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

Business

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.

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