The social media platform X, formerly Twitter, on 28 July began inviting its paying subscribers in the United States to use X Money, a new digital finance feature that functions like a bank account. The service, which was tested with a small group from late June, is initially invite-only and available to Premium and Premium+ subscribers.

Users receive an X-branded Visa debit card, usable at any ATM and addable to Apple Pay, and can send money instantly to other X users without fees or amount limits. The service also supports holding funds, paying bills, initiating wire transfers, and sending checks. Deposits are held at Cross River Bank, a New Jersey-based institution, and are insured by the Federal Deposit Insurance Corporation up to $250,000 per account.

To attract depositors, X Money pays an annual percentage yield of up to 6% on deposits and cashback of up to 3% on eligible purchases. Premium+ subscribers, paying $40 monthly or $395 annually, receive the top rate automatically; Premium subscribers on the $8 monthly plan must set up direct deposit. A minimum balance of $1,000 is required for the 6% yield, and customers need at least $1,600 to cover the subscription cost.

Elon Musk has long signalled plans to turn X into an 'everything app' modelled on China's WeChat, combining social media, payments, and commerce. He co-founded the online bank X.com in 1999, which later merged into what became PayPal. X Money now enters a crowded peer-to-peer payment market dominated by Venmo, Cash App, and Zelle, but it leverages X’s large user base. The launch has already drawn scrutiny: Democratic Senator Elizabeth Warren wrote to Musk in April questioning how the high yield would be funded and noting past enforcement actions against Cross River Bank.

For now, the service is limited to invited users in the US. X Money has not disclosed when it will expand beyond the invite-only phase or to other countries.