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.
ATM withdrawal limits may be as low as $2,000 per month. Moreover, The FDIC issued a consent order to Square’s banking partner, Sutton Bank, in 2024, in today's financial world.
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.
At the same time, Deposits are insured by the FDIC for up to $250,000. Square Checking users can automatically transfer a certain portion of revenue to a linked Square Savings account.
What the re reveals is account pays 1. 0% APY as of this writing, given the current landscape. 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. Read our review.
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. Bluevine also pays 1. Nevertheless, 5% APY on balances (terms apply), given the current landscape.
Read our review. Found: Tax-planning tools Found’s checking account is designed for solopreneurs and self-employed owners.
Its built-in software suite includes invoicing, automatic set-asides for taxes, expense categorization and tools for managing 1099 contractors. Read our review.
North One: Earning interestNorth One pays an industry-leading 2, given the current landscape. 5% APY on its checking account.
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.
For instance, in 2025, we introduced bonus points for notable built-in software features, the ability to accept tap-to-pay payments from customers using a mobile app.
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.