X Launches Money Service Offering 6% Yield and High FDIC Insurance Coverage


X has begun inviting some U.S. verified users to try its new Money service. The service offers an automatic 6% annual percentage yield (APY) on deposits with no minimum balance requirement; provides up to $10 million in FDIC deposit insurance through Cross River Bank's sweep program, and offers unlimited 3% cash back on most debit card purchases.
The app also includes peer-to-peer transfers, a physical debit card that can be added to Apple Pay, free incoming wire transfers, ATM fee reimbursements, early paycheck direct deposit, and privately displays account balances on user profiles.
X's engineering lead John and developer Mihir Anand are gradually expanding access and gathering feedback to advance Elon Musk's vision of turning X into an "everything app." X has currently obtained money transmitter licenses in over 40 U.S. states.
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