A Square app update hints are new banking features.
An iOS app update reportedly contains language about two forthcoming bank accounts which, if true, could put it ahead of the competition.
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A recent update to Square s iOS app code reportedly reflected forthcoming business checking and savings accounts, according to Bloomberg. Square Checking and Square Savings, which have no planned launch date, would let customers bank with Square without monthly service charges or minimum balance and overdraft fees, enable funds received through Square-based sales to be accessible immediately, and offer a 0.5% interest rate through this year.
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After at least three years of planning,
Square (NYSE: SQ) finally received regulator approval that will let the company offer a no fee, no minimum savings account paying 7x the national average APY. However, strategic hires on March 2nd by Walmart from Goldman immediately create powerful competition for Square s new program.
Square will officially launch Square Savings with approval from Utah s Department of Financial Services effective March 17th. Square Financial Services will be operated as state-chartered. However, on March 2nd, Walmart announced the hiring of the top two leaders of Goldman s Marcus banking unit. This team attracted close to $100 billion into a Goldman-backed high-yielding online money market account.