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Square Savings account review

Earn 1% APY, but you’ll be heavily invested in the Square ecosystem.

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How do I open a Square Savings account?

Sign up for a Square Savings account in 11 steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Products in the menu bar, then Banking, then Savings.
  3. Select Start savings.
  4. 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.
  5. Select Balances in your Square dashboard.
  6. Navigate to Savings, then hit Start saving, then Start saving again.
  7. 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.
  8. 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:

  1. No monthly fees. You won’t pay a dime to maintain this account every month.
  2. Impressive interest. The Square Savings account earns 1% APY on any balance, and interest is compounded daily.
  3. 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.
  4. Integrated system. Check on your sales and savings anytime from your Square point-of-sale system and Square dashboard.
  5. 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.
  6. 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:

  1. 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.
  2. Requires a Square account. You’ll need to open a Square account for your business before setting up a Square Savings account.
  3. 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.

If your business deals heavily in checks or cash, consider another small business savings account.

Compare Square Savings with other accounts

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.

$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Primis Business Savings
Finder Score: 4.5 / 5: ★★★★★
Primis Business Savings
Traditional savings

4.00%

Up to $250,000
$0
$1
$1,040
Axos Bank Business Savings
Finder Score: 3.7 / 5: ★★★★★
Bonus
Axos Bank Business Savings
Traditional savings

0.20%

Up to $250,000
$0
$1,000
If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
$1,002
U.S. Bank Platinum Business Money Market
Finder Score: 3 / 5: ★★★★★
Bonus
U.S. Bank Platinum Business Money Market
Money market

4.60%

0.05%

Up to $250,000
$0
$100
Receive a bonus interest rate of 4.50% from the account opening date when you open a new Platinum Business Money Market Account and complete qualifying activities, subject to certain terms and limitations. Offer valid through June 5, 2024. Member FDIC.
$1,046
Live Oak Bank business savings account
Finder Score: 4.4 / 5: ★★★★★
Live Oak Bank business savings account
Traditional savings

4.00%

Up to $250,000
$0.01
$0
$1,040
Axos Bank Business Money Market
Finder Score: 3.6 / 5: ★★★★★
Bonus
Axos Bank Business Money Market
Money market

0.20%

Up to $250,000
$0
$1,000
If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
$1,002
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How do I deposit or withdraw my money?

The Square Savings account only allows three ways to access your funds:

  1. Transferring funds to and from your Square Seller Card account.
  2. Transferring funds to and from your Square balance.
  3. 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.

Read the full methodology of how we rate savings accounts.

More guides on Finder

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