On July 27, X Money, Elon Musk’s banking service, expanded beyond its invite-only beta phase, becoming available nationwide to all Premium subscribers in the U.S.
The rollout includes a Visa-branded debit card and offers users up to $10 million in FDIC-linked coverage through a sweep program managed by Cross River Bank, a significant upgrade from typical banking protections.
Premium+ subscribers immediately earn a 6% APY on their balance, while standard Premium users unlock the same rate after meeting direct deposit requirements. The X Card integrates into Apple Wallet, and users can order a customizable metal card featuring their X handle. Purchases earn 3% cash back, transfers come without foreign transaction fees, and new users receive a $15 welcome bonus.
Since its beta launch in late June for Premium+ subscribers, X Money has evolved rapidly. The service bundles deposit accounts, peer-to-peer payments, and debit card functions inside the X app, reflecting Musk’s vision to make it a one-stop platform for financial and social needs. In January 2025, Visa came on board as the payments partner, enabling real-time transfers through its Visa Direct network.
Despite the progress, Senator Elizabeth Warren remains skeptical, warning that Musk’s banking ambitions carry risks that may threaten consumer protections and financial stability as X Money eyes full nationwide coverage.
This material is for informational purposes only and does not constitute financial advice.
