Square Launches Banking Business With Checking, Savings Accounts (1)

Square Inc.announced Square Banking on Tuesday, a new line of financial features for small businesses that includes checking and savings accounts.

The checking accounts will link to a business’s Square Debit card, and have “no account minimums, overdraft fees, or recurring fees,” according to a company announcement. The savings accounts, which are Federal Deposit Insurance Corporation-insured, are similarly free of fees and balance requirements, and offer a 0.5% annual yield.

Square is also rebranding its small business loan program, which it now calls Square Loans. It had been called Square Capital. Bloomberg previously reported on Square’s plans for checking and savings accounts.

Square’s ...