X Money, the Fintech arm of social media platform X, is currently promoting its services, providing up to 3% cash back on purchases and up to 6% APY on “balances in qualifying US states.” X Money is currently available in 41 U.S. states and Washington
These two promotions are highly competitive in the traditional finance and Fintech sector. Only a few other services offer over 6% on parked balances. X Money is offering a “Stored Value Account” in partnership with Cross River Bank, a leading bank infrastructure provider that has a federal bank charter.
Any paid X account qualifies for up to 3% cash back on “eligible purchases.” “Boosted rates” also may apply when you make a qualifying deposit of over $1000.
As previously reported, X Money is part of the mission to become an everything platform where financial services meld with communications, purchases, transfers, investing, and more. New and improved services are announced with regularity. More information on X Money is available here.
Earlier today, X Money shared that every plan on The X Subscription comes with 𝕏 Money benefits, and SpaceX stated that they have “unified plans across Grok, Cursor, and X Premium. Introducing The X Subscription.”
This may be another step toward Elon Musk combining SpaceX/Grok/X, as some in the chattering class predict is his ultimate goal. Others see Tesla and SpaceX as a more natural combination.
X Money’s aggressive offerings should raise concern among more traditional financial services providers. Many are saddled with untenable and Byzantine bureaucracy. And then there is the expensive real estate and high employee count. As the saying goes, everyone needs banking services, but we don’t really need banks.