Updated September 2025
By: Nick Gambino
Small businesses have long struggled with high fees and complicated rules from traditional banks. Today, Square banking goes beyond payments with Square Checking and Savings. In particular, these are designed to simplify how small businesses manage both daily spending and long-term savings. These accounts integrate smoothly with the tools business owners already use. They remove common banking headaches.
Square Checking and Savings offers a free business checking account with no monthly fees, no minimum balance, and no overdraft charges. Funds from Square sales are available instantly. Business owners can access their money via a Square Debit Card, ACH transfers, or mobile check deposits. Participating retail locations, like Walmart and Dollar General, accept cash deposits.
The savings side of Square Checking and Savings provides a free business savings account with no monthly maintenance fees or minimum balance. Users can automatically allocate a percentage of daily sales into savings folders for goals like taxes or equipment purchases. These savings earn an APY of 1.00%, more than double the national average. Additionally, all funds are FDIC-insures up to $2.5 million. Business owners can also link their accounts to Cash App. This allows fast transfers, instant payments, and additional financial management tools.
Square’s banking charter and the launch of Square Financial Services made Square Checking and Savings a natural next step. By combining checking, savings, and payments into one platform, Square gives small businesses a complete financial ecosystem. They can manage cash flow efficiently.
For small business owners, Square offers smarter money management, easier access to funds, and a fully integrated platform that combines payments, checking, and savings in one place.
Quick FAQ: Square Checking and Savings
What is Square Checking and Savings?
A combined checking and savings solution for small businesses to manage money and save for goals.
Who can use Square Checking and Savings?
Any small business using Square or looking for integrated banking tools.
Square Checking account features:
No fees, no minimum balance, no overdraft charges, instant access to funds, debit card, ACH, mobile check, and cash deposits.
Square Savings account features:
No fees, automatic daily savings allocation, 1.00% APY, FDIC-insured up to $2.5M, and linkable to Cash App.
Why use Square Checking and Savings?
Simplifies cash flow, provides instant access to funds, and combines payments, checking, and savings in one platform.
