Set up a savings account
About Square Savings
With Square Savings you can set aside money from your daily sales to grow your business savings with a competitive annual percentage yield, set aside money for quarterly taxes, or save for a rainy day business needs.
When you open a savings account, you can make one-time deposits into your account or set up automatic deposits. Setting aside a percentage of your card sales to deposit into your account makes it easier than ever to save money.
Before you begin
Square Savings is only available to eligible Square sellers, for business purposes only.
The application process for a Square Savings account requires your personal and business information.
If you are ineligible for a Square Savings account, contact Square Support for assistance. Square may be able to reset your application so you can re-apply for a Savings account. However, we cannot guarantee that you will be eligible for a reset or a Square Savings account when reapplying. Learn how to get support at Square.
Set up a savings account
Sign in to Square Dashboard and go to Banking > Savings.
Click Start saving.
Fill out the required information and complete the application. Ensure the information entered is accurate.
Review and submit your information to complete setup.
If your information is unable to be verified, additional documents may be requested. Otherwise, your application might be declined.
Review application documentation requirements
To complete your Square Savings application, Square may request personal or business information to verify you, any beneficial owners the business may have, or your business. If your information can’t be verified or if additional information is needed, we’ll reach out to you through Square Dashboard and email for more information.
Your Square Savings account application won't be reviewed if the request is incomplete, and you have 16 days from the date of your application submission to complete the information request. If you don’t provide all of the requested information on time, your application will be canceled.
Once you submit the additional documentation, you’ll be notified of your application status within one to three business days. If you don’t receive a decision within this timeframe, additional information may still be required.
If we can’t verify your legal name or the name of any beneficial owners, Social Security number, or date of birth, we may request any of the following documents:
- Name: A government-issued ID, such as a driver’s license or passport.
- Social Security Number: SSN Card, Individual Taxpayer Identification Number (ITIN) letter from the IRS, or the most recent 1040 tax return.
- Date of birth: A government-issued ID, such as a driver’s license or passport.
We need to see the entire document to complete your account review. If a partial copy is submitted, we may request to see the document in full.
If we can’t verify your legal business name and/or TIN, we may request one of the following:
- Your business’s government-issued SS-4 (EIN confirmation letter).
- Your most recent business tax returns confirming your business name and TIN.
- Secretary of State documents that contain your business TIN.
If you misplaced your SS-4 confirmation letter, you can call the IRS at 800-829-4933 to reach their Business and Specialty Tax Line. You can also visit the IRS online for help.
Upload application documents
- Sign in to Square Dashboard and go to Notifications.
- Click Complete Your Square Savings Application > Continue.
- Select Upload the requested items to upload your additional documentation.