Tired of bonds falling or tying your cash up in "high yield" savings accounts paying just 3.4%? The bank of Elon Musk's X is pitching an alternative — with a catch.
X Money, the financial section launched in July of Musk's "super-app" tied to the social media platform, is offering to pay 6% annual yields on some cash deposits. That's considerably higher than you'll find at most savings accounts and even certificates of deposit. X Money also includes FDIC insurance up to $250,000.
The difference is vast, especially for investors who hold large amounts of cash. A $100,000 deposit in X Money would pay roughly $6,000 in the first year. That's nearly $2,000 more than you'd earn in Year One in the highest-yielding high-yield bank in the U.S., says Bankrate.com.
Tapping his roots as cofounder of PayPal, Musk is working to turn his X into a super-app. Rather than simply being a way to access the X social media platform, he's working to make it into a go-to source for AI and banking, too.
X Bank isn't a bank, per se. But it has a partnership with a real bank: Cross River Bank in New Jersey. Interestingly, X Bank is paying even more on deposits than Cross River is. Cross River is paying just 3.3% on savings balances of $1 million or more.
#bank #money #paying #yield
X Money, the financial section launched in July of Musk's "super-app" tied to the social media platform, is offering to pay 6% annual yields on some cash deposits. That's considerably higher than you'll find at most savings accounts and even certificates of deposit. X Money also includes FDIC insurance up to $250,000.
The difference is vast, especially for investors who hold large amounts of cash. A $100,000 deposit in X Money would pay roughly $6,000 in the first year. That's nearly $2,000 more than you'd earn in Year One in the highest-yielding high-yield bank in the U.S., says Bankrate.com.
Tapping his roots as cofounder of PayPal, Musk is working to turn his X into a super-app. Rather than simply being a way to access the X social media platform, he's working to make it into a go-to source for AI and banking, too.
X Bank isn't a bank, per se. But it has a partnership with a real bank: Cross River Bank in New Jersey. Interestingly, X Bank is paying even more on deposits than Cross River is. Cross River is paying just 3.3% on savings balances of $1 million or more.
#bank #money #paying #yield
3 months ago
