Should You Bank With Square?

The analysis indicates that What's particularly noteworthy is If you already use Square to take payments, opening a Square Checking account makes sense

Having one lets you spend your revenue right away, instead of waiting a day or two for funds to transfer to another bank

But make sure you open a free checking account at a different bank, too

Having two accounts gives you some flexibility if either institution freezes an account — which is a relatively common complaint among users of online banks

Square is part of Block

It's a financial nology company, not a bank, in today's market environment

Checking services are vided by Sutton Bank, Member FDIC

You’ll access your account via Square’s platform, but your funds are actually held by Sutton Bank (an important development)

Square Checking: The basics3, in today's market environment

Additionally, 8NerdWallet rating NerdWallet's ratings are determined by our editorial team, in today's market environment

Additionally, The scoring formula incorporates coverage options, customer experience, customizability, cost and more

At the same time, SNo monthly fees or minimum opening deposit

Unlimited fee-free transactions; no overdraft fees

At the same time, Instant access to revenue from your Square payment cessing system

Conversely, ConsNo wire transfers

If you’ve heard of Square, it’s bably as a payment cessor and point-of-sale system, in today's financial world

Moreover, But in recent years, the company has rolled out Square loans, credit cards and now bank accounts, in light of current trends

This's part of an effort to vide small- owners with lots of services under one roof

Furthermore, Square’s competitors are operating in this space, too

Shopify and QuickBooks also offer built-in checking accounts, and Stripe makes merchant loans to its users

At the same time, Square Checking works the same way as other checking accounts, even though Square isn't itself a bank, in today's financial world

Who can open a Square Checking account

However, Anyone with a Square account can open a Square Checking account

The company says you can open the account from the Square dashboard, though Square may request additional information, in today's market environment

To be eligible for Square Checking, you must:Be a U

Moreover, Citizen or permanent resident or operate a U. -registered with an Employer Identification Number

Additionally, Be at least 18 years old, in today's financial world

Vide your name, birth date, address, address, Social Security number, legal entity name, employer identification number and beneficial owner information

How do you add money to your Square Checking account, in light of current trends

Once your account is, your Square sales will be deposited automatically, in light of current trends

Nevertheless, Square says this generally happens within 15 minutes after cessing

You’ll see them listed among your transactions

Nevertheless, You can also make mobile check deposits and ACH transfers

However, One differentiator between Square and other bank accounts: You can link a third-party debit card to your Square account

Moreover, If a bill comes out of your account or you swipe your debit card and you don’t have sufficient funds to cover it, Square will charge your third-party debit card instead

Overdrafts aren’t possible, but with a linked account, your transaction won’t be declined

Moreover, Moreover, How do you withdraw money from a Square Checking account

Square will mail you a debit card linked to your account, which it says will arrive in 7 to 10 days

You can use it to make purchases or withdraw cash at ATMs, subject to limits (something worth watching)

Square doesn’t charge ATM fees, but ATM operators might (fascinating analysis) (an important development)

You can order up to five debit cards

If you want to pay vendors from your Square checking account, you can set up bill pay in the Invoices, POS or Appointments apps

Does Square have a savings account

Yes, Square has a standalone savings account

These accounts are vided by Square Financial Services, Inc

At the same time, Member FDIC

Square Checking users can automatically transfer a certain portion of revenue to a linked Square Savings account

Checking, it’s free to open and has no minimum balance or monthly fee

If you’re setting money aside for a near-term bill — sales tax payments, for instance — that’s useful

But if you’re saving for longer-term goals, you can get a better APY from a high-yield savings account

Additionally, Who should open a Square bank account

If you already use Square, it makes sense to open a Square Checking account

Market analysis shows ’s free and quick

And it doesn’t hurt to have another way to access your money

However, we don’t recommend that any owner put all their eggs in one banking basket

If one of your transactions raises red flags, any bank can freeze your account or place a hold on some funds (fascinating analysis), given current economic conditions

That can grind to a halt until it’s resolved

Conversely, (This complaint is especially common for neobanks, where customer service might be harder to reach. )For that reason, if you open a Square bank account, open one at another institution too

You can use your Square account for revenue and short-term expenses

At the same time, But as you start to stockpile cash, move it to another institution where it can be available for things Square lacks, wire transfers

Other online bank accounts to considerIf you’re not already part of the Square ecosystem, these online bank accounts might be good alternatives, in light of current trends

In contrast, NBKC: Simple, fee-free online bankingNBKC’s online bank account is straightforward — you’ll get no monthly fee, unlimited transactions, ATM access, checks and wire transfers, but few software features

Furthermore, If all you need is a bank account, this one is a great choice

Bluevine: Invoicing with payment linksBluevine’s checking account recently added invoicing — users can send invoices or a QR code to clients and take payments via Stripe

You can set your payout schedule in Stripe

Instant payouts are possible, but cost extra

Found: Tax-planning tools Found’s checking account is designed for solopreneurs and self-employed owners

Additionally, Nevertheless, Standard transfers from Square should take one day (which is quite significant)

You can also pay a fee for an instant transfer

North One offers standard banking features bill pay, checks and wires

Read our review. » MORE: View all our picks for the best checking accounts the authorRosalie MurphyRosalie Murphy is a small- writer at NerdWallet and an MBA candidate

Moreover, See full bio

MethodologyNerdWallet evaluates more than 50 bank accounts from national, regional and online banks

Collectively, these accounts represent the largest banks by assets and the largest credit unions by membership, along with notable and emerging fin companies and online banks

We consider more than 20 data points for each account, including services, fees, features and rewards

We gather this information from rates and fees documents, deposit account agreements, financial institution websites and company representatives

Additionally, Our editorial team regularly reviews and our data to ensure consistency and accuracy

We also our scoring on an basis to reflect changing industry norms and owner needs

However, Final star ratings are presented on a scale of one to five stars, where a five-star score represents the best available duct for the largest number of owners

Learn more how we rate checking accounts, in this volatile climate.