X Money rolling out to Premium subscribers

[OgNasty]

X Money has begun a widespread rollout to X Premium subscribers. This comes with FDIC insurance as well as savings interest rates up to 6%! That is quite an enticing offer compared with the 3.4% interest rates being offered currently by most major banks. Elon is making a move into banking…

[Fiatless]

X Money has begun a widespread rollout to X Premium subscribers. This comes with FDIC insurance as well as savings interest rates up to 6%! That is quite an enticing offer compared with the 3.4% interest rates being offered currently by most major banks. Elon is making a move into banking…

It's indeed a good way to make extra income. Instead of keeping money in traditional banks, X Money would be a good place, considering the interest and since it is insured. It also comes with passkeys and customizable limits, which is good for security. Elon is diversifying to have more control and profit. No need to consider these services since it is limited to only US users.  Hoping that it will get to my location in the future.

[Inior]

I sometime watch some of Elon Musk's video where he claims he's an alien i didn't understand it quite well until some of his decisions start giving me a closer to what he ment by that. He's literally diversifying into some of the most important sectors of the world and this X Money happens to be one of the most attractive offers that majority of persons can't refuse. It's only a matter of time before he makes it official for everyone in every region as long as they have their X premium subscription.

Elon is diversifying to have more control and profit.

Where is the lie? Emphasis on the word "Control".

[Porfirii]

X Money has begun a widespread rollout to X Premium subscribers. This comes with FDIC insurance as well as savings interest rates up to 6%! That is quite an enticing offer compared with the 3.4% interest rates being offered currently by most major banks. Elon is making a move into banking…

It's indeed a good way to make extra income. Instead of keeping money in traditional banks, X Money would be a good place, considering the interest and since it is insured. It also comes with passkeys and customizable limits, which is good for security. Elon is diversifying to have more control and profit. No need to consider these services since it is limited to only US users.  Hoping that it will get to my location in the future.

Thank you Fiatless, you've saved me from having to look for it myself. In my country right now the banks that offer the most are doing so at 3%. The 6% it offers would be truly unbeatable in competitive terms, although I probably wouldn't use it.

[Fortify]

X Money has begun a widespread rollout to X Premium subscribers. This comes with FDIC insurance as well as savings interest rates up to 6%! That is quite an enticing offer compared with the 3.4% interest rates being offered currently by most major banks. Elon is making a move into banking…

It's part of Elons "master plan" to make an all encompassing app similar to WeChat in china, but it feels like he is very late to the party and his 6% offer is him paying from his billions while trying to establish a user base that he hopes will encompass a big proportion of US users. However there are a lot of people who are quite disturbed by his actions in politics and how he has interfered in many places that were really nothing to do with him. Unfortunately he might be rich but his personality is a huge liability which will limit the uptake of anything that he tries to grow now. People simply don't trust him or his unhinged rantings on Twitter/X, at least.. the intelligent people and ones with money that would be most useful to him as customers on this platform

[arallmuus]

Unfortunately he might be rich but his personality is a huge liability

This is actually a good reason to trust him or rather X money because his reputation is also on the line

Instead of keeping money in traditional banks, X Money would be a good place, considering the interest and since it is insured. It also comes with passkeys and customizable limits, which is good for security.

Interesting so a quick check on this to actually get the 6% interest rate, the account need to be either on Premium or Premium+ but here is the catch

If you purchase Premium which is $8/month or $84 annually, you still need a direct deposit of your paycheck from your company to access the 6% rate otherwise it drops to the standard rate

If you purchase Premium+ which is $40/month or $395 annually, you will be able to access the 6% rate directly with any deposit you make

so to break even on $84 annually, you need to keep atleast $1400 on your X-money and this is before taxes so pretty sure you need like 10-20% higher amount with taxes. For $395 annually, you need atleast $6584 on your X-money before taxes

So people are paying 'premium' to get this premium interest rates. Smart move from Elon

[OgNasty]

Unfortunately he might be rich but his personality is a huge liability

This is actually a good reason to trust him or rather X money because his reputation is also on the line

Instead of keeping money in traditional banks, X Money would be a good place, considering the interest and since it is insured. It also comes with passkeys and customizable limits, which is good for security.

