thread Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰 in Event Discussions

Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

Tom — Wed, 14 Jan 2026 16:25:41 GMT

Hello Seller Community,

As we marked the one year anniversary of Square Savings, we welcomed back @jmonfort to our forums for a discussion on what’s going well and what we can do to improve your experience with Square Banking.

We understand that your time is precious, and we want to make sure you’re able to focus on what matters most: running your business. Square Savings helps automate and organize tax preparation, whether you pay your business taxes monthly or quarterly. We look forward to hearing from you on ways we can make saving as seamless and worry-free as possible.

Wondering what to ask? Here are some example questions:

What are the latest Square Savings features and how do I get the most out of them?
What’s the benefit of setting up an account with Square Banking versus my existing bank account?
If Square Savings could take care of “_______” for me, that would make managing finances much easier.

We can’t share specific details on our product roadmaps, though this information will be helpful as we continue to make improvements.

Block, Inc., is not a bank. Banking Services provided by Square Financial Services, Inc., and Sutton Bank, Members FDIC. This article is for information purposes and does not constitute legal, financial, or tax advice. We are not tax professionals. For specific advice applicable to your business, please contact a tax professional.

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

HC_Charlie — Fri, 24 Mar 2023 15:50:31 GMT

I can't think of a specific question, but I recently started using Square Savings to automatically set aside a small percentage of my Square sales to use to pay my State's sales tax. The interest rate that Square gives is awesome, and it's making it easy for me to be more confident with my biz finances. Now when my sales tax becomes due, I won't have to worry where that money went (spent LOL), and I'll be easily able to pay those taxes without having to dip into savings or my operating expenses. Thank you Square!

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

Stacelyn24 — Sat, 25 Mar 2023 20:03:33 GMT

Can't wait for this! We recently starting using Square Savings to make it easier to put up my quarterly (yearly) taxes that I forecast we'll be paying back. Using the save and forget automation is making it a lot easier and I believe that I won't fear tax time next year because we'll be ready 🙂

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

Britney1 — Sun, 26 Mar 2023 02:41:28 GMT

I would like to ask the 2nd question, "What's the benefit of setting up an account with Square Banking versus my existing bank account."

Well, I did this because what I though I read was that your fee's went from 3 something % to 1.5% which actually is just the transfer fee AFTER you are charged the regular processing fee but you have access to your funds instantly. I am actually now spending more money (the 1.5%). I have to call and get it to go back to the way I had it. I was ok with the next business day with no fee aside from the normal fee to run a card. So to answer my own question, and anyone please correct me if I am wrong, there is NO benefit aside from the funds are available to you immediately.

I also now have another bank statement to reconcile and another entry for the transfer fee to enter every transfer I make.

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

MudFire_Dex — Mon, 27 Mar 2023 18:50:47 GMT

Since we are an S-corp I can't use Square banking but love the philosophy of putting the tax money aside (sales tax, regular taxes, and actually a small percentage of profit). I think it is easy to spend money just in a regular account and when you put aside the tax money you can reduce your stress and also putting aside a bit of profit helps with future business building or necessary spending (like we are re-roofing our building right now - nothing like a NNN lease 🙄).

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

Evey — Wed, 29 Mar 2023 13:22:22 GMT

Can Square saving separate my sales tax automatically daily into a separate account?

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

Manolito1 — Thu, 30 Mar 2023 16:55:16 GMT

My question is regarding mobile service based business that charge different tax rates. For example our business operates primarily in three different cities across two counties, each has a different tax rate.

How would we be able to use square savings to automatically set aside the tax percentage from each transaction when we have three different tax rates?

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

drsstenseth — Thu, 30 Mar 2023 20:09:45 GMT

I have been using Square for years, but each time I try to add Square Savings, I'm told that my business isn't eligible right now. My EIN is what is used for taxes, which may have been an issue early on meaning it was different, and still get told the same thing...

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

GinaG18 — Fri, 31 Mar 2023 01:56:47 GMT

I have tried to set up square savings and it says I’m not eligible. After chatting with a square team member, I’ve been told my ssn isn’t valid with my account and they can’t help me. I use square for my business and have no issues besides with setting up a savings account. How do I resolve this issue???

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

LisaE — Fri, 31 Mar 2023 11:56:32 GMT

So there’s a fee for transferring our money into the savings account? Am I reading this correctly? Oh HELL no. They take enough of my money.

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

inkdawgz — Fri, 31 Mar 2023 19:21:06 GMT

1.75% is low, all the banks in my area are up to 3.5-5% now.

Re: [Q&A] Let’s talk about how Square Savings can help you manage tax season.💰

GourmetOnWheels — Fri, 31 Mar 2023 19:38:25 GMT

That time does not work for me either. Will it be recorded?

Question: Is Square Banking going to work for Profit First accounting? Like Relay Financial? If they are I will not join Relay Financial

René

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

Monika_HAC — Fri, 31 Mar 2023 20:26:03 GMT

I would love to make the switch and use square checking and savings. Is the programming compatible with Quick books. Will my book keeper be able to upload my numbers directly to quick books instead of manual entry per transaction? How quickly do transfers in the banking app. And how quickly does it take to transfer to another bank account?

Thank you!

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

GourmetOnWheels — Sat, 01 Apr 2023 07:50:09 GMT

@Tom That time does not work for me but i have one question

Will Square Banking work with Profit First like The Relay Banking system at relayfi dot com.

That would be a incredible for me.

René

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

SBerger75 — Sun, 02 Apr 2023 16:40:13 GMT

Will square put a percentage into savings from deposited checks ?

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

Missy22cc — Sun, 02 Apr 2023 17:13:26 GMT

Square Savings threw off the auto feed in Quickbooks. It was a nightmare to reconcile.

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

FlawlessRiley — Mon, 03 Apr 2023 05:04:55 GMT

I wish and would love to be qualified for square savings

Re: [Q&A] Let’s talk about how Square Savings can help you manage tax season.💰

Tom — Mon, 03 Apr 2023 20:15:32 GMT

Hi @GourmetOnWheels, thanks for reaching out! I moved your question into this thread to make sure the Square Banking folks see it.

This conversation is happening here, in text. There isn't a recording but you can check back here to see what came up. Appreciate your patience and keep watch for notifications. 🙏🏻

Re: [Q&A] Let’s talk about how Square Savings can help you manage tax season.💰

GourmetOnWheels — Mon, 03 Apr 2023 20:33:48 GMT

@Tom Thanks, by the way we are an S-Corp does that prevent us from sing Square Banking?

René

Re: Square Banking Q&A: Let’s talk about how Square Savings can help you manage tax season.💰

nishpatel — Tue, 04 Apr 2023 00:25:10 GMT

I would like to re-apply for the savings account. I have it for one of my businesses but they couldn’t verify the information for the second one. Maybe I miss typed something? But now I can’t even apply