Square launches checking and savings accounts for small businesses
Square is launching a new free banking service on Tuesday that connects to the payment and point-of-sale products the company already offers to small businesses. Square Banking combines checking accounts, savings accounts, and Square’s existing small business loans (now called Square Loans) into a package that the company claims is both fair and accessible.
In terms of features, Square’s new savings account can automatically set aside money from every sale made on Square’s platform. Square Savings will also let users create custom folders for saving toward specific goals. Funds in a Square Checking account will be instantly available to use for payroll and other payments using a Square debit card, and Square says its accounts have no…