Square Savings

Save automatically with every Square sale

Start saving

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

savings
savings

Earn 0.50% APY1 with no minimums, no monthly fees, automated savings, and more—all from your Square Dashboard and Point of Sale.

A higher yield is on the horizon

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 start earning our 0.50% APY (which is 8x 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.

Organize, fine-tune, 
and separate your savings

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 $250K

How to get started with

FAQ

  • 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 0.50%, guaranteed through 2021, with no monthly maintenance fees and no minimums.

  • What is Square Savings’ APY?

    We’re currently offering an Annual Percentage Yield (APY) of 0.50% and we guarantee a rate of 0.50% or higher through at least the end of 2021. 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, as there are no minimum balance requirements. 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 $250,000.

  • Who is eligible for Square Savings?

    The following are some key eligibility requirements for Square Savings:

    • Your business entity type is a sole proprietorship, meaning you pay taxes for your business as an individual as opposed to another entity type (often the case for self-employed individuals or independent contractors)
    • You must have a Square account
    • You must be a US-based customer

    We plan to expand eligibility to more business types, like LLCs and Corporations, very soon, so stay tuned! Read more about business entity types on our blog.

  • 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.

checking-icon
Instantly access your money after every sale with Square Checking3 >

1 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.

2The rate of our savings account is more than 8x the national average of 0.06% APY, based on the national average of savings accounts rates published in the FDIC Weekly National Rates and Rate Caps accurate as of 6/21/2021.

Square Checking is provided by Sutton Bank, Member FDIC. Square Debit Card 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. Accounts are FDIC-insured up to $250,000.

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