Elon Musk's X Money Launches With 6% APY Savings and 3% Cash Back on June 26

X Money, a financial services product launched by Elon Musk's X platform, began closed testing on June 26 for U.S. Premium and Premium+ subscribers. The service is embedded directly within the X app and offers 6% annual percentage yield (APY) on checking deposits with no minimum balance requirement or lock-in period—approximately 15 times higher than the average U.S. savings account.

Additional features include up to 10 million dollars in FDIC insurance coverage through a cash sweep mechanism distributing funds across multiple FDIC-insured banks, unlimited 3% cash back on purchases using the X Money Visa debit card, and zero fees for peer-to-peer transfers, domestic wire transfers up to 75,000 dollars daily, check mailing, and ATM withdrawals. Cross River Bank provides clearing and custodial support. The product is currently limited to U.S. adult users during beta testing.