Depending on the stoichiometric ratio, squaric acid (3,4-dihydroxy-3-cyclobutene-1,2-dione, H2SQA) reacts with [(eta6-C6H6)2Cr] in THF to form the crystalline material [(eta6-C6H6)2Cr][HSQA] (1) and in water to yield [[(eta6-C6H6)2Cr]2][SQA] x 6H2O (3); it also reacts with [(eta5-C5H5)2Co][OH] in water to form [[(eta5-C5H5)2Co]2][SQA] x 6H2O (4). Compound 1 is almost isostructural with the previously reported salt [(eta5-C5H5)2Co][HSQA] (2); its structure is based on pi-pi stacks between the benzene ligands and the hydrogen squarate anionic chains (pi-pi distance 3.375 A). Compounds 3 and 4 are isomorphous and have a structure in which layers of organometallic cations intercalate with layers of water molecules hydrogen bonded to squarate dianions. All crystals contain charge-assisted C-Hdelta+...Odelta- hydrogen bonds between the organometallic and the organic components, while negative O-H(-)...O(-) and O-H...O(2-) interactions are present in the pairs 1/3 and 2/4, respectively. In constrast to most organic salts of [(eta6-C6H6)2Cr]+ and [(eta5-C5H5)2Co]+ which are yellow, crystals of compounds 1-4 are orange. Reflectance spectra measured on the crystalline material 1 show the presence of an intense tail that can be assigned to a charge-transfer transition through the [(eta6-C6H6)2Cr]+/[HSQA]- pi-stacking interactions, while the pi stacking in 2 causes only a broadening of the band. The magnetic behaviour of 1 and 3 has been investigated by SQUID magnetometry. Both compounds are characterised by a weak antiferromagnetic interaction between the S=1/2 Cr centres of the [(eta6-C6H6)2Cr]+ cations, which is significantly stronger in 1 due to the pi-stacking with the HSQA- anions.