Elon Musk expands X into US banking, offering up to 6% annual yield with X Money

X has started a nationwide rollout of X Money, a new financial service that places banking features inside its social media app for Premium and Premium+ subscribers. The launch marks Elon Musk’s biggest move yet toward turning X into an all-in-one platform that combines social networking, payments and everyday banking. The service offers deposit accounts, peer-to-peer payments, a Visa debit card and direct deposit without requiring users to leave the app. It also arrives under growing scrutiny from lawmakers, who have questioned consumer protections and the platform’s expansion into financial services. Banking inside X X Money lets subscribers send money instantly to other X users through their handles without transfer fees. Users can also pay bills, send wire transfers, mail physical checks, and receive direct deposits. According to X, eligible users may receive their paycheck up to two days earlier than a traditional bank deposit. The platform pairs those services with the X Card, a Visa debit card that works anywhere Visa is accepted. Cardholders receive 3% cashback on eligible purchases, face no foreign transaction fees, and can withdraw cash from ATMs without fees. X also supports digital wallets, including Apple Pay and Google Pay. With 𝕏 Money, you get:• Free, instant transfers on 𝕏• Up to 6.00% APY• 3% cashback on eligible purchases with the 𝕏 Card• Early direct deposit — up to two days before your normal payday• Wires, checks, and free ATM withdrawals• Fast, dedicated support when you…— X Money (@XMoney) July 27, 2026 Security features rely on passkeys instead of passwords. Users can also create transaction limits and require additional verification for selected payments. Premium+ subscribers qualify for up to a 6.00% annual percentage yield on eligible deposits. Premium subscribers can access the same rate after meeting qualifying direct deposit requirements. Behind the financial infrastructure Elon Musk’s X does not operate as a bank. Instead, deposit accounts are held through Cross River Bank, an FDIC-member institution based in New Jersey. Standard FDIC insurance covers deposits up to $250,000 per depositor. The company also promotes a cash sweep program that distributes customer balances across multiple partner banks. Under that arrangement, X says eligible funds can receive up to $10 million in combined FDIC pass-through insurance, although that protection applies only under specific conditions if participating banks fail. Visa powers the debit card network and supports instant transfers through Visa Direct. The partnership traces back to early 2025, when Visa became X’s first major payments partner. Expansion meets scrutiny X Money represents Musk’s latest attempt to build the “everything app” he has discussed for years. The platform already reaches hundreds of millions of users, giving it a built-in network for digital payments without asking customers to download another app. The current version focuses entirely on traditional currency. It does not support Bitcoin, stablecoins, or blockchain-based transfers. Still, company executives have previously expressed interest in adding stablecoin functionality in the future. Regulators have already begun examining the service. Senator Elizabeth Warren raised concerns in April about consumer safeguards, financial stability, and national security. She also pointed to previous FDIC enforcement actions involving Cross River Bank in 2018 and 2023. Geographic limits remain as well. X Payments currently holds money transmitter licenses in 41 states and Washington, D.C. The service has not secured licenses in New York or Massachusetts, where regulators continue to review its expansion plans. For now, X Money gives the platform a direct entry into consumer banking. Whether it can overcome regulatory hurdles and persuade users to treat X as their primary financial hub remains the bigger test.