Square Closes Up 5.5% After Report That It Plans to Offer Checking and Savings Accounts

Yana Paskova | Bloomberg | Getty Images

Square closed up 5.5% on 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.

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

Square did not comment on the report.

The company's shares 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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