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.

FDIC protection

Your deposits are Federal Deposit Insurance Corporation (FDIC) insured up to $250,000 USD, regardless of the number of accounts you have with Balance.

All your deposits across Balance accounts are held at Evolve Bank & Trust, 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 new account

1. From your Shopify admin, go to Finances > Balance.

2. Click Create account.

3. Enter a name for the account.

4. Click Create account.

Add another Shopify Balance account

1. From your Shopify admin, go to Finances > Balance.

2. Click Add account.

3. Enter a name for the account.

4. Click Create account.

Edit the name of your additional Shopify Balance account

1. From your Shopify admin, go to Finances > Balance.

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

3. Click Manage Account.

4. Under the Account details next to the account name, click Edit.

5. Enter the new name.

6. Click Save.

Transfer funds between your Balance accounts

1. From your Shopify admin, go to Finances > Balance.

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

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

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

5. Type the amount that you want to transfer.

6. Optional: Type a description of the transfer.

7. Click Transfer.

Close a Shopify Balance account

You can close additional 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 your account, it needs to meet the following requirements:

1. The account balance is $0
2. There are no pending transactions associated with the account
3. The account is not used for Shopify Payment payouts or Shopify Capital repayments

Steps:

1. From your Shopify admin, go to Finances > Balance.

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

3. Click More actions.

4. Click Close account.

Any remaining funds will be transferred to your Main account and if enabled, the setting aside sales tax feature will be turned off.

To close your main Balance account, contact Support.

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