Block Inc. (NYSE:XYZ) is one of the high-growth large-cap stocks to invest in now.
On June 12, Block Inc.’s (NYSE:XYZ) financial services unit, Square Financial Services, launched a higher-yield savings tier, offering a 3.50% annual percentage yield
The 3.50% annual percentage yield applies to Square sellers who maintain a daily balance of more than $10,000 in their Square Savings accounts. The service automatically activates whenever sellers reach the $10,000 threshold, with the rate applying to the entire balance and calculated daily. The savings account has no minimum deposit requirement to open and no monthly fees.
The unveiling of the high-yield savings account comes on the heels of Block launching Cash App Tags, an NFC-enabled payment accessory. The service allows cardholders to make purchases without their phones or wallets. Cash App Tags are linked to the Cash App Visa Card and function as an alternative payment method to physical cards and digital wallets.