Managing multiple Shopify Balance accounts

You can create up to 5 additional Balance accounts. You can use your additional accounts to help you manage your expenses by transferring funds from your main account to an additional account to set them aside for specific purposes. For example, you could create an additional account for your payroll expenses, and transfer the budgeted money from your main account to your payroll expenses account.

Eligibility for FDIC insurance

Certain deposits in Balance are eligible for Federal Deposit Insurance Corporation (FDIC) pass-through insurance up to $250,000 USD through Evolve Bank & Trust, Member FDIC and Fifth Third Bank, Member FDIC. FDIC insurance is per depositor and per financial institution. To learn more about eligibility, review the FDIC insurance requirements.

All your deposits across Balance accounts are held at Evolve Bank & Trust, Member FDIC, or Fifth Third Bank, Member FDIC.

Incompatibility considerations for multiple Shopify Balance accounts

Certain features are either incompatible or limited when managing multiple accounts with Shopify Balance:

• You can create a maximum of 5 additional Balance accounts.
• Only your main account can have a Balance card and associated rewards.
• Low balance alerts are only available for your main account.

Create a main Shopify Balance account

1. From your Shopify admin, click Finance.

2. Click Main.

3. Click Create account.

4. Enter a name for the account.

5. Click Create account.

Add additional Shopify Balance accounts

1. From your Shopify admin, click Finance.

2. Click Main.

3. Click Add account.

4. Enter a name for the account.

5. Click Create account.

Edit the name of an additional Shopify Balance account

1. From your Shopify admin, click Finance.

2. Click Main.

3. Select the account that you want to change the name for.

4. Click Manage Account.

5. In the Account details section, click Edit.

6. Enter a new name for your account.

7. Click Save.

Transfer funds between your Shopify Balance accounts

1. From your Shopify admin, click Finance.

2. Click Main.

3. Click Move money > Transfer funds between your Balance accounts.

4. From the From drop-down menu, select the account that you want to move the funds from.

5. From the To drop-down menu, select the account that you want to move the funds to.

6. Enter the amount that you want to transfer.

7. Optional: Enter a description for the transfer.

8. Click Transfer.

Close an additional Shopify Balance account

You can close any additional Shopify Balance accounts from your Shopify admin. After you close an account, it can't be reopened. Any scheduled payments or transfers to and from a closed account will be declined. You can still access monthly statements for a closed account from your Shopify admin.

If you want to close an additional Shopify Balance account, it needs to meet the following requirements:

• The account balance is $0 USD
• There are no pending transactions associated with the account
• The account isn't used for Shopify Payment payouts or Shopify Capital repayments

Steps:

1. From your Shopify admin, click Finance.

2. Click Main.

3. Navigate to the account that you want to close.

4. Click More actions.

5. Click Close account.

Any remaining funds will be transferred to your main Shopify Balance account and, if it's been activated, then the setting aside sales tax feature will be turned off.

Learn more about other ways that you can transfer your money with Balance.

Close your main Shopify Balance account

If you want to close your main Shopify Balance account, then you need to contact Shopify Support.