Overview
- X began a limited rollout to select U.S. Premium+ users on June 25–26, 2026, offering a 6% annual percentage yield, an in‑app digital wallet, peer‑to‑peer payments, and a metal Visa debit card with up to 3% cashback.
- The service does not make X an insured bank; deposits are swept into multiple FDIC‑insured partner banks led by Cross River Bank so each institution’s $250,000 limit can be used to aggregate as much as $10 million in insurance.
- Senate Banking Committee members raised disclosure and consumer‑protection concerns in an April 14 letter from Senator Elizabeth Warren, and regulators continue to monitor the rollout for compliance and financial‑stability risks.
- X is positioning X Money to compete with neobanks and payment apps by using its paid Premium+ distribution to offer high yield and card rewards that appeal to higher‑net‑worth users.
- The product grew from a small beta that included a March charity auction for invites and testing offers up to 6% APY, and key questions to watch are whether the advertised yields persist, how disclosures evolve, and whether regulators force changes before a wider launch.