Why Does Square Offer Banking?
Square offers a suite of financial and banking products, including Square Checking, Square Savings, and Square Loans. Square developed these banking tools to provide integrated banking services designed for small businesses that process payments with Square.
Square's banking tools integrates your payments, banking accounts, and cash flow together seamlessly. When you take payments and bank through Square, everything is connected. You can watch your sales flow directly into your checking account, so accessing and moving your money is fast, easy and can even be automated. Square sellers who currently process payments with Square can access Square Checking and Square Savings, and can become eligible to apply for Square Loans, just through processing on Square.
Is Square a bank?
Block, Inc. is a financial service company — not a bank. It does not offer the Square Banking products directly.
Square Loans and Square Savings are provided by Square Financial Services, Inc., Member FDIC, a fully owned subsidiary of Square that has received an ILC bank charter.
Square Checking is provided by Sutton Bank, Member FDIC.
Both Square Savings and Square Checking accounts are FDIC-insured up to $250,000.