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Square Savings
Annual Percentage Yield (APY)

1.00%

Fee
$0
Minimum deposit to open
$0

Our verdict

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

If you already use Square to run your business, opening a Square Savings account could make managing your money even easier. The Square Savings account comes with zero monthly fees and offers a competitive 1% APY on any balance. It also features automation tools that let you route a portion of your sales into dedicated savings folders. That said, it’s not perfect. There’s no ATM access, there are limited ways to deposit or withdraw money and you’ll need a Square business account to open one. But if you primarily operate your business online or through Square’s point-of-sale system, this savings account is still worth considering.

Best for: Square users who want an automated way to save from their business sales.

Pros

  • No monthly fees
  • Earns 1% APY on any balance
  • Automatically puts cash away toward specific purposes

Cons

  • No ATM withdrawals
  • Requires a Square account
  • Limited deposit and withdrawal options

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

Who is the Square Savings account best for?

The Square Savings account is best for business owners who want to manage savings within the Square ecosystem easily. There’s also the Square Checking & Debit Card, which might pair well with the savings if you’re a fan of the platform.

That said, the savings account doesn’t come with ATM access or the ability to deposit cash or checks, so look elsewhere if these are deal breakers for you.

What we like about the Square Savings account

Square’s savings account has a lot going for it. It’s free, and you’ll earn a solid APY no matter your savings balance. Square is also a member of the FDIC, and your deposits are protected up to $2,500,000. Most banks and credit unions only offer deposit insurance up to $250,000, so this coverage is exceptional.

Here are a few more things that make the account worth considering:

No monthly fees

The Square Savings account doesn’t charge any maintenance fees or require a minimum balance. These features make it a low-pressure option for newer business owners or those with fluctuating income, since you can focus on growing your savings without worrying about these costs eating into your earnings.

Solid interest rate with daily compounding

Square offers a flat 1% APY on any balance, which is higher than what many traditional banks offer on savings accounts. The national average interest rate is just 0.38%.(1) Interest is compounded daily and paid out monthly.

Built-in automation and savings folders

What we appreciate the most about this account is how seamlessly it integrates with Square’s point-of-sale system. You can automatically transfer a percentage of each sale into savings and even use folders to organize money for specific goals or sinking funds.

No overdraft or withdrawal limit fees

Even if you overdraw your account, Square won’t slap you with a fee. Plus, you can make as many transfers out of your savings account as you want without paying withdrawal limit fees.

Where it falls short

Like any other financial product, the Square Savings account isn’t perfect.

No ATM access or cash 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 perform an ACH transfer to an external bank account.

And on that same note, 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.

No physical bank locations

Square Savings doesn’t have brick-and-mortar locations. Customer support is entirely online, so you won’t have the option to walk into a branch or get in-person help if you run into issues.

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.

3 of 3
Product Finder Score Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Bonus offer
Grasshopper  logo
Finder score
Grasshopper Innovator Business Savings
Finder score
Money market
Up to

3.55%

Up to $125 million
$0
$100
Go to site More info
Compare product selection
Live Oak Bank logo
Finder score
Live Oak Bank business savings account
Finder score
Traditional savings

3.35%

Up to $250,000
$0.01
$0
Go to site More info
Compare product selection
U.S. Bank logo
Finder score
Finder score
Money market

3.56%

Up to $250,000
$0
$100

Top Offer

Receive a bonus interest rate of up to 3.50% 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. Member FDIC.
Go to site More info
Compare product selection
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Showing 3 of 3 results

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.

Read the full Finder Score breakdown

Customer reviews and ratings

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.05 out of 5 stars, based on 536 customer reviews
Trustpilot score4.3 out of 5 stars, based on 6,420 customer reviews
Customer reviews verified as of15 July 2025

Customer feedback for Square is pretty mixed, depending on where you look. On the Better Business Bureau, Square has an A+ rating and is accredited, but the reviews aren’t so great. We saw many complaints about poor customer service, issues with processing payments, frozen accounts and delays in accessing funds.

Square’s rating on Trustpilot is a lot better, with thousands of positive reviews. Many business owners remark how easy it is to sign up and appreciate the clean interface and tools for invoicing, sales and automating savings.

What do people on Reddit say?

We also checked out Reddit to see how customers feel about the savings account. Though there weren’t many posts focused solely on the savings feature, those who mentioned it liked the ability to automate savings. That said, some users did flag concerns about unexpected account closures and security issues, so that’s definitely something to be aware of.

Frequently asked questions

​​How to get money out of Square savings?

You can get money out of your Square Savings account by selecting the folder you want to transfer from and choosing “Transfer.” Then, just follow the prompts to move money to an external bank account.

Is a Square savings account safe?

Yes. Square is a legitimate business technology platform that’s also a member of the FDIC, which means your deposits are protected.

Where do I find my monthly statements?

You can find your monthly statements in your Square Dashboard. Go to your Savings account, select “Statements,” and you can view or download your past statements.

Your reviews

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Jamela Finder

Contributor

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