Is anybody using it ? Would like to take advantage of the 6 percent while it lasts.

Thanks

not yet but as soon as I can I will.

I’ve been wondering about this as well.

Invitation only. Must be a paying member of X premium at $8 / month. Minimum deposit $1,000.00

I believe currently a subscriber must send you money and then the money icon shows up on the home info area.
So when someone does get an account - send me a dollar - I will send ya one back.

quote:

Originally posted by Mikus36:
I believe currently a subscriber must send you money and then the money icon shows up on the home info area.
So when someone does get an account - send me a dollar - I will send ya one back.

same same.

I got an invitation, but since my recent CA driver's license had our old San Diego address, I couldn't use it to verify current address. When my new CDL arrives I'll start it up.

Elon just deemed me worthy with an invitation today, and I signed up with the $1K minimum deposit per month to get the 6%. Since it isn't a credit card, I'll just treat it as a high yield savings account and see how it goes.

How long is this 6% guaranteed for? (term?)

Lowly Premium members like me gets that rate with a $1K direct deposit within any trailing 34-day period. Otherwise, it's 4%.

Premium+ members get 6% with no requirements. It is not an introductory rate, but it is variable and can change any time in the future.

It's also 3% cashback on "qualifying" purchases

I signed up for it on Thursday. Deposited $1,000 and X fronted me $25. Got it added to my Apple wallet and the physical card is on the way.

In 48 hours I have made more interest on $1K than I do every month on a savings account that I keep $5K in.

I don't know what the qualifying purchases are yet, but as others have said I will treat it a high-yield savings account with no penalties for too many withdrawals. Heck, might as well move that $5K that is doing nothing into the X account...

FDIC - yes or no?

quote:

Originally posted by tsmccull:
FDIC - yes or no?

Yes, but your bank is more likely to fail than X

I received my debit card Saturday. It's metal and really nice. One of Elon's earliest companies in 1999 was X.com, which eventually became Paypal. He was Ceo briefly, before the others performed a coup and outed him while he was on vacation. His goal was to change the banking system. He made a couple hundred million from that venture which he used to start Spacex in 2002 and then Tesla in 2006. So i think he is going to create what he started, unfinished business.

^^^^^
Thanks crue-dell. That’s an interesting bit of history.