X Launches X Money Financial Service With Up to 6% Annual Yield
X, formerly Twitter, launched X Money on July 27 for US paying members aged 18 and above. The service offers an annual percentage yield of up to 6%, which X claims is more than ten times the national average savings account rate. Users can make payments and free peer-to-peer transfers within the app, and receive a custom metal Visa card. The service is initially available to X Premium and Premium Plus subscribers.
X (formerly Twitter) announced on July 27 the launch of X Money, a financial service for paying members aged 18 and older in the United States. The service offers an annual percentage yield of up to 6%, with X stating that this rate is more than ten times the national average for savings account interest rates. Users can make payments and free peer-to-peer transfers within the app.
X Money is initially available to X Premium and Premium Plus subscribers. The platform integrates a digital wallet with instant P2P transfer capabilities and provides free fund transfers. Users can also obtain a custom metal Visa card printed with their X username, which supports integration with Apple Wallet. Regarding yield, Premium Plus subscribers directly receive the 6% APY, while standard Premium subscribers need to deposit a specific amount of funds to qualify for the boosted 6% rate.
Since the 2023 all-hands meeting, Elon Musk has emphasized that turning X into a "super app" integrating social media, shopping, and other functions is his long-term vision, and he has explicitly stated that "as long as it involves money, it will all run on our platform."
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