One step at a time, Square is creating a new bank from scratch. Today, the company is launching a new product called Square Banking that combines a checking account, savings accounts, debit cards and loans. With Square Banking, the company wants to convince small businesses that it’s just easier to manage all their money needs through Square.
Originally focused on payments processing, Square launched a debit card for its business customers in 2019. This way, business owners can start spending the money they’re bringing in through Square payments without having to transfer the money to a separate bank account first.
With today’s launch, the company is expanding beyond its debit card offering by adding checking and savings accounts. Every time you make a sale, you can access the funds from your new Square checking account. There are no monthly fees, no credit checks and no minimum balance.