Archive · 28 Jul 2026
X Launches Banking Service for US Premium Subscribers
Elon Musk's social media app X has started offering a banking service called X Money to its paid subscribers in the US.
This service lets users do things like hold deposits, send money to friends, pay bills, and even mail checks, all within the X app.
The money is kept safe by a bank called Cross River Bank and is insured by the government up to $250,000.
X Money offers a high interest rate of up to six percent, which is more than what many traditional banks offer.
However, some people are worried about how X will make enough money to keep offering this high rate and about the safety of mixing banking with social media.
Senator Elizabeth Warren has even asked questions about these concerns.
X Money banking service launched for US Premium and Premium+ subscribers.
Service includes deposits, peer-to-peer payments, bill payments, wire transfers, and check mailing.
Deposits are FDIC-insured up to $250,000 and held at Cross River Bank.
X Money offers up to 6% annual percentage yield, higher than traditional banks.
Service faces regulatory scrutiny from Senator Elizabeth Warren.
- Who
- Elon Musk's social media app X
- What
- Added banking services through X Money
- When
- Monday (specific date not mentioned)
- Where
- United States
- Why
- To turn X into an 'everything app' and compete with established payment apps
Proponents of X Money
Critics of X Money
Financial Innovation
Proponents of X Money
X Money offers a convenient, all-in-one financial service that integrates with social media, making it easier for users to manage their finances.
Critics of X Money
The integration of banking services with social media raises concerns about data privacy and security.
Competitive Interest Rates
Proponents of X Money
X Money provides a high annual percentage yield of up to six percent, which is attractive compared to traditional banks.
Critics of X Money
The sustainability of such high interest rates is questionable, and there are concerns about how X will generate sufficient revenue to maintain these rates.
Regulatory Scrutiny
Proponents of X Money
X Money is FDIC-insured, providing a level of security and trust for users.
Critics of X Money
Past enforcement actions against Cross River Bank and the lack of clear revenue generation plans raise regulatory and financial stability concerns.
- Company
- X (formerly Twitter)
- Founder
- Elon Musk
- Service
- X Money
- Bank Partner
- Cross River Bank
- Insurance
- FDIC-insured up to $250,000
- Interest Rate
- Up to 6% annual percentage yield
- Competitors
- PayPal's Venmo, Block's Cash App, SoFi
- Regulatory Concern
- Senator Elizabeth Warren's inquiry
