6
- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
X Money 6% APY
Posted on 10/24/26 at 6:55 am
Posted on 10/24/26 at 6:55 am
Does anyone use X Money? It’s basically a wallet within the X (Twitter) app. They partner with First Cross Bank out of New Jersey, which is more of a FinTech than a brick and mortar, but they’re FDIC insured.
They offer 6% APY if you set up direct deposit. Was thinking about parking my Emergency Fund here to earn about $2k more per year than I do in my ETrade account.
I do have concerns about getting my money timely, thinking it would take a few days to go from my X Wallet, to First Cross Bank, then my checking account. And if something gets hung up in transit, I’d be stuck dealing with X and First Cross Bank both pointing the finger at each other. I never (and hopefully never have to) use my Emergency Fund.
Worth the $2k/yr or not?
They offer 6% APY if you set up direct deposit. Was thinking about parking my Emergency Fund here to earn about $2k more per year than I do in my ETrade account.
I do have concerns about getting my money timely, thinking it would take a few days to go from my X Wallet, to First Cross Bank, then my checking account. And if something gets hung up in transit, I’d be stuck dealing with X and First Cross Bank both pointing the finger at each other. I never (and hopefully never have to) use my Emergency Fund.
Worth the $2k/yr or not?
Posted on 10/24/26 at 7:21 am to Tifway419
Just to clarify for the OP X money uses known crypto Bank Cross River Bank.
They were hit in 2023 by the FDIC for
WSJ FDIC notice to cross river Bank
Also to get the 6% rate at x money pretty sure you have to be signed up for one of their subscription plans.
The yotta failure along with synapse should make anyone leary of holding large amounts of money at fintech Middle men.
CNBC fintech yotta collapse
I wouldn't keep my emergency fund in a fintech
They were hit in 2023 by the FDIC for
quote:
engaged in "unsafe or unsound banking practices
WSJ FDIC notice to cross river Bank
Also to get the 6% rate at x money pretty sure you have to be signed up for one of their subscription plans.
The yotta failure along with synapse should make anyone leary of holding large amounts of money at fintech Middle men.
quote:
Nearly $109 million in deposits held for fintech Yotta’s customers vanished in Synapse collapse, bank says
quote:
Evolve, one of the key players in a deepening predicament that has left more than 100,000 fintech customers locked out of their bank accounts since May 11, has been attempting to piece together with other banks a record of who is owed what. Its former partner Synapse, which connected customer-facing fintech apps to FDIC-backed banks, filed for bankruptcy in April amid disputes about customer balances.
CNBC fintech yotta collapse
I wouldn't keep my emergency fund in a fintech
This post was edited on 10/24/26 at 7:36 am
Posted on 10/24/26 at 9:57 am to UltimaParadox
If someone is offering 6% “risk free” there is a catch. That doesn’t work.
Posted on 10/24/26 at 12:16 pm to Tifway419
Paid for subscription ($4/m first 2 months) but don't have XMoney access yet after a week. I'm seeing others that took 8 days or so before they got access. Gonna cancel if it doesn't become available soon.
Posted on 10/24/26 at 8:16 pm to Tifway419
I've considered parking a good bit there for the interest, but I'm not sure it's worth the risk. Although I'd like to think that Elon would make people right if the bank folded
Posted on 10/24/26 at 8:48 pm to Konkey Dong
quote:I’d agree, but it wouldn’t come to that. FDIC insured, and I don’t have more than $250k in cash (obviously).
I'd like to think that Elon would make people right if the bank folded
Posted on 10/25/26 at 10:29 am to Tifway419
My biggest concern would be my account getting hacked. It’s the only app that I’ve had that experience with.
Posted on 10/25/26 at 11:53 am to Tifway419
Juice isn’t worth the squeeze
People thought they were FDIC insured with Evolve and they got boned.
People thought they were FDIC insured with Evolve and they got boned.
This post was edited on 10/25/26 at 11:54 am
Posted on 10/25/26 at 12:02 pm to TheWalrus
Thanks for the advice. Kind of what I was thinking, don’t want to have a banking emergency where I park my emergency fund.
Posted on 10/28/26 at 3:28 pm to Tifway419
Juice isn’t worth the squeeze. Do the math - actual bank maybe 4% and these guys 6%. You’re making an extra $1,000 a year off $50k deposit. Not enough for the risk IMO.
But if it’s FDIC insured you’ll get paid out up to $250k if the bank fails.
But if it’s FDIC insured you’ll get paid out up to $250k if the bank fails.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News