Shares of Square (NYSE:SQ) rose more than 5% in trading Monday (May 24) on media reports that the fintech and payments company is planning to offer savings and chequing bank accounts.
The media reports said a code within a Square app update revealed the company’s plans, including details about the chequing and savings accounts. The code shows that Square will offer a 0.5% interest rate for its savings account through 2021.
At its current level of $210.95 U.S. per share, Square’s stock is down 3% year-to-date and is off 26% from its 52-week high of $283.19 U.S.
The payments company reported blowout earnings earlier this month, with first-quarter earnings of 41 cents U.S. per share, well above the FactSet estimate of analysts who expected EPS of 17 cents U.S. Revenue of $5.06 billion U.S. also came in above analyst expectations of $3.36 billion U.S.
