X Money Opens to More Users With a 6% Yield and a Visa Card

Elon Musk's payments app expanded on June 29, offering FDIC-insured deposits through Cross River Bank, instant Visa transfers, and a 6% yield most banks cannot match

X Money Opens to More Users With a 6% Yield and a Visa Card Elon Musk's payments app expanded on June 29, offering FDIC-insured deposits through Cross River Bank, instant Visa transfers, and a 6% yield most banks cannot match Aaron Rafferty June 30, 2026 Key Takeaways X Money expanded on June 29 beyond its first Premium Plus group to more verified users, pairing a 6% annual yield with a metal Visa debit card and 3% cashback. Deposits are held at Cross River Bank with FDIC coverage up to $250,000, and a sweep program raises that to $10 million for eligible users. X itself holds no bank charter. The 6% rate runs above what banks pay, and X has not published a Truth in Savings disclosure, drawing scrutiny from Senator Elizabeth Warren and New York lawmakers. Elon Musk's payments app moved from promise to product this week. On June 29, X Money began reaching verified users beyond its first Premium Plus group, days after the head of X Money, Dhruv Batura, confirmed the June 25 launch to a smaller set of subscribers. The offer is built to get attention. Deposits earn a 6% annual yield, purchases earn 3% cashback, and each user gets a metal Visa debit card tied to their handle, along with peer-to-peer transfers, bill pay, and free ATM withdrawals. Who holds the money X Money is not a bank and holds no charter of its own. Deposits sit at Cross River Bank, an FDIC member in Fort Lee, New Jersey, and are insured to $250,000, while a cash sweep program spreads larger balances across partner banks to reach up to $10 million in coverage . Payments settle on Visa Direct, which clears in near real time instead of the one to three days a standard bank transfer takes. The service is live in 41 states and Washington, D.C., though not in New York or Massachusetts, where X has not