Elon Musk’s social networking service X, formerly known as Twitter, has launched its new financial service called X Money across the United States. The service allows Premium users to access banking and payment features without leaving the app.
Earn dollars with X’s new feature X Money
The company said that the service became available as invite-only to Premium and Premium Plus subscribers in the US on July 28. The launch is another step towards Musk’s plan to turn X into an all-in-one app.
What is X Money
After a limited test, X Money is now available to millions of users. The service lets users store money, send payments to other people without transfer fees, pay bills, make wire transfers and even mail physical checks.
X has also introduced a Visa debit card that works like a regular bank card. Users can manage their money directly through the X app without using a separate banking app.
The company said that the customer funds will be held at Cross River Bank, which is a member of the Federal Deposit Insurance Corporation (FDIC).
This means deposits are protected by federal insurance of up to $250,000 per customer under standard FDIC rules.
X has also launched a cash sweep programme. If users meet certain conditions, their money can be spread across partner banks. This could increase FDIC protection to as much as $10 million.
The company said Premium Plus subscribers can earn 6 per cent annual percentage yield (APY) on eligible deposits right away. Premium subscribers can also receive the same rate after meeting the required direct deposit conditions.
Experts say this interest rate is higher than many traditional savings accounts and several high-yield savings accounts. According to reports, they believe X wants to compete with financial apps such as Venmo, Cash App, and SoFi.
Where is the service available
The service is currently available only in the United States. X has not announced when it will expand X Money to other countries.
Your money, on the world’s most powerful network
𝕏 Money is rolling out to U.S. Premium and Premium+ subscribers starting today pic.twitter.com/2c1UMkB4Kn— X Money (@XMoney) July 27, 2026
