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Square Savings account review

Earn 0.5% APY, but you’ll be heavily invested in the Square ecosystem.’s rating: 4.6 / 5.0







Minimum deposit to open


Annual percentage yield (APY)0.50%
Minimum deposit to open$0
Interest compoundingDaily

Review by

Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The Square Savings account is a good option for self-employed individuals, independent contractors or sole proprietors that already use or plan to use Square for their business. It offers a competitive 0.5% APY on any balance and truly minimal fees. While it’s not the highest APY for business savings we’ve seen, it’s still a very competitive interest rate.

What’s more, the account allows you to create different savings goals to help you reach them faster. And unlike other savings accounts, you won’t have to worry about paying a fee if you make more than six withdrawals a month.

Like most savings accounts, you’re limited in ways to access your cash outside of transferring your funds to an external bank account. If you want access to ATMs, you’ll want to consider a business savings account like First Internet Bank Regular Savings that comes with an ATM card.

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. In the menu bar, select Products, Banking and then choose 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. In your Square dashboard, select Balances.
  6. Under Savings, hit Start saving.
  7. Choose Start saving again.
  8. Enter and verify your phone number and review your personal info and select Next.
  9. Confirm your business info and choose Next.
  10. Select your business entity type and hit Next.
  11. Fill in your Tax ID number, answer the tax certification question and read and agree to the legal disclosures. Select I agree.


  • At least 18 years old
  • US resident
  • Sole proprietorship, such as self-employed individuals or independent contractors
  • Square account
  • US-based business

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 0.5% 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.

4 things to look out for

Consider these four drawbacks before signing up for a Square Savings account:

  • Limited to specific business entities. While Square plans to expand its offerings to other business types like LLCs and corporations, the Square Savings account is currently only available to sole proprietors.
  • 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 easy 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 you’re an LLC or corporation or deal heavily in cash, you’ll need to 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 Annual percentage yield (APY) Fee Minimum deposit to open
Axos Bank Business Savings
Finder Rating: 3.7 / 5: ★★★★★
Axos Bank Business Savings
$5 per month
(can be waived)
A business savings account with a low minimum deposit.
Axos Bank Business Money Market
Finder Rating: 3.6 / 5: ★★★★★
Axos Bank Business Money Market
$10 per month
(can be waived)
This money market savings account comes with the added benefit of check writing privileges.
NBKC Bank Business Money Market
Finder Rating: 4.1 / 5: ★★★★★
NBKC Bank Business Money Market
The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.
First Internet Bank Regular Savings
Finder Rating: 3.8 / 5: ★★★★★
First Internet Bank Regular Savings
$2 per month
(can be waived)
First Internet Bank's Regular Savings account for businesses is online-only and available nationwide.
Live Oak Bank Business Savings account
Finder Rating: 4.4 / 5: ★★★★★
Live Oak Bank Business Savings account
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily

Compare up to 4 providers

How do I deposit or withdraw my money?

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.

Read the full methodology of how we rate savings accounts.

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