Square Savings Save automatically, budget effortlessly

Square Savings is a free business savings account that makes it easy to automatically save, budget and organize your money from sales – all while earning competitive interest. It is integrated with Square payments so you can automatically set aside a percentage of every sale and budget for key expenses – all in one place. You can easily organize your savings into folders named after your goals, making it easy to see, track and manage your progress. All funds set aside earn an APY (annual percentage yield) of 1.00%, with no monthly maintenance fees and no minimum required to open an account.

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.

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

You have 24/7 access to your Square Savings account with no limits on how often you can withdraw. You can instantly transfer funds to your Square Checking and spend them right away using your Square Debit Card, for free. You can also make standard ACH transfers to external bank accounts, which typically settle in 1–2 business days. If you're using automated savings, daily contributions are deposited at 5 PM MST. 

Contributions made after that time will be deposited the following day. 

Please note: ATM withdrawals are not enabled for Square Savings, however, you may use ATM withdrawals through Square Checking.

With automated savings, you can choose a percentage of your Square sales revenue to move into a dedicated savings folder. Many business owners automatically set aside funds for expenses such as income or sales tax, bills, supplies or longer term savings goals, in order to separate those funds from their primary business banking account.

You can easily transfer money in or out of your Square Savings account. Just select the folder you want to transfer from, choose “Transfer,” and follow the prompts to move money to or from your linked Square Checking or external bank account.

Monthly Savings statements are available in your Square Dashboard. Go to your Savings account, select “Statements,” and you’ll be able to view or download your past statements anytime.