Block Inc. Launches High Yield Savings Account for Square Sellers
1. Introduction of 3.50% APY Savings Account
On June 12, 2026, Square Financial Services, Inc. (SFS), a wholly owned subsidiary of Block, Inc. (NYSE: XYZ), unveiled its latest financial product: a high yield savings account that offers an impressive annual percentage yield (APY) of 3.50%. This new deposit tier is specifically designed for Square sellers who maintain a daily balance of $10,000 or more in their Square Savings account. The offered rate is more than eight times the national average savings account rate, which currently stands at 0.39% APY.
2. Supporting Seller Financial Goals
The launch of Square High Yield Savings demonstrates SFS's commitment to helping sellers build financial resilience and achieve their savings goals. Richard Rosenthal, CEO of Square Financial Services, emphasized that the new tier reflects confidence in the Square seller base as a reliable source of long-term deposits. “Square sellers are business owners first, but they're also savers, planners, and investors in their own futures,” said Rosenthal.
The savings account allows sellers to effortlessly put their cash to work within the same platform they use for various business operations, including payment processing and inventory management. This seamless integration has resulted in high seller satisfaction, further solidifying SFS's role as a financial engine behind Block’s seller ecosystem.
3. Key Features of Square High Yield Savings
Effortless Earnings
Sellers can earn the 3.50% APY automatically without requiring additional action. This rate applies to the entire balance, is calculated daily, and does not necessitate a separate application or account setup.
Account Accessibility
Square Savings accounts are accessible to eligible Square sellers via the Square Dashboard. Key features include:
- 3.50% APY on daily balances of $10,000 or more.
- No minimum deposit required to open an account.
- No monthly fees associated with account maintenance.
- FDIC insurance coverage of up to $2.5 million through the Square Savings deposit sweep program.
- Interest is calculated daily on the entire balance.
These features are designed not only to attract new sellers but also to encourage existing users to engage more deeply with the Square platform.
4. Automation and Financial Management Tools
To promote effective savings, Square Savings allows sellers to automate their savings by configuring a percentage of their daily sales to be deposited into their account. Additionally, sellers can organize funds across custom savings folders tailored to specific business needs. This functionality aims to enhance deposit growth and foster ongoing engagement with the Square ecosystem.
5. Upcoming Features
In a move to further streamline financial management for small business owners, Square announced an upcoming feature—the automated sales tax folder. This innovative tool will automatically allocate collected sales tax from eligible card transactions into a dedicated folder, relieving sellers of the manual tracking burden. Tax rates will be synced directly with the seller's existing Square tax settings, simplifying compliance across various jurisdictions.
6. Conclusion and Future Outlook
The launch of the Square High Yield Savings account marks a significant development for Square Financial Services, positioning it as a leader in offering competitive savings solutions tailored for small businesses. By providing sellers with the opportunity to maximize their savings while seamlessly integrating financial services into their daily operations, SFS is poised to deepen its deposit base and enhance its lending capabilities.
As Block Inc. continues to expand its financial services offerings, the company aims to empower sellers to thrive in their communities and contribute to a more robust financial ecosystem. With this latest initiative, Square is not just facilitating transactions; it's enabling sellers to plan for their futures with confidence.
