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

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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…



Source cnbc.com

Daily U.S. data on May 24

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