NEW YORK — As the CU Daily reported earlier, Elon Musk’s X has launched its X Money financial platform, and now new details are being revealed around just what the broad suite of banking-style features will be available.
According to Yahoo Finance, X Money is built around a digital wallet integrated into the X social media platform and includes a metal Visa-branded card, high-yield cash accounts, peer-to-peer payments and other services designed to function as an alternative to a traditional checking account.
Among the features reported by Yahoo Finance are:
- A 6% annual percentage yield on deposited funds, with no published deposit cap.
- FDIC insurance of up to $10 million for eligible Premium+ users through a multi-bank sweep program.
- Unlimited 3% cash back on eligible purchases, with exclusions for certain spending categories.
- A metal Visa card accepted wherever Visa is accepted, along with Apple Pay compatibility.
- Direct deposit of X creator payouts into X Money accounts.
- Free domestic wire transfers, bill payments and mailed checks.
- Free ATM withdrawals, including reimbursement of out-of-network ATM fees.
- Visa’s Zero Liability protection against unauthorized card transactions.
- Early direct deposit, allowing paychecks to arrive up to two days before scheduled payday.
- Instant peer-to-peer payments between X users.
Replacement for Checking Account
Yahoo Finance reported that the combination of features positions X Money as a potential replacement for a traditional checking account rather than simply a digital payments application.
The publication said the reported 6% yield exceeds the national average for deposit accounts and is higher than yields offered on many savings products from large banks. It also noted that the platform’s debit-style Visa card offers rewards typically associated with premium credit cards.
According to Yahoo Finance, standard deposits are held at partner banks with Federal Deposit Insurance Corp. coverage, while larger balances are distributed among multiple participating institutions through a sweep program to expand FDIC insurance coverage for eligible users.
X Money is part of Musk’s broader effort to expand X beyond social media by adding financial services and integrating them with his wider business ecosystem
