Overview
- X rolled out X Money inside its app to paying Premium and Premium+ users, offering deposit accounts, peer‑to‑peer transfers, bill pay, wires and a branded Visa debit card in roughly 41 states plus Washington, D.C.
- The product advertises a 6.00% annual percentage yield that is automatic for Premium+ subscribers and available to Premium users who meet X’s direct‑deposit or deposit requirements.
- Analysts note the 6% rate looks like a promotional subsidy because it exceeds typical risk‑free returns, and subscription fees mean many users with median account balances would earn less after paying for access.
- Lawmakers and consumer‑protection officials have pressed X for disclosures about how the yield is funded, and scrutiny has focused on Cross River Bank’s role and its prior FDIC enforcement history.
- X Money launched without cryptocurrency features, runs on Cross River and Visa rails, competes with Venmo and Cash App, and should be watched for adoption rates, rate durability, and how X handles account access and dispute resolution.