An account that earns 6.00% APY would blow most other high-yield savings accounts on the market today right out of the water. So when screenshots surfaced showing a 6.00% APY inside Elon Musk’s upcoming X Money app, I had to wonder: Is this real?

Here’s what we know about the rumored rate — and why you shouldn’t wait around for it.

The 6.00% APY claim comes from beta screenshots

X Money is still in testing, and very few details have been released by Musk or any representatives of X. Musk has said that “early public access” will launch in April.

The most concrete evidence so far comes from — brace yourself — screenshots posted by actor William Shatner. Shatner was given early access to X Money (and has since sold more invites to benefit his charity). The images he shared on X show a “Rewards” screen that mentions a 6.00% APY on cash.

For now, those screenshots are the best preview we have of how the account might work.

Many key details are still unknown

Even if the screenshots are accurate, we still don’t know the full terms of the account.

Many questions remain unanswered, including:

  • Whether the 6.00% APY will still exist when the account launches
  • Whether the rate will apply to all balances
  • Whether users must meet requirements, like a minimum balance or direct deposit
  • Who can sign up for an account at launch

Musk has confirmed that deposits will be held by Cross River Bank, which would make them FDIC insured up to $250,000 per depositor.

Shatner’s screenshots also show that the account comes with a debit card that earns cash back.

Otherwise, most of the details are still uncertain. The 6.00% rate might turn out to be real — but it could also come with conditions or limits.

Don’t plan on getting 6.00% APY anytime soon

First off, X Money isn’t available yet. New financial apps often roll out slowly, starting with small groups of users.

Second, the rate could change. Savings rates move all the time, and fintech companies sometimes launch with promotional rates to attract early users.

And third, we don’t know how easy it will be to get the top APY. Some accounts only offer their best rates if you meet certain requirements.

This is still very much a “wait and see” situation.

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