As Elon Musk nears his goal of launching X Money, the banking and payments platform built inside X, early access users reported competitive benefits.

The users who have tested the service highlighted perks such as 3% cash back on eligible purchases and 6% interest on cash savings, nearly 15 times the national average, reported Bloomberg on Sunday. The interest rate on cash savings would challenge rivals like SoFi Technologies Inc. (NASDAQ:SOFI), Block Inc. (NYSE:XYZ) and LendingClub Corp (NYSE:LC).

Musk’s X Money is also likely to offer peer-to-peer transfers, an AI concierge that tracks spending habits based on past transactions and a metal Visa (NYSE:V) debit card with a user's X handle, according to the publication.

According to the early ...