X Rolls Out High-Yield Savings and Debit Card in U.S.

X has officially entered the consumer banking space with the launch of X Money, a new product that offers a 6% annual percentage yield on deposits along with a branded debit card. The move marks a significant expansion for the platform into financial services, blending social media functionality with banking features.

The 6% APY is notably higher than the national average for savings accounts, which typically hovers below 1%, positioning X Money as a competitive option for users seeking better returns on their cash. The accompanying X Card is expected to integrate seamlessly with the platform, allowing for easy transfers and purchases.

All deposits at X Money come with FDIC insurance, meaning balances are protected up to the standard limit of $250,000. This provides an additional layer of security as users weigh the convenience of managing money directly through the platform against traditional banking alternatives.