According to a post shared on X by a blogger on March 11, Elon Musk’s financial platform X Money is expected to launch to the public next month (April). Based on Beta test materials posted on X by user “Redwriter,” the platform appears to offer a range of eye-catching features:
- High deposit yield: Earn a 6% annual percentage yield (APY) on your first deposit, with no direct deposit setup required and no debit card spending requirement.
- Spending rewards: The accompanying debit card earns 3% cash back on all purchases.
- Instant card access: You can get a debit card number instantly after opening the account.
- Metal card
The platform also disclosed some transaction limits:
- Per deposit: Up to $1,000,000 from a bank account, and $2,500 by check.
- Per withdrawal: Up to $100,000.
- Daily and monthly limits: Different caps apply to wire transfers, checks, cash deposits and withdrawals, and ATM withdrawals, among others. For example, the daily ATM withdrawal limit is $2,000, and the monthly bank debit card withdrawal limit is $15,000.
3% cash back on all spending, with no stated requirements? That sounds almost too good to be true.
And the unrestricted 6% APY is even more striking—it could attract a lot of people to move their money over.
A metal debit card also fits Musk’s style quite well.
