Square launches suite of savings, checking and loan services in major banking push

Square launches suite of savings, checking and loan services in major banking push

Square Banking provides savings, checking, loan and loan services for Square merchants. This service is built on the success stories of Square Capital and Square Debit Card.

Square Capital’s successor, Square Banking, will launch a new product that blurs the line between financial institutions and technology companies. Square merchants can access savings, checking and lending services.

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Square Financial Services was Square’s industrial bank and launched Square Savings on March 1. Square Savings, an FDIC-insured savings bank, is now available. Square Savings allows sellers to place a portion from every sale through Square in a high-yield savings account.

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Square Checking, a new addition in Square’s business banking tools and cash flow management tools, is Square Checking. Square Checking allows sellers to access an FDIC insured account that they can immediately access. Square Card sellers can use Square Debit Card, ACH transfers or the Square Debit Card to access their FDIC-insured accounts immediately.

Square Capital’s current lending institution, Square Capital (now Square Loans), has been rebranded by Square.

Square has been hard at work for years expanding its financial services. Square Banking is just one of Square’s many efforts to provide small business banking solutions.

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Chris Evan was born in Dubai and raised in Montreal. He studied Computer Science and was so pleased with computer languages. He began writing after obsessing over technology.

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