Starting this week, X Money Elon Musk’s integrated banking service has become available to all users on the social media platform X. The service offers deposit accounts with FDIC protection, money transfers between users, bill payments, wire transfers, and even the option to mail physical checks without leaving the app.
Originally launched in a limited form to Premium and Premium+ subscribers last month, X Money now supports a broad user base. Deposits are held by Cross River Bank, a fintech firm based in New Jersey, with federal insurance coverage up to $250,000 per account. Cross River Bank is also behind the payment processing and Visa debit card infrastructure that powers X Money, marking a first in US banking where a government-backed service is fully embedded within a social network.
The platform aims to attract users with interest rates far above typical offerings: deposits earn up to 6% annual percentage yield, a figure that surpasses the 4% to 5% range common at high-yield savings accounts today. also users benefit from unlimited 3% cashback on purchases made with the X Money Visa debit card, which comes as a physical metal card usable anywhere Visa is accepted.
While the platform has gained attention for these competitive perks, critics like Senator Elizabeth Warren have expressed concerns regarding the sustainability of such high interest rates and the overall business model behind X Money.
This move aligns with Musk’s vision of turning X into a super-app, similar to China's WeChat, where users can access multiple services beyond social networking. The integration of financial tools directly into X could transform how users manage money digitally, streamlining everyday transactions within a single app.
