© Reuters. FILE PHOTO: An advertisement for the Square Inc payment processor is seen outside a vendors site along the High Line in New York March 9, 2016. REUTERS/Shannon Stapleton
By Anna Irrera
(Reuters) – Square Inc (NYSE:), the company led by Twitter Inc (NYSE:) CEO Jack Dorsey, is launching banking services for small businesses, as it continues to grow beyond payments processing.
Square Banking will offer small businesses savings and checking accounts, as well as its existing lending offering which has been renamed Square Loans, the San Francisco-based company said on Tuesday.
Square Checking will have no account minimums, overdraft fees, or recurring fees and saving accounts will offer a 0.5% annual percent yield on deposits.
Square hopes its new checking and savings accounts, which build upon its debit card offering, will be attractive to small businesses who have struggled to gain access to more mainstream banking services, said Christina Riechers, Square Banking’s head of product.