Square offers sellers 3.5% savings rate

Square is now offering a 3.5% APY on savings for merchants who keep at least $10,000 in their Square Savings accounts. This move is designed to help small business owners earn a meaningful return on their cash reserves without moving money out of their primary payment ecosystem. For most retailers, this rate is significantly higher than what traditional big banks offer for business savings. By keeping your capital within the Square ecosystem, you gain faster access to your funds for payroll or inventory. Square is increasingly positioning itself as a full-service bank for merchants rather than just a payment processor. This update means your stagnant cash can now work harder to offset other operational costs. It simplifies your financial stack by keeping your processing, lending, and high-yield savings in one dashboard. If you already use Square for point-of-sale, this is a low-effort way to boost your bottom line with interest income that would otherwise be lost at a traditional bank.

Source: Finextra — Lending

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