Elon Musk's X Money Goes Live — 6% APY, Unlimited 3% Cashback, and a Metal Card

Elon Musk has talked about turning X into an everything app for years. The financial piece of that puzzle quietly entered beta testing on June 26.

X Money launched as a beta for Premium and Premium+ subscribers in the United States. It’s built more like a high-yield checking account than a typical tech wallet, with terms that undercut most consumer banks.

The core pitch: 6% annual percentage yield on cash deposits with no upper limit and no lock-in period. That’s roughly six times the rate on most US high-yield savings accounts right now. Funds are spread across multiple partner banks through a sweep program — X Cash Sweep — that pushes FDIC coverage to $10 million. The standard per-bank limit is $250,000.

Spending with X Money earns 3% cash back on nearly everything except jewelry and gambling. There are no spending caps and no rotating quarterly categories.

X Money also offers a physical card: a frosted-black Visa made of metal, with the user’s X handle laser-engraved on the front. It supports Apple Pay from day one.

All common banking fees are waived. Peer-to-peer transfers, domestic wire transfers, paper checks, and ATM withdrawals are all free. On-platform transfers inside X are unlimited. Outbound wire transfers cap at $75,000 per day or $250,000 over 30 days. Check-based transfers run up to $40,000 per day and $75,000 over 30 days.

The beta is limited to US-based Premium and Premium+ subscribers. IT-NEWS has learned that a full public rollout timeline has not been announced yet — but the terms alone are enough to make traditional banks pay attention.