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

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

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.

Source: CNBC