Square Savings

Save automatically with every Square sale

Start saving

Not on Square yet? Join today to start a savings account.

Square Savings services are provided by Square Financial Services, Inc., Member FDIC.

Red Bay Coffee founder Keba Konte using a smartphone.
Red Bay Coffee founder Keba Konte and an employee inspect raw coffee beans.

Earn 1.75% APY1 with no monthly fees, automated savings, and more—all from your Square Dashboard and Point of Sale.

A higher yield is on the horizon

Red Bay Coffee founder Keba Konte stands with a coffee roasting machine.

Is your money just sitting in a checking account? With a business savings account through Square, your money is designed to grow. There’s no minimum to open an account so you can start earning our 1.75% APY (which is 4x the national average2). Start with an amount you’re comfortable with—and enjoy how far it can go.

Automated savings will help you focus on what you do best

Tell us how much you want to save and we’ll automatically transfer a percentage of your sales into your savings. Whether that’s 1% or 20%—it’s all up to you. You’ll also be able to track your progress, adjust goals—and pause automated savings at any time.

Two lattes on a wooden counter with Square hardware.

Organize, fine-tune, 
and separate your savings

A small business owner and employees discuss building plans in an empty cafe.

Plan for the next day, week, or month with our folders. Square Savings makes it easy to organize money for business needs (sales taxes, rainy day funds), or milestone moments, like a brand-new website.

See how it works

We’ll help you get in the habit of saving with purpose

See your sales and
savings together
in POS and Dashboard

Free, instant transfers
between Square
Savings and Checking

Your account(s) are
FDIC-insured up
to $2.5M

How to get started with

Meet business owner Lauren

Lauren Borden of
Delano Nursery
San Francisco & Daly City, CA


“Square Savings has been a great tool for our business. It lets us automatically tuck away money and save for our goals — like paying taxes or buying big plant loads. It’s easy to forget about money we’ve set aside, because it’s automatic.”



  • What is Square Savings?

    Square Savings is a high yield business savings account designed to make managing business finances easier. It is integrated with Square payments, which enables you to automatically set money aside with every Square sale, and organize and manage your money with folders—all in the same place you manage your business. It is an online banking account with an APY (Annual Percentage Yield) of 1.75%, with no monthly maintenance fees and no minimum required to open an account.

  • What is Square Savings’ APY?

    We’re currently offering an Annual Percentage Yield (APY) of 1.75%. We want to make sure our customers are getting competitive interest rates while banking through Square. If we change the APY in the future, we will let you know.

  • Do you charge fees?

    No! There are no monthly maintenance fees, sign-up fees, or fees associated with minimum balances. There are also no overdraft fees or withdrawal limits fees that are associated with traditional business savings accounts.

  • Is Square Savings FDIC Insured?

    Yes, your Square Savings account(s) are insured by the FDIC up to $2,500,000.

  • Who can use Square Savings?

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

  • Can I access my money at any time?

    You have 24/7 access to manage your business savings. You can instantly transfer funds to your Square Checking in order to spend it on your Square Debit Card immediately—for free. You can make standard, cost-free ACH transfers to external bank accounts and expect funds to settle within 1-2 business days. Please note: ATM withdrawals are not enabled for Square Savings, however, you may use ATM withdrawals through Square Checking.

  • How does automated savings work?

    With automated savings, you can choose a percentage of your Square sales revenue to move into a dedicated savings folder that will automatically move those funds into your savings account throughout the day. Many business owners choose to automatically set aside funds for sales or income tax, emergency use, or business investment purposes in order to separate those funds from their primary business banking account.

Still need help? Check out the Square Support Center.

Save automatically with every Square sale

Instantly access your money after every sale with Square Checking3