Elon Musk’s social media platform X has rolled out its X Money banking service to all US subscribers of its paid Premium and Premium+ tiers, expanding a product that had been in limited testing since late June.
X Money allows users to hold deposits, send peer‑to‑peer payments, pay bills, transfer money by wire, and mail checks directly within the app, AFP reports.
Deposits are held at New Jersey‑based Cross River Bank and insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
A post by X Money said deposits could earn up to six percent annual yield, higher than the four to five percent offered by top US savings accounts and far above rates at major banks. Premium+ users qualify for the top rate, while Premium users must meet direct‑deposit requirements.
Musk has long said he wants X to resemble China’s WeChat, which combines messaging, shopping, and payments in one app. Cross River described the launch as the first government‑insured banking platform built on a social network in the US.
The move positions X against payment apps such as PayPal’s Venmo, Block’s Cash App, and SoFi.
The service has already drawn scrutiny in Washington. In April, Senator Elizabeth Warren questioned how X Money could sustain such high yields and cited past FDIC enforcement actions against Cross River.
What is X Money?
X Money is a new banking service built into Elon Musk’s social media app X. It is available to paying Premium and Premium+ subscribers and lets them manage finances without leaving the platform.
The service offers peer‑to‑peer payments, money transfers, and a deposit account. Users also receive the X Card, a physical Visa debit card for ATM withdrawals and in‑person purchases.
According to the launch post, X Money allows subscribers to handle everyday transactions much like a regular bank account. The core features include:
- Sending wire transfers
- Mailing checks
- Paying bills
- Paycheck direct deposit
- Send and receive money to anyone on X
