X Rolls Out 6% APY X Money to U.S. Subscribers as Warren Flags $250,000 Deposit Risks
Updated
Updated · Yahoo Finance · Jul 30
X Rolls Out 6% APY X Money to U.S. Subscribers as Warren Flags $250,000 Deposit Risks
3 articles · Updated · Yahoo Finance · Jul 30
Summary
July 27 marked X Money’s full rollout to U.S. Premium and Premium+ users, pairing a Visa debit card, peer-to-peer transfers and 3% cashback with deposits held through Cross River Bank.
The headline 6% APY far exceeds top U.S. high-yield savings rates of about 4.10%-4.20% and the FDIC’s 0.38% national average, helping drive strong consumer interest.
That yield comes with conditions: users need at least $1,000 on deposit and either a $40-a-month Premium+ plan or an $8 Premium plan tied to qualifying direct deposit; analysts say the rate looks more like a customer-acquisition subsidy.
Senator Elizabeth Warren has warned Musk that X Money could pose consumer-protection, national-security and financial-stability risks, citing Cross River Bank’s 2018 and 2023 FDIC enforcement actions.
The launch advances Musk’s push to turn X into an everything app, but it is already drawing scrutiny over whether a private platform can sustain bank-like rewards under lighter oversight.