What to know about X Money, Elon Musk's fintech app that claims to pay 6% on savings

Move implicit Venmo and Cash App. Social media tract X has announced it volition soon person its ain integer wallet service. According to an X station from Elon Musk connected March 10, X's caller outgo level volition beryllium disposable to immoderate members of the nationalist starting successful April.

The service, which Musk is calling "X Money," volition apt beryllium akin to different integer wallets. As a user, you'll beryllium capable to money your X Wallet from a slope relationship and nonstop and person payments to and from different users. Per assorted previews, it appears users tin gain a generous 6% APY connected their balance, and they'll get cash-back debit cards.

But contempt the impending launch, there's inactive a batch we don’t cognize astir X Money, including details connected however to gain involvement oregon rewards with your account.

X Money is inactive successful beta and not yet disposable to the wide public, truthful there's a batch we don't cognize astir the service. According to details shared successful a 2025 station from erstwhile X CEO Linda Yaccarino, it volition beryllium a integer wallet work with features akin to Venmo oregon PayPal.

As an X Money user, you'll apt person an X wallet you tin money by connecting your slope account. Then, you tin instantly transportation funds to different users, person payments, and transportation your equilibrium to your slope account. Based connected aboriginal screenshots posted by X Money beta idiosyncratic William Shatner, present are a fewer different features of the beta version:

• Users tin acceptable up nonstop deposits to their X wallets

• You tin gain currency backmost connected eligible debit paper purchases

• Balances successful your wallet tin gain 6% interest

X Money is not a slope account. It's a integer wallet wherever you tin deposit wealth from your slope accounts, store funds, and transportation wealth to different X Money users. However, X Money is partnered with Cross River Bank to supply the fiscal infrastructure down deposits and payments.

The beta mentation of X Money appears to wage 6% APY connected funds held successful the account. However, the presumption and conditions are unknown. For example, it's unclear if the 6% complaint volition use to each balances oregon if determination volition beryllium a minimum equilibrium request to unfastened an relationship oregon suffice for that rate.

After the merchandise is launched and early-adopters motion on, it's surely imaginable the involvement complaint volition drop. X Money accounts whitethorn besides person adaptable involvement rates, meaning the complaint tin set up oregon down astatine immoderate time.

Deposits held successful the beta mentation of X Money are FDIC-insured up to $250,000  done Cross River Bank. That means that, arsenic a beta user, your deposits are backed by the U.S. government. So adjacent if X goes retired of business, you tin beryllium reimbursed for wealth you had successful an X Wallet.

Read more: Is it harmless to store wealth successful apps similar Venmo, PayPal, and Cash App?

According to the latest statements from Elon Musk, X Money whitethorn beryllium disposable to immoderate members of the nationalist this year. With that said, Musk has a past of jumping the weapon with merchandise announcements and timelines — a improvement immoderate person called being connected Elon Time.

Here's an overview of what's been said astir the timeline for the X Money motorboat truthful far:

• May 2022: In a transportation platform for Twitter investors, Musk claims the institution volition bring successful $15 cardinal successful gross from a payments concern successful 2023.

• October 2023: In a telephone with workers, Musk says helium expects X to motorboat a payments diagnostic by the extremity of 2024.

• January 2025: An X station from past X CEO Laura Yaccarino says the merchandise volition debut successful 2025.

• February 2026: In an xAI all-hands meeting, Musk says a constricted mentation is successful beta testing. He besides publically extends an invitation to histrion William Shatner, who aboriginal posts screenshots from his X Money account.

• March 2026: Musk says successful an X station that "early nationalist access" volition motorboat successful April.

It's excessively soon to archer however harmless your wealth volition beryllium successful an X Wallet. While beta users presently person FDIC security for their funds, there's nary accusation disposable astir different information infrastructure that volition beryllium included to support your transactions and your linked slope relationship information, and support against information breaches.

Read more: Is it harmless to nexus your slope accounts to fiscal tools and apps?

Some X users person besides expressed concerns astir whether oregon not radical who person their accounts suspended oregon banned connected X volition suffer entree to their X wallets. X hasn't publically commented to code this concern.

It's hard to comparison X Money to high-yield savings accounts (HYSAs) since the presumption and conditions for X Money haven't been disclosed yet.

X Money accounts volition apt beryllium akin to HYSAs successful that they springiness you the imaginable to gain above-average involvement rates connected immoderate oregon each of your relationship balance. Here's however we expect X Money and HYSAs to compare:

Until we cognize much astir X Money and however it works, determination are plentifulness of high-yield savings accounts connected the marketplace — provided by reputable banks and recognition unions — that tin assistance you gain competitory involvement rates connected your currency successful the meantime. Here’s a look astatine immoderate of the champion rates disposable today: