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 business day. The interest you have earned is then added to your account at the end of each month. The 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.
Locate your account and routing numbers
Sign in to Square Dashboard and go to Banking > Balance > Savings.
Your account and routing numbers are listed within the Account details section.
Set up and manage savings folders
- Sign in to Square Dashboard and go to Banking > Balance.
- Click Savings > Add new folder.
- Select the type of folder you want to create.
- Set your Automated Savings. This is the percentage of sales you want automatically transferred to this folder. Choose to contribute up to 75% of your sales, or select Not now if you want to set this amount later.
- Click Confirm to save your selected options.
- Sign in to Square Dashboard and go to Banking > Balance.
- Click Savings and select the folder you want to edit.
- Click the three dots in the upper right hand corner > Edit folder name.
- Enter the new name > Confirm.
- Sign in to Square Dashboard and go to Banking > Balance > Savings.
- Select the folder you would like to delete.
- Click the three dots from the right side of the page > 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.
Transfer funds
- Sign in to Square Dashboard and go to Banking > Balance > Savings.
- Click Add money.
- Enter the transfer amount and select which folder the funds will be transferred to, as well as where to transfer the funds from.
- Click Looks good to submit the transfer.
Note: You can transfer money to your savings account from an external account using your savings account and routing numbers.
If you initiate a transfer from another bank and want to cancel, contact us to stop the transfer at least three business days before the scheduled transfer date.
- Sign in to Square Dashboard and go to Banking > Balance > Savings.
- Click Transfer out.
- From the dropdown menu, select the folder where the funds will come from. 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.
- Enter the dollar amount you want to transfer and select the destination for the transfer.
- Click Looks good to submit the transfer.
Transfers to your Square Checking 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.
View account activity
Sign in to Square Dashboard and go to Banking > Balance > Savings.
On the Overview page, select the Savings folder.
In the Recent activity section, select View all activity.
You can see pending transactions, past deposits, withdrawals, and interest earned.
You can also view your savings account balance from the Square Dashboard app. However, access to your Square Savings account through the Square Dashboard app is view-only.
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 June 24, 2024:
- 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
- Cadence Bank NA
- Bremer Bank NA
- Synovus Bank
- C3bank National Association
- Metro City Bank
- Third Coast Bank
- Legacy Bank & Trust Company
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.