Square has unveiled a powerful expansion of its Square Banking services, designed to give small business owners more control over their cash flow and simplify the way they manage their finances. With the latest updates, sellers can now sign up for both a Square Payments account and a free Square Checking¹ account in just minutes—directly through Square’s website or point of sale app.
Additionally, Square Savings now offers personalized savings recommendations based on a seller’s transaction history and cash flow trends, helping them allocate funds toward critical expenses like taxes, supplies, and payroll.
“I use Square for banking, and it has completely transformed how I organize my business,” said Emily Yates, founder of Flower Friends SF. “Now I can easily track spending by project and view all my transactions in one place. Before Square, that was a real challenge.”
Simplified Cash Flow Management for Small Business Owners
Cash flow is the heartbeat of any small business, and poor financial management is one of the top reasons businesses fail—especially in the early years. Traditional banking services are often built for large enterprises, burdening small businesses with fees, delays, and overly complex systems.
Square Banking eliminates those challenges by offering a seamless, integrated solution. Launched in 2021, the Square Banking suite now serves hundreds of thousands of sellers each month. With tools like Square Checking and Square Savings, business owners can finally get the hassle-free, real-time financial support they need to fuel business growth.
Open a Square Checking Account and Get 24/7 Access to Sales Revenue
New sellers can now activate Square Payments and a Square Checking account through a single, fast application. This integration gives them instant access to their sales revenue with no waiting periods, no monthly fees, and no minimum balance requirements.
Key features of Square Checking include:
- Immediate access to sales revenue—no transfer delays
- Free deposits at 70,000+ retail locations including Walgreens, Kroger, and Dollar General
- ACH transfers and invoice payments with no processing fees
- Check printing and mobile check deposits via the Square POS app
- Debit card usage at any location that accepts Mastercard
- Instant payouts from selected third-party apps—100% fee-free
“Square’s all-in-one ecosystem gives me peace of mind,” shared Fumio Tashiro, owner of Mirror Tea and Sake House. “What used to take me 5–10 hours per week in manual bookkeeping now takes just minutes in the Square Dashboard. That’s time I can spend growing my business.”
Square Savings: Smart, Automated Budgeting and Goal Setting
Square Savings offers business owners an effortless way to plan for the future. With competitive interest rates and no hidden fees, this tool now includes personalized savings recommendations powered by cash flow data and industry insights.
For example, a restaurant might be advised to set aside a specific percentage of its sales for rent, payroll, or tax obligations based on patterns observed in similar businesses. This feature removes the guesswork from budgeting and ensures owners are consistently preparing for key expenses.
Highlights of Square Savings include:
- 1.00% APY—over twice the national average
- Instant, fee-free transfers to Square Checking
- FDIC insurance up to $2.5 million
- Savings folders for organizing funds by goal (e.g., taxes, supplies, rent)
- Smart recommendations based on sales trends and industry norms
“Square Banking is designed to do what traditional banks can’t—give business owners the tools to make smarter, faster decisions based on real-time data,” said Adam Turnbull, Head of Banking at Square.
Sellers Are Taking Control with Square Banking
Square is seeing growing adoption of its banking tools among small businesses. In 2024 alone, sellers spent over $3.6 billion using their Square debit cards—a 29% increase from the previous year. More than $300 million was held in Square Savings accounts by the end of the year.
The impact is clear: with Square Banking, sellers save an average of 44 hours per month by eliminating delays tied to traditional bank transfers. The service boasts a customer satisfaction score of 86%, significantly higher than the national average for major banks.
Square Loans also continues to grow, offering fast, flexible financing that’s automatically repaid through a small percentage of daily sales—no hidden fees or paperwork required. Loan funds can be deposited instantly into a seller’s Square Checking account, ensuring uninterrupted operations.
One Ecosystem, Endless Possibilities
With Square Banking, business owners can manage payments, savings, payroll, inventory, and loans—all from one unified dashboard. The deep integration across Square’s platform allows sellers to stay financially organized, save time, and focus on growing their business.
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