Up to 6% Annual Interest: Elon Musk's X Money Banking Service Now Available for Subscribers.

X Money Banking Service Debuts

According to Мінфін — Крипто/Фінанси: On July 28, 2026, the social media platform X—founded by Elon Musk—rolled out X Money, a new banking service for all U.S. subscribers of its Premium and Premium+ tiers. The service provides several financial features, such as:

• deposit account holdings
• peer-to-peer payments
• bill payments
• wire transfers
• mailed checks

User funds in X Money are held at Cross River Bank, a financial institution based in New Jersey. Notably, deposits are FDIC-insured up to $250,000. The service also offers an annual yield of up to 6% on deposits, making it an attractive option for users looking to grow their savings.

Testing Phase and Requirements

X Money had been in beta testing since late June 2026, accessible only to a limited subscriber group. For Premium+ users, the maximum interest rate has no conditions, while Premium subscribers must meet specific deposit requirements to earn the top rate. Separately, Senator Elizabeth Warren sent a letter on April 14, 2026, demanding that Elon Musk explain X Money’s revenue model.

The launch reflects Elon Musk’s ongoing ambitious strategy in finance, as he seeks to embed banking services into the existing social media ecosystem.

This move underscores Musk's ongoing effort to expand X's ecosystem beyond social networking. X Money could become a key tool for subscribers seeking new ways to manage their finances. By adding this feature, X enhances its platform’s functionality, potentially driving more users toward paid subscriptions. The company is not only diversifying its business but also competing with traditional banks and financial institutions through innovative money management solutions. Given the rising popularity of digital financial services, X Money may establish itself as a significant player in the U.S. online banking market.