X Money, the financial services platform from X (formerly Twitter), has begun a limited rollout to US users, offering banking features such as a deposit account, peer-to-peer payments, and a debit card within the app. The service, previously available only to an invite-only beta group starting in late June, is now accessible to all US Premium and Premium+ subscribers over 18.
Maximum annual percentage yield advertised for X Money accounts.
The platform offers up to a 6% annual percentage yield (APY), though eligibility varies: Premium+ subscribers automatically receive the top rate, while standard Premium subscribers must deposit at least $1,000 per month to qualify. The 6% yield is significantly higher than the roughly 4-5% offered by leading US high-yield savings accounts and well above near-zero rates at traditional banks. However, the APY is variable and fees may reduce total earnings.
X Money integrates with Visa and Apple Wallet, and uses Visa Direct for fund transfers and instant peer-to-peer payments. Users receive a debit card – available both digitally and as a physical metal card personalized with their X handle – that offers 3% cashback bonuses and no foreign transaction fees. Additional features include early direct deposit (up to two days early), bill pay, wire transfers, and check mailing without leaving the X app.
Although X Payments LLC is not an FDIC-insured bank, deposits are held at Cross River Bank, an FDIC member, insuring balances up to $250,000. Cross River described the launch as the first government-insured banking platform in the US built on a social network. X Money is not available in New York or Massachusetts, as X does not hold money transmitter licenses in those states; X withdrew its New York license application in late 2024 after a law firm warned the company was 'unfit' to process payments.
If it involves money, it'll be on our platform.
X Money is part of Elon Musk's long-term vision to transform X into an 'everything app' similar to China's WeChat, which integrates messaging, shopping, and payments. Musk has said for years he wants X to mimic WeChat, a pillar of consumer spending in China. The service positions X to compete with Venmo, Cash App, and SoFi. However, payments experts note that Apple, Google, and Facebook have all failed to launch payment products that attract a majority of users, and any inconsistency in how payments function could stall widespread adoption.
Senator Elizabeth Warren raised safety concerns about X Money in an April 14 letter, pressing Musk on how the platform would 'generate revenue sufficient to pay that yield' and citing past FDIC enforcement actions against Cross River. Warren warned that X Money could pose risks to 'consumers, our national security, and the stability of the financial system.' X Money also has policies that may block withdrawals for up to 180 days if an account is suspended, and users must report unauthorized transactions promptly to avoid liability, though the term 'promptly' is not defined by X.