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

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

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Yana Paskova | Bloomberg | Getty Images

Sq. closed up 5.5% on Monday after Bloomberg Files reported the funds company would maybe also offer savings and checking accounts within the near future.

The report acknowledged a code within a Sq. app update revealed the company’s plans including diminutive print about checking and savings accounts.

The hidden code makes use of rhetoric that leads Bloomberg to think Sq. will offer a 0.5% hobby rate for its savings story via 2021.

Sq. didn’t touch upon the report.

The company’s shares are down 3% this 365 days and are off more than 25% from their latest excessive.

The funds company saw blowout earnings earlier this month. Sq. reported first-quarter earnings of 41 cents a part, successfully above the FactSet estimate of 17 cents. Earnings of $5.06 billion also came in above expectations of $3.36 billion.

— With reporting from CNBC’s Michael Bloom.

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