X Money Drops Premium Requirement, Offers Up to 6% APY
X Money has made an important change to its new financial account: an X Premium or Premium+ subscription is no longer required. That’s notable because the monthly or annual subscription cost previously ate into the value of the account. Doctor of Credit reported the change on September 23.
X Money offers up to 6% APY, although eligibility varies. X’s official site says Premium+ users qualify for 6%, while other users may qualify for the boosted rate by meeting the qualifying direct-deposit requirement. X Money is not itself a bank; funds are held at Cross River Bank and other FDIC-insured institutions, with X advertising up to $10 million in FDIC coverage through its cash sweep program, subject to applicable requirements.
New York Residents Get a $300 Bonus Instead
There’s an important difference for New York residents. X Money does not currently pay interest in New York. Instead, New York customers can earn a $300 bonus after receiving $3,000 in qualifying direct deposits.
X defines a qualifying deposit as an ACH direct deposit with a PPD SEC code or qualifying X Creator payouts from Original Content Rewards, Creator Revenue Sharing or Creator Subscriptions. See terms here.
Up to 3% Cash Back With X Card
The X Card also offers up to 3% cash back on eligible purchases. However, the exclusion list has recently expanded and now includes categories such as utilities, wholesale clubs, insurance premiums, colleges and universities, and jewelry stores, in addition to several previously excluded categories (Utilities, Wholesale Clubs, Jewelry Stores, Watches, Clocks, and Silverware Stores, Insurance Underwriting, Premiums Colleges, Universities).
There’s also reportedly a $25 signup bonus, although some users have received only $15.
Guru’s Wrap-up
Dropping the X Premium requirement makes X Money considerably more interesting. Up to 6% APY plus up to 3% back on debit card purchases is a good combination, although you’ll want to pay attention to the growing list of excluded purchases.
These rates might not last long, but it should still be worth signing up and take what you can.
