Jamaine Punzalan

Article (news)

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17852003166291785200310499.png" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left"></span></span></span></div><p>Elon Musk looks on during a news conference with US President Donald Trump in the Oval Office of the White House in Washington, DC, on May 30, 2025. Allison Robbert, AFP/File</p><div><br/></div><p>Elon Musk&#x27;s social media app X on Monday began offering its X Money banking service to all US subscribers of its paid Premium and Premium+ tiers, part of the multi-billionaire&#x27;s ambition to turn the site into an &quot;everything app.&quot;</p><p>The rollout widens access to a product that had been available since late June as a test to a limited group of top-tier subscribers.</p><p>X Money lets users hold deposits, send peer-to-peer payments, pay bills, transfer money by wire, and mail checks without leaving the X app.</p><p>Deposits are held at Cross River Bank, a New Jersey-based lender that is used by several financial-technology apps, and are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.</p><p>Musk has said for years that he wants X to resemble China&#x27;s WeChat.</p><p>WeChat, a single app for messaging, shopping and payments, is a pillar of consumer spending in China.</p><p>A post by X Money said deposits would earn an annual percentage yield of up to six percent.</p><p>This was well above the roughly four to five percent offered by the most competitive US high-yield savings accounts and far above the near-zero rates at large traditional banks.</p><p>Premium+ subscribers can earn the top rate directly, while Premium users must meet direct-deposit requirements, according to the company.</p><p>Cross River described the launch as the first government-insured banking platform in the United States built on a social network.</p><p>The launch positions X to compete with established payment apps such as PayPal&#x27;s Venmo, Block&#x27;s Cash App and SoFi, drawing on the app&#x27;s user base of millions.</p><p>Ahead of its launch, the service drew scrutiny in Washington.</p><p>In an April 14 letter, Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, pressed Musk on how X Money would &quot;generate revenue sufficient to pay that yield.&quot;</p><p>She also cited past FDIC enforcement actions against Cross River over lending practices.</p><div><br/></div><div><strong>RELATED STORIES:</strong></div><div><a href="https://www.abs-cbn.com/business/08/31/23/x-to-offer-video-audio-calls-musk">Social media platform X to offer video, audio calls: Musk</a><br/><a href="https://www.abs-cbn.com/news/technology/2026/3/21/us-jury-finds-elon-musk-misled-twitter-shareholders-0747">US jury finds Elon Musk misled Twitter shareholders </a><br/><a href="https://www.abs-cbn.com/news/technology/2026/1/10/indonesia-suspends-musk-s-grok-ai-over-pornographic-content-minister-2052">Indonesia suspends Musk&#x27;s Grok AI over pornographic content: minister </a><br/><br/></div>

<p>Elon Musk's social media app X on Monday began offering its X Money banking service to all US subscribers of its paid Premium and Premium+ tiers, part of the multi-billionaire's ambition to turn the site into an "everything app."</p>

Elon Musk's social media app X on Monday began offering its X Money banking service to all US subscribers of its paid Premium and Premium+ tiers, part of the multi-billionaire's ambition to turn the site into an "everything app."

Musk's X adds banking in 'everything app' push

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Musk's X adds banking in 'everything app' push

Agence France-Presse

Published July 28, 2026 08:59 AM PHT

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Updated July 28, 2026 09:00 AM PHT

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