X Money Expands to Verified Users With 6% APY and $10 Million FDIC Coverage
Updated
Updated · Tech Times · Jun 30
X Money Expands to Verified Users With 6% APY and $10 Million FDIC Coverage
3 articles · Updated · Tech Times · Jun 30
Summary
June 29 marked X Money’s move beyond its initial Premium+ test group to a broader set of verified U.S. users, signaling that Musk’s payments push is now in active rollout.
The service offers 6% yield on fiat deposits, a metal Visa debit card, P2P transfers, bill pay, wires, check mailing, 3% cashback, free ATMs and no foreign transaction fees.
Cross River Bank holds the deposits and provides standard FDIC insurance up to $250,000, while a sweep program for eligible Premium+ users spreads funds across partner banks to extend coverage to $10 million.
The 6% APY stands above the 4.25%-4.50% federal funds range and appears to function as a customer-acquisition incentive, but X had not published standardized savings disclosures or full account terms as of June 29.
X Money is available only in 41 states and Washington, D.C., excluding New York and Massachusetts, as regulators and lawmakers scrutinize licensing, compliance and consumer-protection risks.