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Anyone have useful information about Elons X Bank and 6% interest he is paying
Posted on 8/7/26 at 10:56 am
Posted on 8/7/26 at 10:56 am
I have no opinion. Just wanting to know more about this X Bank and how safe it is to put money.
3
Posted on 8/7/26 at 11:04 am to DeafVallyBatnR
It’s fdic insured
Posted on 8/7/26 at 3:06 pm to Dawgfanman
quote:
It’s fdic insured
https://money.x.com/customer/sweep-banks]
This post was edited on 8/7/26 at 3:11 pm
Posted on 8/7/26 at 5:04 pm to DeafVallyBatnR
Cross River Bank is the actual bank that is handling the money.
Everyone assumes the 6% is teaser rate to attract new customers. Which is common practice.
The 6% is most likely being paid by space X investors
quote:
The FDIC issued a Consent Order against Cross River Bank on March 8, 2023, addressing unsafe or unsound banking practices regarding fair lending compliance, internal controls, and third-party fintech partnerships.
Everyone assumes the 6% is teaser rate to attract new customers. Which is common practice.
The 6% is most likely being paid by space X investors
This post was edited on 8/7/26 at 5:07 pm
Posted on 8/7/26 at 5:09 pm to UltimaParadox
quote:speculation with zero facts to back it up
The 6% is most likely being paid by space X investors
Posted on 8/7/26 at 5:12 pm to Red Eagle
quote:
speculation with zero facts to back it up
Space X is paying for it somehow. Whether it comes from other product revenue etc it's irrelevant. It's money taken from investors.
This is common practice as loss leader to attract customers temporarily.
Posted on 8/7/26 at 7:35 pm to DeafVallyBatnR
Seems like some hoops you have to jump through to possibly get 6%... 
quote:
1. Annual Percentage Yield (“APY”) is accurate as of 7/27/2026 and subject to change. Rates and eligibility vary by subscription. Premium+ users are eligible for 6.00% APY. Premium users may be eligible for a boosted APY of 6.00% when Qualifying Direct Deposit requirements are met. See here for details, eligibility, and current rates. Fees may impact your earnings. Your funds are held at Cross River Bank, Member FDIC and other FDIC-insured institutions. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. X Payments LLC is not an FDIC-insured bank. Deposit insurance only covers the failure of an insured bank.
Posted on 8/7/26 at 11:34 pm to UltimaParadox
The 6% is only for premium subscribers as well. Not everyone gets it,
This post was edited on 8/7/26 at 11:35 pm
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