Sell, save, spend and borrow—as fast as you need to.
We’re thrilled to announce the launch of Square Banking, your new suite of banking services built specifically for small businesses. With Square Banking, your payments, business banking accounts, and cash flow are all synced together seamlessly—making accessing and managing your money faster, easier, and even automated.
Square Banking is breaking from the long-standing and often unfair conventions in the financial industry, including getting rid of outdated fees and long applications to better serve small businesses.
- $0 opening deposit
- $0 minimum balance
- $0 monthly account fees
- $0 overdraft fees
- 0 credit checks
Learn more about Square Banking at squareup.com/banking.
Square, Inc. is not a bank. Banking services are provided by Square Financial Services, Inc. or Sutton Bank; Members FDIC.
What Square Banking services are available?
Square Banking includes the following banking products:
More about Square Checking:
- Square Checking is a free business checking account that is integrated with Square payments, providing instant access to Square sales for free - no more waiting on bank transfers.
- No recurring fees
- No minimum balance requirements
- No complex applications or credit checks required - it takes 2 minutes to sign up
- Pay bills with account & routing numbers
- FDIC insured balances up to $250,000
More about Square Savings:
- Earn a high yield 7x the national average with 0.5% APY* (annual percentage yield), guaranteed through 12/31/2021
- No monthly fees, no minimums, and no hidden fees
- FDIC insurance up to $250k
- Automatically save with every sale
- Create folders to organize your money for any goals you have in mind
- Transfer from your Square Checking account and/ or link external accounts
- Sign up online in minutes from your existing Square account
- Manage everything for your business through your Dashboard or Point of Sale
- Please note, Square Savings is only available to Sole Proprietorships at this time.
More about Square Loans:
- Become eligible for a loan between $300 - $250K automatically by processing payments on Square.
- Automatically pay off loans with a percentage of Square sales.
- Get your funds as quickly as the next business day.
- No ongoing interest—just one flat fee.
Loans are subject to eligibility and approval.
Have any questions about Square Banking? Feel free to ask in the comments section or check out our FAQs!
Legal Disclosure:
* Savings accounts are provided by Square Financial Services, Inc. Member FDIC. Annual percentage yield (APY) of 0.5% will apply until 12/31/2021, after which the APY in-effect at that time will apply and may change. No minimum deposit is required to open an account, and no minimum balance is required to obtain any advertised APY. We will not charge monthly fees. Certain fees may apply for optional, premium features that may reduce account earnings. Savings accounts will be FDIC-insured up to $250,000.
Square, Inc. is a financial services company, not a bank. All loans and savings accounts are issued by Square’s banking affiliate, Square Financial Services, Inc., a Utah-chartered Industrial Bank, Member FDIC, located in Salt Lake City, Utah. A minimum payment of 1/18th of the initial loan balance is required every 60 days, and full loan repayment is required within 18 months. Actual fee depends upon payment card-processing history, loan amount and other eligibility factors. Loan eligibility is not guaranteed. All loans are subject to credit approval. 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.
