X Launches X Money with High-Yield Savings, Targeting Venmo
On July 27, 2026, X (formerly Twitter) launched its new financial service, X Money, for US Premium and Premium+ subscribers. The offering includes a branded Visa debit card, peer-to-peer transfers, cashback on purchases, and notably, a high-yield savings account with an annual percentage yield of 6%. This rate significantly outpaces the current national average of around 0.38% and top-tier savings accounts at approximately 4.10%-4.20%, as reported by financial regulators. The service is backed by Cross River Bank, which provides FDIC insurance up to $250,000 per account holder. However, the high yield comes with conditions: users must maintain a minimum deposit of $1,000 and either subscribe to X Premium+ ($395/year) or link qualifying direct deposits for basic Premium subscribers. Analysts suggest that this 6% rate is primarily a customer acquisition strategy rather than a sustainable financial model. Senator Elizabeth Warren has raised concerns about consumer protection risks tied to Cross River Bank, citing past enforcement actions by the FDIC and broader regulatory oversight issues. The launch of X Money highlights Musk's vision for transforming X into an
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Topics: Elon Musk FDIC insurance High-yield savings accounts Venmo competition X Money