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Preguntas frecuentes sobre las Cuentas de ahorros Square

Con la Cuenta de ahorros Square, puede separar dinero de sus ventas diarias de Square, lo que le permite enfocarse en administrar su negocio. Haga crecer los ahorros de su negocio con nuestra tasa de rendimiento anual (APY) competitiva, separe dinero para pagar impuestos trimestrales, ahorre para pagar las necesidades de su negocio o cree fondos de reserva, todo con su Cuenta de ahorros Square.

Consulte las respuestas a nuestras preguntas más frecuentes a continuación.

How can Square Savings help my business? 

Whether you’re looking to meet a specific savings goal, create a rainy day fund, or simply streamline your finances, Square Savings has a number of benefits tailored to your business. We offer an annual percentage yield (APY) of 0.5% to help you make the most out of your savings. We also understand the need to access your funds quickly. With instant transfers between your Square balance and Square Savings account, you can instantly access your money when you need it. 

Who can use Square Savings?

Currently, Square Savings is available to eligible Square sellers, for business purposes only.

Why am I not eligible for an account? 

When you sign up for Square Savings, you will provide information to allow verification of your identity, your business, certain business managers, and/or certain other owners of your business. If verification is not successful, or if you are unable to meet other requirements (such as a minimum age requirement), you may not be eligible to open an account.

Why are you asking about the ownership and/or management of my business?

Gathering this information is required by law before a new account can be created. During the Savings application process you will be asked some details about individuals involved who own or have significant responsibility to control, manage, or direct your business.

Where can I locate my business EIN?

You can refer to your government issued SS-4 or your recent business tax returns to locate your legal business name and EIN.

Who is a beneficial owner?

A beneficial owner is someone who directly or indirectly owns 25% or more of your business. For example, Bob’s Donut Shop is owned 50% by Bob and 50% by Tasty Donuts, LLC. Tasty Donuts, LLC is owned 50% by Joe and 50% by Mary, both individuals. So, Joe and Mary indirectly each own 25% of Bob’s Donut Shop and would need to be identified in the signup process as beneficial owners. Bob directly owns 50% of Bob’s Donut Shop and would be listed as another beneficial owner.

Is there a minimum balance requirement? 

There is currently no minimum deposit required to open an account, and no minimum balance is required to get our advertised APY. You can open an account and start meeting your saving goals today.

How is the interest on my account calculated?

Interest is calculated daily using the account balance at the end of each business day. The interest you earn then gets added to your account each month. Square Savings guarantees 0.5% APY through December 31, 2021. The APY on your account is subject to change at any time after that.

Will I receive a Form 1099-INT?

Depending on how much interest you earned or whether any income tax was withheld from your earned interest during a calendar year, you may receive a Form 1099-INT. Form 1099-INT for your Square Savings account can be found in your online Square Dashboard under Settings. If you have any additional tax questions, consult your tax advisor as Square is not able to provide tax guidance.

Do you charge any fees? 

We don’t charge any monthly fees. However, certain fees may apply for future premium features. 

Will I have instant access to the funds in my account?

Yes, you can access and manage your account online 24/7. When transferring funds between your Savings account and your Square balance, you’ll be able to see the transaction happen instantly. When transferring your funds to an external bank, you can expect to see the money in your account within 1-2 business days. Check with your external bank if there are any bank policies or other factors that may affect the timing of these transfers.

Where do I find my account and routing numbers?

You can find your routing and account numbers in the Settings of your Savings Dashboard under the Account details section.

Is there a limit to how much money I can deposit into or withdraw from my account?

Yes, the maximum amount you can withdraw from your account for each transaction is $10,000. The maximum cumulative amount per day for withdrawals is $25,000.

The maximum amount you can deposit into your account at one time is $50,000. The maximum cumulative amount per day for deposits is $100,000.

There are currently no limits to the number of withdrawals or transfers you can make.

Can I transfer funds between my savings folders?

You can always instantly transfer funds between your savings folders. There are no fees or limits around how often or when you choose to move your money.

Can I transfer money from my checking account into my savings account?

Yes. You can transfer money from your Square Checking account to your Savings account from your Savings Dashboard.

I transferred money accidentally. How do I cancel the transaction?

If you made a transfer by accident or you want to cancel a pending deposit that was initiated through your Savings dashboard, wait for the transaction to complete. Once the transaction is completed, you can initiate a new transaction to move the money back.
If you initiate a transfer from another institution and want to cancel it, contact us to let us know you want to place a stop payment at least three business days before the scheduled transfer date.

What should I do if I suspect fraud or if I don’t recognize account activity?

If you don’t recognize a transaction or suspect that there has been unauthorized activity on your Square Savings account, reach out to us as soon as possible. Check out our reccomended security steps, including changing your password, requesting an account review, and ensuring the 2-step verification feature remains turned on.

How much money can I transfer out of my Savings account?

Keep in mind that when funds are debited from your Savings account from an external source (such as when you direct your external bank to pull funds from your Savings account), you must have the full amount you want to transfer out all within your general savings folder. This is the folder that is associated with your account and routing number. For example, let’s say you have a general savings folder with $50 and a custom folder with $100. If you want to transfer $100 out of your account, you’ll need to move $50 from your custom folder into your general savings folder before you can complete the transfer.

How do I close my Square Savings account?

To close your account, contact usand we will handle closing your account.
Note: Any pending transactions will need to be settled before your account can be fully closed.

Is Square Savings supported in any other language?

Yes, we offer a Spanish translation of this website. Some or all documents, services, web pages and/or correspondence may be available only in English, such as monthly statements or email updates about your account. If you need a Spanish translation of your monthly statement, we can provide you with a template upon request.

Is Square Savings Federal Deposit Insurance Corporation (FDIC)-insured?

Yes, your Square Savings accounts are FDIC insured up to $250,000.
The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits. FDIC insurance is backed by the full faith and credit of the United States government.

Who issues Square Savings accounts? 

Square Savings accounts are issued by Square Financial Services, Inc., Member FDIC.

Savings accounts are provided by Square Financial Services, Inc. Member FDIC. Annual percentage yield (APY) of 0.50% or more will apply until 12/31/2021, after which the APY in effect at that time will apply and will be subject to change. No minimum deposit is required to open an account, and no minimum balance is required to obtain any advertised APY. Accounts will not be charged monthly fees. Accounts are FDIC-insured up to $250,000.