Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season💰

[Tom]

Hi Seller Community,

With the 2022 tax season in the rearview mirror for many of us, we're eager to catch your questions and get your feedback on how Square Savings can help you stay on top of taxes in the year ahead!

Whether you pay your business taxes monthly or quarterly, Square Savings offers automated saving, which helps to take the guesswork out of withholding amounts, and folders, which help to organize and keep money set aside for taxes.

We were grateful to have @jmonfort from the Square Banking team address your questions and share solutions for automating healthy habits with Square Savings on Wednesday, May 4th.

A few example questions:

• How do folders in Square Savings accounts work?
• What’s the benefit of setting up an account with Square Banking versus my existing bank account?
• If I could do "_______" with Square Savings, that would help me run my business much more smoothly.

Note: 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.

[driftwoodB]

I opened a square savings account to automatically take 30% of each transaction. How can I change that percentage? Or can I?

[driftwoodB]

I just solved it 🙂

[jmonfort]

Awesome! Enjoy your Savings! 👏

[WalkofFun]

Dear Square team support, 

Thank you so much for all your support. I am happy to be part of square system. 

I would like to know if the square provides any type of exposition or assistance in person or video call to set up software or answer questions. 

I understand that you have many links or

tutorial to provide to us however square provides so many functions and I have spend time try to learn but it is overwhelmed, it sometimes do not worth for me. It makes me to think in the future look for another system that provides better assistance. 

Thank you, 

Jonas 

[Tom]

Hi @WalkofFun! Thanks for reaching out — we do have a guide that outlines the many features available with Square and how to get set up here: Square Get Started Guide.

We do not currently offer in-person or video call support at this time, though you can get in touch via phone with an account specialist here: Square Customer Success.

Hope this helps get you where you need to be!

[RiceandRoux]

Why am I not approved for a savings account?  I’ve got multiple loan offers from Square and we’ve been selling on Square for several years.  We do a lot of business through Square and I’m kind of perplexed as to why it says my business isn’t eligible right now.  The automatic folders seems like a great tool for taxes and payroll.  I’m actually quite bummed that we can’t utilize it.  Square customer service says they do not have any insight as to the eligibility of a business for a savings account.   Any feedback would be appreciated. Thanks in advance!

[C_Ridley]

How does Square Savings integrate with Xero?

[jmonfort]

Unfortunately, we currently don’t provide integration with Xero.

[FlawlessRiley]

I was eligible for the saving and now I am not. Please send me it again so I can reapply. This would help my buisness so much! Thank you! 

[jmonfort]

Hi Riley, and thanks for your interest! You can re-apply here.

[MDT118]

My square savings accounts seem to be working as they should. It’s handy having a portion set back for taxes. It’s a great feature. 
however, I ran into an issue trying to open a checking account.  In 2013 I was married, while my married name is reflected on every setting in my account, “account owner” is my married name, and my savings account statements reflect my married name. however when I attempted to open a checking account it comes up with my maiden name. I’ve reached out to “support” many times and get nowhere.  No one can explain why it is not coming up with the “account owner” name.  
I’ve been told you can’t chance the name on an account, obviously this must have been allowed 9 years ago when I did it.  Because there is no mention of my maiden name in any section of my square account, except when I try to open a checking account. 

[jmonfort]

Hello, I’ve flagged this for our Checking team. Will update when I’ve heard back.

[Tom]

👋 Hello Everyone and welcome to today's Square Banking Q&A!

Our Banking Team is logged in and is replying to your questions in writing within this post. Keep watch for notifications as they work through the thread.

Thank you for your patience and participation today! ✨

[sswi8854]

Can you transfer savings back into a square account if needed

[jmonfort]

Hi @sswi8854 , yes you can click “Transfer out” and transfer money to your Square Checking or an external bank account.

Transfers to Square Checking accounts are free and instant. If making a standard, cost-free ACH transfer to an external bank you can expect those funds to settle within 1-2 business days.