A few days ago we posted about Elon Musk’s X Money. Since then a few additional details have come to light.
- Musk stated that early public access will start next month (April)
- Twitter user Redwriter (who was authorized to post X Money beta reviews) shared that:
- 6% APY is available instantly with first deposit. No direct deposit is required or debit card transactions.
- Debit card earns 3% cash back on all purchases
- Debit card provides an instant debit card number
- Limits:
Per transaction
Deposits: Bank Accounts $1 mil, Checks $2.5k
Withdrawal: $100k
Daily
Send: Wires $75k, Checks $25k
Deposit: Checks $15k, Cash: $990
Withdraw: Bank Cards $5k, ATM $2k
Monthly
Send: Wires $250k, Checks $75k
Deposit: Checks $45k, Cash $4.5k
Withdraw: Bank Cards $15k
Our Verdict
Obviously 6% APY with no requirements and 3% debit earning is not remotely sustainable but even if it only works for a short time it could be lucrative.