Interesting so a quick check on this to actually get the 6% interest rate, the account need to be either on Premium or Premium+ but here is the catch

If you purchase Premium which is $8/month or $84 annually, you still need a direct deposit of your paycheck from your company to access the 6% rate otherwise it drops to the standard rate

If you purchase Premium+ which is $40/month or $395 annually, you will be able to access the 6% rate directly with any deposit you make

so to break even on $84 annually, you need to keep atleast $1400 on your X-money and this is before taxes so pretty sure you need like 10-20% higher amount with taxes. For $395 annually, you need atleast $6584 on your X-money before taxes

So people are paying 'premium' to get this premium interest rates. Smart move from Elon

I was already paying for premium, so upgrading to plus only cost me a small amount for the remainder of my subscription.  Still, it will be worth it to keep it going.  6% interest is actually pretty crazy.  If I thought it would last, I would take out a low interest loan and play the spread.  He is certainly going to draw a lot of investment, pump X.com's subscriber numbers, and give SpaceX an extremely low interest pool of funds to pull from.

[Tonimez]

X Money has begun a widespread rollout to X Premium subscribers. This comes with FDIC insurance as well as savings interest rates up to 6%! That is quite an enticing offer compared with the 3.4% interest rates being offered currently by most major banks. Elon is making a move into banking…

I think Elon musk is one of the most innovative minds we have in the world currently, harnessing every opportunity that technology can offer. This will be very important in reducing the effect of inflation by boosting your interest rate from what it used to be. Saving money with a 3% interest is a very disheartening money practice I know. Conventional banks have failed us and, less interest rates and more charges. The world is growing beyond institutional manipulation aimed at enriching a few. X will receive more boost and it also implies more users influx. The interest rate is the selling point of this technology and conventional banks will be forced to minimise their excesses soon as you only need a subscription to enjoy a no charge transactions and amazing interests, exciting.

[arallmuus]

-snip

I was already paying for premium, so upgrading to plus only cost me a small amount for the remainder of my subscription.  Still, it will be worth it to keep it going.  6% interest is actually pretty crazy.  If I thought it would last, I would take out a low interest loan and play the spread.  He is certainly going to draw a lot of investment, pump X.com's subscriber numbers, and give SpaceX an extremely low interest pool of funds to pull from.

Pretty sure that would still come out as negative with all the taxes you have to pay unless you can get the loan for less than 4%. Since you are already on premium, then you probably already monetize your account as well so eventually the monetization pays for itself

I personally think this is very decent feature for account that have several million of impression on weekly basis that get decent payout so the 6% interest rate as the cherry on top looks pretty great

[lodocus]

I think that at some point, X will turn into a place where premium users post and hang out, while regular users just watch. I don’t know if the situation is the same in every country, but even now, accounts with premium subscriptions keep shoving the same things in our faces. If a banking system is added on top of that and people start opening premium accounts because of it, I can’t even imagine what will happen.

[arallmuus]

I don’t know if the situation is the same in every country, but even now, accounts with premium subscriptions keep shoving the same things in our faces.

You mean a ragebaiting tweet to far for impression? it has been the case for some time now

If a banking system is added on top of that and people start opening premium accounts because of it, I can’t even imagine what will happen.

Well actually you dont need to start tweeting anything to get the 6% rates but considering that you need premium subscription, it will be just dumb for people not to try to get payout out of the subscription.

Its like killing two birds with a stone but that being said, its hard to actually get several million of impression for that tiny bit of subscription payout

[sunsilk]

No need to consider these services since it is limited to only US users. 

That's the start and I think Elon mentioned in the past that they're going to make it as a super app, so they're making it a reality now.

And we'll have to wait and see until they've made it wholly available for everyone even for offshore customers.

But that's the catch there, users will have to be premium subscribers first to enjoy this feature. I think that's a wise idea for X but sooner or later, they'll make it readily available for regular users too.