Square Banking

Your payments, banking, and cash flow. Working as one.

Square, Inc. is a financial services company, not a bank. Banking services are provided by Square’s
banking affiliate, Square Financial Services, Inc. or Sutton Bank; Members FDIC.

Sell, save, spend, and borrow as fast as you need to.

Your payments, business banking accounts, and cash flow, synced together seamlessly. When you take payments and bank through Square, everything is connected. Watch your sales flow directly into Square Banking, so accessing and moving your money is fast, easy—and can even be automated.

$0 overdraft fees

$0 opening deposit

$0 minimum balance

$0 monthly account fees

Make a sale, instantly access the funds in your Square Checking account
Spend it instantly with your Square Debit Card
Automatically set aside a percentage of daily sales into a high-yield Square Savings folder
Become eligible for a Square Loan and automatically repay it through your Square sales

Checking

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Spend and access money instantly from your Square sales with your Square Checking and Debit Card.

No monthly fees, credit checks, or long applications.

Send money in and out of your account using your account and routing numbers.

Learn more

Savings

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Automatically set aside a portion of every Square sale. Use folders to organize money for taxes, rainy days, and more.

Earn 0.50%1 APY—guaranteed for 2021.

No monthly fees and no minimums.

Free, instant transfers to and from Square Checking.

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Loans

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Become eligible for a loan between $300–$250K automatically by processing payments on Square.

Automatically pay off loans with a percentage of Square sales.

Get your funds as quickly as the next business day.

No ongoing interest—just one flat fee.

Loans are subject to eligibility and approval.

Learn more

Checking

Learn more

Spend and access money instantly from your Square sales with your Square Checking and Debit Card.

No monthly fees, credit checks, or long applications.

Send money in and out of your account using your account and routing numbers.

Learn more

Savings

Learn more

Automatically set aside a portion of every Square sale. Use folders to organize money for taxes, rainy days, and more.

Earn 0.50%1 APY—guaranteed for 2021.

No monthly fees and no minimums.

Free, instant transfers to and from Square Checking.

Learn more

Loans

Learn more

Become eligible for a loan between $300–$250K automatically by processing payments on Square.

Automatically pay off loans with a percentage of Square sales.

Get your funds as quickly as the next business day.

No ongoing interest—just one flat fee.

Loans are subject to eligibility and approval.

Learn more
Good news: Both Square Checking and Savings are FDIC-insured up to $250K

Small business owners look to Square to expand and improve on the long-standing and often-unfair conventions surrounding financial services—like unnecessary, outdated fees and applications. We can do it better.

Our sellers are trailblazers. And they deserve business banking that can keep up.

Square Banking.
Serving the self-made.

32%

of Square Loans customers identify as people of color

Industry average is 27%
2021 internal Square analysis

51%

of Square Loans customers are women-owned businesses

Industry average is 17%
SBA 7(a) Lending Statistics for Major Programs as of 2019
2021 internal Square analysis

32%

found typical business accounts to be too expensive

2020 Square Card Survey results

1 in 4

business owners were rejected by big banks or deterred by the application process

2020 Square Card Survey results

Square Banking by the numbers

$0

monthly fee

$0

overdraft fee

$0

opening deposit

0

credit checks

$0

minimum balance

$0

monthly fee

$0

overdraft fee

0.50%

APY

0

credit checks

$0

minimum balance

Frequently asked questions

Check out details on our product pages below.

Didn’t find what you were looking for? Visit our
Support Center or learn more about Square Banking


Square Checking accounts are provided by Sutton Bank, Member FDIC. The Square Debit Card is a debit card that accesses the funds in the Square Checking account, and is issued by Sutton Bank, Member FDIC; pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. Funds generated through Square’s payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues.

1Savings accounts are provided by Square Financial Services, Inc., Member FDIC. Annual percentage yield (APY) of 0.50% 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. We do not charge monthly fees. Certain fees may apply for optional, premium features that may reduce account earnings. Savings accounts are FDIC-insured up to $250,000.

All loans are issued by Square Financial Services, Inc., a Utah-chartered Industrial Bank, Member FDIC. A minimum payment of 1/18th of the initial loan balance is required every 60 days, and full loan repayment is required within 18 months. Actual fee depends upon payment card-processing history, loan amount and other eligibility factors. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Square, the Square logo, Square Financial Services, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly-owned subsidiary of Square, Inc.