Square Supercharges Banking for Sellers: Instant Access, Smarter Saving, Faster Funding – All in One Place

Sellers spent $3.6 billion using debit cards linked to Square Checking in 2024, which is a 29% increase over the previous year, a strong signal of growing adoption and trust in Square’s banking ecosystem.

Square expands banking services on its platform with a suite of enhanced checking and savings tools designed to give sellers greater financial control. Sellers can now gain instant access to earnings, manage budgets more effectively, and secure financing faster, all within a unified experience.

Through a single, streamlined application on Square’s website or point-of-sale app, business owners can open both a Square Payments account and a free Square Checking account, simplifying account setup and integration.

Additionally, Square has upgraded its Savings feature with personalized recommendations powered by real-time cash flow data and industry insights. Now, sellers can easily organize funds into dedicated folders for key expenses like taxes, inventory, and supplies. It will significantly help them plan proactively and operate with confidence.

Key Takeaways

• Sellers can now open a Square Payments account and a free Square Checking account through a single all-in-one application on Square’s website or POS app. They will gain instant, 24/7 access to their sales proceeds without traditional bank transfer delays.
• Square Checking comes with zero monthly, service, or maintenance fees and no minimum balance. Without any extra charges, users can deposit cash at over 70,000 retail locations, accept ACH invoice payments fee-free, print/email checks, and use a Mastercard debit card and ATM withdrawals.
• Square Savings now offers personalized savings suggestions based on sellers’ cash flow and industry trends. The tool helps allocate funds into expense-specific folders, such as taxes, payroll, or rent, with a competitive 1.00% APY, no fees, and FDIC insurance up to $2.5 million.
• All this will completely (or significantly) eliminate waiting periods for transfers, and sellers reportedly save around 44 hours per month. With average customer satisfaction scores at 86%, which is over 20% higher than leading U.S. banks. Users also note a significant drop in bookkeeping time, freeing them up to focus on their business.

Square Expands Banking Services With New Features to Help Sellers Save Time and Manage Cash Flow

On April 29, 2025, Square expanded its banking tools for sellers. Now you can sign up for a Square Payments account and a free Square Checking account in one five-minute application, either online or right in the point-of-sale app. You get access to your sales revenue around the clock, with none of the delays or fees you often see at traditional banks. At the same time, Square Savings now gives you simple, personalized tips on how much to set aside for taxes, rent, payroll, and other costs, all based on your sales and what similar businesses are doing.

Square Banking first launched in 2021. Since then, hundreds of thousands of sellers have started using Square Checking and Savings every month. By building banking right into the same platform where you take payments, Square cuts out the need to switch between apps or wait days for your money to clear.

Square Checking removes many common banking headaches. There are no monthly maintenance fees or minimum balances. You can deposit cash at over 70,000 retail locations – like Kroger, Walgreens, and Dollar General – without any extra charges. You can accept invoice payments and send money via electronic transfers using standard routing and account numbers, all at no cost. You can print or email checks to pay vendors and staff, or deposit checks remotely just by snapping a photo in the Square app. Your debit card is a Mastercard that works wherever Mastercard is accepted, and you get instant, fee-free payouts from select partner apps.

In 2024, sellers spent $3.6 billion using their Square Checking debit cards, a 29 percent jump from 2023. By year’s end, more than $300 million sat in Square Savings accounts. By cutting out the usual one- to two-day hold times on transfers, merchants saved an average of 44 hours each month. That’s time they could spend serving customers instead of getting themselves entangled with spreadsheets. Sellers rate Square Banking at 86 percent satisfaction, over 20 points higher than most main banks in the U.S.

Square Savings now makes it easy to plan for future costs. Based on your past sales and insights from Square’s network, the system suggests exact percentages of your sales to put into folders for rent, payroll, taxes, and other expenses. These folders earn 1.00 percent interest per year – more than twice the national average. There are no fees or minimum deposit requirements. You can move money back into checking instantly when you need it, and balances are FDIC-insured up to $2.5 million.

Adam Turnbull, who leads banking at Square, said sellers need banking that focuses on what matters to them – quick access to their money, easy ways to save, and a partner that supports their growth. He said Square Banking is built right into where small businesses get paid, so managing money becomes faster, simpler, and more automatic.

Square Loans continues to offer simple credit. Instead of filling out long applications, eligible sellers receive loan offers based on their sales patterns. You repay by giving a small percentage of daily revenue, with no hidden fees or confusing terms. Funds land in your Square Checking account right away or by the next business day.

Not everyone will find the switch seamless. If you’re used to paper statements or face-to-face service, there can be a learning curve. Businesses that handle mostly cash or have specialized financial workflows may want to test the new tools before fully committing.

Sellers need simple banking built around how they work. They need fast access to money, clear ways to save, and a partner that supports their growth. Square Banking makes that possible by embedding banking in the same spot where you take payments.

By combining payments, banking, invoicing, inventory tools, and payroll features, Square gives merchants a single dashboard with real-time views of their performance and financial health. As more sellers see the time saved, the fee-free deposits, and the easy budgeting, Square Banking could become the financial backbone of small businesses.

The updated banking tools are available now on Square’s website and in the Square Point of Sale app. You can open a new account or link an existing one. These features are there to help you keep your money working for you every day.

About Square

Square, Inc. was founded on February 14, 2009, by Jack Dorsey and Jim McKelvey to provide an accessible platform for merchant services and mobile payments. Initially conceived around a compact smartphone-connected card reader, Square quickly broadened its offerings into a full-stack commerce ecosystem, and in December 2021, the company rebranded as Block, Inc., with Square now operating as one of Block’s core business segments.

Today, the Square segment offers merchants an integrated platform featuring point-of-sale hardware (e.g., Square Stand, Square Reader), software for inventory management, e-commerce, customer engagement, payroll processing, and business financing, alongside banking services. As of 2024, the Square ecosystem supports over 4 million sellers and 57 million end-users across eight countries, processing more than $241 billion in payments annually, making it one of the world’s largest business technology platforms.

Conclusion

Square’s expanded banking tools are built for the day-to-day needs of small businesses. By combining payments, checking, savings, and lending in one platform, Square helps sellers reduce delays, cut down on fees, and better manage their cash flow.

With fast account setup, automated savings guidance, and access to working capital based on real-time sales, sellers can spend less time managing finances and more time running their business. For those looking for a simpler, more connected way to handle money, Square Banking offers a practical alternative to traditional banks.