Square closes up 5.5% after report that it plans to offer checking and savings accounts

Investing

A trader works the floor of the New York Stock Exchange (NYSE) in New York.
Yana Paskova | Bloomberg | Getty Images

Payments company Square rose more than 5% in afternoon trading Monday after Bloomberg News reported the payments company could offer savings and checking accounts in the near future.

The report said a code within a Square app update revealed the company’s plans including details about checking and savings accounts.

Square closed up 5.5%.

The hidden code uses rhetoric that leads Bloomberg to believe Square will offer a  a 0.5% interest rate for its savings account through 2021.

Square did not immediately respond to CNBC’s request for comment.

Shares of Square are down 3% this year and are off more than 25% from their most recent high.

The payments company saw blowout earnings earlier this month. Square reported first-quarter earnings of 41 cents a share, well above the FactSet estimate of 17 cents. Revenue of $5.06 billion also came in above expectations of $3.36 billion.

— with reporting from CNBC’s Michael Bloom.

Articles You May Like

More than 2M without power in Florida as state assesses Hurricane Ian's damage
Stocks are tanking, but some experts say it’s time to buy the dip
FDNY EMS lieutenant fatally stabbed in Queens
FDNY EMS lieutenant fatally stabbed in Queens
NEXO risks 50% drop due to regulatory pressure and investor concerns