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One of Elon Musk’s early US ventures was X.com, an online bank founded in 1999. After a merger, it became PayPal in 2001, which had a 2002 IPO that provided the capital for Musk to invest in SpaceX and Tesla.
Musk bought the X.com domain from PayPal in 2017, and turned Twitter into X in 2023, wanting it to be “an everything app.”
Part of that vision was going back to X.com’s finance roots.
X Money has been available to premium X members for the past few months, and is now open to most X users, even if they don’t pay for an X subscription. If you don’t see X Money on your account yet, it should roll out in the near future.
Premium+ X members receive 6% APY on X Money Savings, with no minimum or maximum balance. Accounts are FDIC insured for up to $10 million per depositor thanks to Cross River Bank’s FDIC sweep program. An X Premium+ subscription costs about $395/year and includes SuperGrok and other perks.
Other X accounts receive a 4% APY on savings, but they can boost that rate to 6% if they receive a $1,000+ direct deposit within a trailing 34 day period. A direct deposit is money received via ACH with SEC code = PPD.
Sadly, NY regulators have ordered X to stop paying interest to NY residents as of 10/1, so NY-based accounts will earn 0% APY. However, NY residents can receive a one-time $300 bonus for receiving $3,000 of direct deposits within 90 days of opening an account.
Premium+ X accounts receive $25 when signing up for X Money, Premium X accounts receive $15 when signing up for X Money, and other accounts receive $5.
Premium (which costs $84/year) and Premium+ X accounts receive unlimited ATM fee reimbursements with no cap. Other X accounts receive 2 monthly ATM fee reimbursements, capped at $4 per transaction.
Outbound domestic wires are free for Premium+ X accounts with no limits. Premium accounts get 2 free outbound domestic wires per year, while other accounts pay $20 each.
There are no ACH fees and no fees to send and receive money between X accounts.
X Money also comes with a debit card. Oddly, the card doesn’t display your account number, so you’ll have to go into the X app to get the number. Premium and Premium+ X accounts receive a sleek metal card that earns 3% cash back, but there is an ever-expanding laundry list of exclusions, such as taxes, utilities, wholesale clubs, jewelry stores, insurance, and more. Other accounts don’t get a metal card unless they pay $25, and only earn 1% back, but they can earn 3% back if they receive a $1,000+ direct deposit within a trailing 34 day period.
Will you signup for X Money?
