Get Started with Square Savings
With Square Savings, you can set aside money from your daily Square sales, allowing you to focus on operating your business. Grow your business savings with our competitive annual percentage yield, set aside money for quarterly taxes, or save up for a rainy day or business needs—all with your Square Savings account.
When you open a Square Savings account, you have the option of making one-time deposits into your account, as well as setting up automatic deposits. This way, you can choose to set aside a percentage of your sales to be deposited into your account, making it easier than ever for you to save money.
You can locate your savings account information across all locations in the Balance section of your online Square Dashboard.
Sign Up for Square Savings
You can sign up for a Square Savings account from your online Square Dashboard. We’ll start by gathering some information about you to create your account—if you’re already a Square seller, some of it will automatically be prefilled. Then, we’ll help you customize it to meet your goals. You’ll also have the option to link an external bank account.
Link an External Bank Account
For the most seamless experience, you can transfer funds to your Square Checking instantly.If you do not want or have a Square Checking account, you are able to link one external bank account to your Square Savings account to use for transferring funds into and out of Square Savings. Linking or unlinking an external bank account for Square Savings is separate from the external bank account for Square payments. Linking or unlinking one has no effect on the other.
To link an external bank account to your Square Savings:
Go to your Savings Dashboard > Settings, and select Add account under the External bank account section.
You will be given the option to use the bank account linked to your Square payments for your Savings or if you wish to use a different account, select Add another account.
Follow the instructions prompted on the screen.
Some bank accounts can be instantly verified. If the account can’t be instantly verified, it may take up to four days to verify.
Note: Bank account information can only be updated once per day.
Update Your Bank Account
You can update your bank account directly from your online Square Dashboard. To do so:
Go to your Savings dashboard, and select Settings.
Under External Bank Accounts, select the option to Add a new bank account.
Choose to add a new bank account or replace your existing account.
Currently, Square only supports one external bank account to be linked at a time.
Keep in mind: Updating your bank account on file with Square, such as for your sales deposits, will not update the bank account on file for your Savings account.
Plaid Micro Deposits
If you choose to manually verify your external bank account, you will be asked to verify a $0.01 microdeposit that is sent to your external bank account. In order to verify the micro deposits for your Square Savings account:
Locate the $0.01 micro deposit Square sent that contains a 3-digit alphanumeric code in the deposit description.
Navigate to the Square Savings Dashboard, and select the gear icon on the top right corner to go to the settings page.
Scroll down and select Verify Account.
Enter the 3 digit code to complete the bank linking.
Set up folders
From the Square Savings Dashboard, select Add new folder.
Select the type of folder you want to create,
Set your Automated Savings. This is the percentage of sales you want automatically transferred to this folder. Choose to contribute up to 75% of your sales, or select Not now if you want to set this amount later.
Select Confirm to save your selected options.
Set up savings targets
When you are setting up a custom or rainy day fund folder, you have the option to set a savings target. Savings targets are specific dollar amounts and help streamline your savings goals for something you know the cost of, such as a new piece of equipment. Once that target is reached, new automated contributions will stop. You can select Contribute indefinitely if you want to keep automatically contributing beyond that target amount. If you’re not sure how much money you’ll need to set aside, such as for taxes, you can choose to save as you go without setting a savings target.
Delete your savings folders
Visit the Savings dashboard section of your Square Dashboard.
Click on the folder you would like to delete.
Click on the three dots in the upper right hand corner.
Select > Delete folder. If you have funds in this folder, those funds and accrued interests will be transferred to your “General savings” folder.
Note: You will be unable to delete a folder if you have any pending transfers.
Edit your saving folders
Visit the Savings dashboard section of your Square Dashboard.
Click on the folder you would like to edit.
Click on the three dots in the upper right hand corner.
Select > Edit folder name.
Select > Confirm to save the new name.
Annual Percentage Yield
We’re currently offering an annual percentage yield (APY) of 1.75% as of October 10th, 2022. This rate is at least 10 times the national average for savings accounts, according to the FDIC. If we change the APY, we’ll let you know as soon as it happens.
View interest earned
You can view the interest you’ve earned by reviewing your monthly statements, which you'll receive electronically. It’ll also appear in your transaction history and annual tax forms (if applicable).
Transfer Funds
Transfer funds into your Savings account
Make deposits into your savings account directly from your online Square Dashboard.
Go to your Savings dashboard and select Add money.
Enter the transfer amount, and select which folder the funds will be transferred to, as well as where to transfer the funds from.
Select Looks good to proceed with the transfer.
Note: We don’t currently accept transfers from external (non-Square linked) bank accounts, but you can send money directly to your account from an external account using your account and routing numbers.
Transfer funds out of your Savings account
To transfer money out of your account, you can either send the funds to your linked bank account, or you can instantly send it to your Square Checking account and spend it how you want. To do so:
Go to your Savings dashboard and select Transfer out.
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From the dropdown menu, select the folder where the funds will come from.
If there aren’t enough funds in the folder to cover the transfer, you will see an error telling you to move funds from other folders to this folder before attempting the transfer again.
Enter the dollar amount you want to transfer, and select the destination for the transfer in the dropdown.
Click Looks good to confirm your transfer.
Transfers to your Square Checking account happen instantly. Transfers to a linked external account generally take 1-2 business days to arrive at that bank. It takes one business day if the transfer is initiated before 3 p.m. Central Time or two business days if it is initiated after 3 p.m. Central Time. Check with your external bank if there are any bank policies or other factors that may affect the timing of these transfers.
View your Account Activity
You can view your account activity by logging in to your online Square Dashboard and viewing your recent transactions. You’ll be able to see any pending transactions, as well as past deposits, withdrawals, and interest earned.
If you participate in Automated Savings, your daily contributions will initially be marked as pending. Contributions pending before 5 PM MST will be deposited the same , while those pending at or after 5 PM MST will be deposited the next day.
You can view your savings account balance from the Square Dashboard app. However, access to your Square Savings account through the Square Dashboard app is view only. You can tap Manage online from the app to log in to your online Square Dashboard and take action on your account, view additional account details, or update your account settings.