Set up a savings account
About Square Savings
With Square Savings you can set aside money from your daily sales to grow your business savings with a competitive annual percentage yield, set aside money for quarterly taxes, or save for a rainy day business needs.
When you open a savings account, you can make one-time deposits into your account or set up automatic deposits. Setting aside a percentage of your sales to deposit into your account makes it easier than ever to save money.
Before you begin
Square Savings is only available to eligible Square sellers, for business purposes only.
You can view the interest you’ve earned by reviewing your monthly statements, which are sent electronically. It’ll also appear in your transaction history and annual tax forms.
If you participate in Automated Savings, your daily contributions will initially be marked as pending. Contributions pending before 5pm MST will be deposited the same, while those pending at or after 5pm MST will be deposited the next day.
Linking or unlinking an external bank account for Square Savings is separate from the external bank account for Square payments, and has no effect on the other.
Set up a savings account
Sign in to Square Dashboard and go to Banking > Balance.
Select a business location from Locations.
Click the gear icon and click Savings > Get started.
Verify your business information and that your name and business name matches the account owner’s name on the Square account.
Review your information to complete setup.
Review application documentation requirements
To complete your Square Savings application, Square may request personal or business information to verify you or your business. If your information can’t be verified or if additional information is needed, we’ll reach out to you through Square Dashboard and email for more information.
Your Square Savings account application won't be reviewed if the request is incomplete, and you have 16 days from the date of your application submission to complete the information request. If you don’t provide all of the requested information on time, your application will be canceled.
Once you submit the additional documentation, you’ll be notified of your application status within one to three business days. If you don’t receive a decision within this timeframe, additional information may still be required.
If we can’t verify your legal name, personal address, Social Security number, or date of birth, we may request any of the following documents:
- Name: A government-issued ID, such as a driver’s license or passport.
- Social Security Number: SSN Card, Individual Taxpayer Identification Number (ITIN) letter from the IRS, or a 1040 tax return.
- Date of birth: A government-issued ID, such as a driver’s license or passport.
We need to see the entire document to complete your account review. If a partial copy is submitted, we may request to see the document in full.
If we can’t verify your legal business name and/or TIN, we may request one of the following:
- Your business’s government-issued SS-4 (EIN confirmation letter).
- Your most recent business tax returns confirming your business name and TIN.
- Secretary of State documents that contain your business TIN.
If you misplaced your SS-4 confirmation letter, you can call the IRS at 800-829-4933 to reach their Business and Specialty Tax Line. You can also visit the IRS online for help.
Upload application documents
- Sign in to Square Dashboard and go to Notifications.
- Click Complete Your Square Savings Application > Continue.
- Select Upload the requested items to upload your additional documentation.
Link and manage an external bank account
For the most seamless experience, you can transfer funds to and from your Square Checking account instantly. You can also link an external bank account to Square Savings to transfer funds to and from your savings account in one to two business days.
For maximum account security, additional verification when linking a new bank account to your savings account may be required. In order for us 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.
- Sign in to Square Dashboard and go to Banking > Balance.
- Select Savings > Settings.
- Under External bank account, click Add account.
- You can use the bank account linked for Square payments for your savings account, or if you wish to use a different account select Add another account.
- Follow the on-screen instructions.
- Some bank accounts instantly verify. If the account can’t be instantly verified, it may take up to four days to verify.
Note: Bank account information can only be updated once per day.
- Sign in to Square Dashboard and go to Banking > Balance.
- Select Savings > Settings.
- Under External bank account, click Add a new bank account.
- Choose to add a new bank account or replace your existing bank account.
Square 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.
If you choose to manually verify your external bank account, you will be asked to verify a $0.01 micro deposit that is sent to your external bank account. To verify the micro deposits for your savings account:
- 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 > Balance.
- Select Square Savings > Settings.
- Click Verify account and enter the 3 digit code that came with your micro deposit to complete bank linking.