Square
Square Checking
By Alex Compton · Last verified
Your Square sales land in checking the moment you make them
Insurance: Checking through Sutton Bank up to $250,000; Square Savings via Square Financial Services with sweep coverage up to $2.5 million
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-10-12 | None on checking; Square Savings pays 1.00%, or 4.25% with $10,000+ saved | $0 | None (requires a Square seller account) | Square Checking and Square Savings pages →Square Savings top tier now 4.25% APY at $10k+ (1.00% below); $0 fees, Sutton Bank pass-through FDIC and $2.5M savings coverage reconfirmed; retail cash deposits added |
| 2026-06-11 | None on checking; Square Savings pays 1.00%, or 3.50% with $10,000+ saved | $0 | None (requires a Square seller account) | Archive record · no attached snapshotLegacy snapshot before event-level evidence attachments |
Primary-source verification log
Append-only evidence ledger- changed
Square Savings top tier now 4.25% APY at $10k+ (1.00% below); $0 fees, Sutton Bank pass-through FDIC and $2.5M savings coverage reconfirmed; retail cash deposits added
Fields: apy, atm
Square Checking and Square Savings pages →
Features
- ▸Square sales settle into checking automatically, typically within 15 minutes, with no instant-transfer fee
- ▸Free Square business debit Mastercard, up to 5 cards
- ▸Square Savings with goal folders and auto-save as a percentage of daily sales
- ▸Instant free transfers between Checking and Savings
- ▸No monthly, overdraft, or foreign transaction fees
- ▸Native integration with Square Loans and payroll
Pros
- +Kills the 1.75% instant-payout fee Square sellers otherwise pay
- +Auto-saving a slice of daily sales is painless tax provisioning
- +4.25% savings APY at $10k+ beats most fintech rivals
- +Completely free with no balance requirements
Cons
- −Pointless unless you process payments with Square
- −Checking pays nothing and savings only 1.00% under $10k
- −No ATM fee reimbursements, and cash deposits run through third-party retail stores
- −Sutton Bank operates under a 2024 FDIC consent order
Our Take
If you run your sales through Square, the checking account is close to mandatory: instant settlement without the 1.75% fee pays for itself on day one. The savings layer at 4.25% over $10k is a legitimately good rate. It is a closed loop though. The moment your revenue does not flow through Square, almost every reason to use it disappears.
Best for: Square sellers who want instant, free access to their sales
Open at Square →Last verified 2026-10-12
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