > Savings.
- Click Transfer out.
- The default option is to transfer funds from your General Savings folder. If you want to transfer funds from another folder, click the specific folder and then Transfer out.
- Enter the transfer amount. If there aren’t enough funds in the folder to cover the transfer, you’ll need to move funds from other folders to this folder before attempting the transfer.
- Select the account to deposit the funds to.
- Click Looks good to submit the transfer.
You can transfer money to or debit your savings account from an external account using your savings account and routing numbers.
When transferring funds out of Square Savings from an external account, funds will be debited from your General Savings folder. Please ensure you have enough funds in your General Savings folder prior to initiating the debit to avoid potential failed debits. If you have funds in other savings folders, you can transfer the funds from the other folders into your General Savings folder instantly.
When transferring funds into Square Savings from an external account, funds will be deposited into your General Savings folder. If you would like to deposit your funds into your other savings folders, you can move the funds from the General Savings folder to the other folder instantly when the funds become available.
If you initiate a transfer from another bank and want to cancel, contact Square Support to stop the transfer at least three business days before the scheduled transfer date.
While Square Savings does not have a limit to the number of transfers you can initiate, there is a limit to the amount of funds you can transfer per transaction and on a weekly basis. These limits are reset every Sunday at 00:00 MT.
You can view your transfer limits on your Savings dashboard. To do so:
- Sign in to Square Dashboard and go to Banking > Savings.
- On the Overview page, click on the gear icon on the top right corner to access the Savings settings page.
- Under the Transfer Limit section, you will see details about your transfer limits.
View account activity
- Sign in to Square Dashboard and go to Banking > Savings.
- On the Overview page, select a Savings folder.
- From the Recent activity section, select View all activity.
- Filter the date range from the top left.
- You’ll see pending transactions, past deposits, withdrawals, and interest earned.
- Clicking into a specific activity will also show you the transaction details including the initiated date and completed date as well as when transferred funds will become available.
Monthly statements for your Square Savings account are typically available within the first week of the following month.
- Sign in to Square Dashboard and go to Banking > Savings.
- On the Overview page, click on the gear icon on the top right corner to access the Savings settings page.
- Scroll down to the Documents section.
- Click on Account statements to view and download your account statements.
If your Square Savings account has been closed and you need access to your monthly statements, contact Square Support for assistance.
There are two ways to download your Savings account folder activities as a CSV:
- Simplified CSV: Easy tracking for your Savings at a glance.
- Detailed CSV: A complete record of all your Savings activity.
To do so:
- Sign in to Square Dashboard and go to Banking > Savings.
- On the Overview page, select a folder.
- In the Recent activity section, select View all activity.
- Filter by the desired date range.
- Select Download simplified CSV or Download detailed CSV to download a CSV file.
- The CSV file will contain your folder activity for the date range you selected.
Deposit sweep program
The Square Savings deposit sweep program distributes your funds among multiple FDIC-insured partner banks, meaning your eligible savings deposits have an FDIC insurance coverage of up to $2.5 million.
The following partner banks are included in the program as of February 1, 2026:
- Associated Bank NA
- Stifel Bank and Trust
- First Horizon Bank
- Bank of Hope
- Union Bank and Trust Company
- The Camden National Bank
- Farmers and Merchants Bank
- EagleBank
- Huntington Bank
- Old National Bank
- Pinnacle Bank (Synovus Bank merged into Pinnacle Bank)
- C3bank National Association
- Metro City Bank
- Third Coast Bank
- Legacy Bank & Trust Company
- Truist Bank
Participating partner banks may change at any time. Because Square isn’t aware of deposits you have outside of this program, you’re solely responsible for monitoring the total amount of all deposits you have at each partner bank for purposes of calculating your FDIC coverage and evaluating your participation in the Program.
You can find more information in the Additional Savings Deposit Account Terms in Addendum A: Square Financial Services, Inc. Deposit Sweep Program Disclosure.
Participation in the deposit sweep program is required for savings account holders. Opting out of the program requires closing your savings account account.
If you want to opt out of the program and close your savings account, or if you want to exclude a specific partner bank from the program, contact us. Opting out from multiple partner banks may affect your total FDIC insurance coverage.
Close your savings account
If you would like to close your Square Savings account, contact Square Support. Note that closing your Square Savings account is a permanent and irreversible action.