Square Financial launches high-yield savings

Square Financial Services, a subsidiary of Block, has introduced a new high-yield savings option aimed at attracting and retaining deposits from its seller base. This new offering, Square High Yield Savings, provides an Annual Percentage Yield (APY) of 3.50%. To qualify for this enhanced rate, Square sellers must maintain a minimum daily balance of $10,000 in their Square Savings account. The initiative is designed to incentivize sellers to keep larger balances within the Square ecosystem, potentially increasing customer loyalty and the company's deposit base.