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

A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York.

Yana Paskova | Bloomberg | Getty Images

Payment company Square rose more than 5% on Monday afternoon after Bloomberg News reported that the payment company may offer savings and checking accounts in the near future.

According to the report, a code in a Square app update revealed the company’s plans, including details on checking and savings accounts.

Square closed 5.5%.

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

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

Square’s shares are down 3% this year, more than 25% below their recent high.

The payment company had a staggering result earlier this month. Square reported earnings of 41 cents per share for the first quarter, well above the FactSet estimate of 17 cents. Revenue of $ 5.06 billion was also above expectations of $ 3.36 billion.

– with reports from Michael Bloom of CNBC.

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