Sellers with $10,000 or more in their Square Savings account automatically earn the higher rate with no action required
SALT LAKE CITY--(BUSINESS WIRE)--Square Financial Services, Inc. (SFS), a wholly owned subsidiary of Block, Inc. (NYSE: XYZ), today announced the launch of Square High Yield Savings, a new deposit tier that pays 3.50% APY to Square sellers who maintain a daily balance of $10,000 or more in their Square Savings account. The rate is more than eight times the national average savings account rate1.
The new tier is designed to reward sellers who are building meaningful cash reserves through their Square Savings account. Sellers whose daily balance meets the $10,000 threshold earn 3.50% APY automatically, with no additional action required. The rate applies to the entire balance, is calculated daily and does not require a separate application or account.
Helping Sellers Build Financial Resilience
Square Savings was built on a straightforward premise: sellers who already run their business on Square should be able to put their cash to work in the same place. For nearly five years, Square Savings has given sellers a seamless, automated ability to put funds aside from the same platform they use to accept payments, organize inventory, and manage their staff — resulting in high seller satisfaction while helping SFS build a stable, low-cost deposit base.
The introduction of the 3.50% APY tier reflects SFS's broader strategy to grow core deposits while delivering meaningful value back to sellers. As deposits grow, SFS is uniquely positioned to fund its lending programs at a lower cost of capital — to enable delivering on SFS and Block’s mission of expanding across to financial services for businesses and customers. Square High Yield Savings represents the next step in SFS's strategy to help Square sellers more effectively meet their savings goals while deepening its deposit base and expanding its role as the financial engine behind Block's seller ecosystem.
"Square sellers are business owners first, but they're also savers, planners and investors in their own futures," said Richard Rosenthal, CEO of Square Financial Services. "This rate reflects our confidence in the Square seller base as a source of stable, long-term deposits — and our commitment to returning real value to the small businesses that make that model work.”
How It Works
Square Savings accounts are available to eligible Square sellers through the Square Dashboard. With Square Savings, sellers can automate their savings by configuring a percentage of their daily sales to deposit into their account each day, and organize those funds across custom savings folders for various business needs. The high yield tier activates automatically when a seller's total savings balance is at least $10,000. Key details:
- 3.50% APY on daily balances of $10,000 or more
- No minimum deposit to open an account
- No monthly fees
- FDIC insurance coverage of up to $2.5 million through the Square Savings deposit sweep program
- Interest Rate applies to the entire balance and is calculated daily
Sellers can schedule automatic transfers from their processing volumes to steadily build toward their financial goals — a feature designed to accelerate deposit growth and deepen daily engagement with the Square platform.
What's Next
Coming soon, Square will release the automated sales tax folder, a new feature within Square Savings that automatically sweeps the sales tax collected on eligible card sales into a dedicated folder. For small business owners who struggle to keep track of sales taxes collected, it helps reduce manual tracking. Tax rates are pulled directly from a seller's existing Square tax settings, so there is no additional configuration required. The feature is designed to work across multiple locations and tax jurisdictions. Additional details on timing and availability will be announced ahead of launch.
Disclosures
Square Savings accounts are provided by Square Financial Services, Inc. Member FDIC. Accrue annual percentage yield (APY) of 1.00% based on your total savings balance (inclusive of all folders and accrued unpaid interest). You may qualify for an increased APY of 3.50% if your total savings balance (inclusive of all folders and accrued unpaid interest) is at least $10,000. See Square Savings Deposit Account Terms and the Interest Rate Chart for more information. APY subject to change, current as of 6/8/2026. No minimum deposit is required to open an account. Accounts will not be charged monthly fees. The Square Savings deposit sweep program distributes your funds among multiple FDIC-insured partner banks, meaning your eligible savings deposits have FDIC insurance coverage of up to $2.5 million. Pending balances are not subject to FDIC insurance.
About Square Financial Services
Square Financial Services, Inc. is a Utah-chartered industrial bank and independently governed subsidiary of Block, Inc., headquartered in Salt Lake City, Utah. SFS provides lending products to Square sellers and Cash App customers and offers FDIC-insured deposit accounts. SFS is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions.
About Square
Square helps businesses turn transactions into connections and businesses into neighborhood favorites.
In 2009, Square started with a simple invention — the first mobile card reader, which changed how the entire financial system thinks about small businesses. Square has since grown into a global business platform helping millions of sellers of all sizes participate and thrive in their communities.
Whether independently run or a global chain, Square understands that sellers succeed when they have the freedom to focus on the experiences that keep customers coming back. From point of sale and payments to online commerce, staff management, cash flow tools, and more, Square brings together the tools sellers need to run and grow on one intelligent platform. For more information, visit squareup.com.
About Block
Block, Inc. (NYSE: XYZ) builds technology to increase access to the global economy. Each of its brands unlocks different aspects of the economy for more people. Square makes commerce and financial services accessible to sellers. Cash App is the easy way to spend, send and store money. Afterpay is transforming the way customers manage their spending over time. TIDAL is a music platform that empowers artists to thrive as entrepreneurs. Bitkey is a simple self-custody wallet built for bitcoin. Proto is a suite of bitcoin mining products and services. Together, they are helping build a financial system that is open to everyone.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including statements regarding SFS's ability to grow deposits and lower its funding costs. These statements involve risks and uncertainties, and actual results may differ materially. Block undertakes no obligation to update forward-looking statements except as required by law.
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1 | Based on the national average savings account rate of 0.39% APY, as published in the FDIC Weekly National Rates and Rate Caps, accurate as of March 16, 2026 |
Contacts
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