Go to the provider’s site and follow the steps to apply.
Select Products in the menu bar, then Banking, then Savings.
Select Start savings.
Log in to your existing Square account or create one by choosing Sign up. If you’re a current Square user, skip to step 7.
Select Balances in your Square dashboard.
Navigate to Savings, then hit Start saving, then Start saving again.
Enter and verify your phone number and review your personal info, confirm your business info and select your business entity type, hitting Next when prompted.
Fill in your Tax ID number, answer the tax certification question and read and agree to the legal disclosures. Select I agree.
Eligibility
At least 18 years old
US resident
US-based business
Square account
Required information
Full name
Physical address
Date of birth
Valid Social Security number or Individual Taxpayer Identification Number
Physical street address in the US or District of Columbia
6 benefits of a Square Savings account
Check out the highlights of a Square Savings account:
No monthly fees. You won’t pay a dime to maintain this account every month.
Impressive interest. The Square Savings account earns 1% APY on any balance, and interest is compounded daily.
Automate and organize your savings. Set up to automatically transfer a percentage of your sales directly into your savings account. Then fine-tune your savings using Square folders to put cash away toward specific purposes.
Integrated system. Check on your sales and savings anytime from your Square point-of-sale system and Square dashboard.
No overdraft fees. Although overdrawing your account violates your account terms, Square won’t charge a fee. But if your account is in the red, your fund transfers may be delayed.
No withdrawal limit fees. While most savings accounts limit you to six withdrawals a month before you pay a fee, the Square Savings account doesn’t charge a withdrawal limit fee.
3 things to look out for
Consider these three drawbacks before signing up for a Square Savings account:
No ATM withdrawals. Like most savings accounts that come with no ATM card, you can’t withdraw cash from your Square Savings account. To access your funds, you’ll need to initiate a free ACH transfer to an external bank account.
Requires a Square account. You’ll need to open a Square account for your business before setting up a Square Savings account.
Limited deposit and withdrawal options. Although Square makes it straightforward to transfer funds within the Square ecosystem, the only other way to fund your savings account is through ACH transfers. Square doesn’t support cash, checks or wire transfers.
See how the Square business savings account compares to a few other well-known savings accounts. Use the table to compare interest rates and fees.
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1 - 5 of 5
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
The Square Savings account only allows three ways to access your funds:
Transferring funds to and from your Square Seller Card account.
Transferring funds to and from your Square balance.
Initiating ACH transfers to and from a linked bank account, such as a Square Checking account or an external bank account.
How to contact Square about my savings account?
Get in touch with Square customer service by:
Live chatting with a Customer Success agent from your Square app, terminal, register or computer.
Calling 800-474-3398 weekdays from 6 a.m. to 6 p.m. PT.
Sending a secure email using its online form from your Square account.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick. See full bio
Kimberly's expertise
Kimberly has written 85 Finder guides across topics including:
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
