Move over the Venmo and Cash app. Social media site X has announced that it will soon have its own digital wallet service. According to an X post by Elon Musk on March 10, X’s new payment platform will be available to some members of the public starting in April.
The service, which Musk calls “X Money,” will likely be similar to other digital wallets. As a user, you will be able to fund your X Wallet from a bank account and send and receive payments to and from other users. Based on several previews, it looks like users can earn a generous 6% APY on their balance and will receive cash back debit cards.
But despite the imminent launch, there’s still a lot we don’t know about X Money, including details about how to earn interest or rewards with your account.
X Money is still in beta and not yet available to the general public, so there is a lot we don’t know about the service. According to details shared in a 2025 post by former X CEO Linda Yaccarino, it will be a digital wallet service with features similar to Venmo or PayPal.
As an X Money user, you likely have an X wallet that you can fund by connecting your bank account. You’ll then be able to instantly transfer funds to other users, receive payments, and transfer your balance to your bank account. Based on early screenshots posted by X Money beta user William Shatner, here are some other features of the beta:
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Users can set up direct deposits to their X wallets
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You can earn cash back on eligible debit card purchases
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Balances in your wallet can earn 6% interest
X Money is not a bank account. It is a digital wallet where you can deposit money from your bank accounts, store funds and transfer money to other X Money users. However, X Money is partnered with Cross River Bank to provide the financial infrastructure behind deposits and payments.
The X Money beta appears to pay 6% APY on funds held in the account. However, the terms and conditions are unknown. For example, it is unclear whether the 6% rate will apply to all balances or if there will be a minimum balance requirement to open an account or qualify for that rate.
Once the product is launched and the first users sign up, it is certainly possible that the interest rate will drop. X Money accounts can also have variable interest rates, meaning the rate can be adjusted up or down at any time.
Deposits held in the X Money beta are FDIC insured up to $250,000 through Cross River Bank. That means that as a beta user, your deposits are backed by the US government. So even if X goes out of business, you can be refunded the money you had in an X Wallet.
Read more: Is it safe to store money on apps like Venmo, PayPal, and Cash App?
According to Elon Musk’s latest statements, X Money could be available to some members of the public this year. That said, Musk has a history of rushing through product announcements and timelines, a phenomenon some have called being on Elon Time.
Here’s an overview of what’s been said about the timeline for X Money’s release so far:
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May 2022: In a presentation to Twitter investors, Musk says the company will generate $15 million in revenue from a payments business in 2023.
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October 2023: In a call with workers, Musk says he expects X to launch a payments feature by the end of 2024.
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January 2025: An X post from then-X CEO Laura Yaccarino says the product will debut in 2025.
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February 2026: In an xAI meeting, Musk says there is a limited version in beta testing. He also publicly extends an invitation to actor William Shatner, who then posts screenshots of his X Money account.
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March 2026: Musk says in an X post that “early public access” will launch in April.
It’s too early to know how safe your money will be in an X Wallet. While beta users currently have FDIC insurance for their funds, there is no information available about other security infrastructure that will be included to protect your transactions and your linked bank account information, and protect against data breaches.
Read more: Is it safe to link your bank accounts to financial tools and apps?
Some X users have also expressed concerns about whether people whose accounts have been suspended or banned on X will lose access to their X wallets.
It is difficult to compare X Money with High Yield Savings Accounts (HYSA), as the terms and conditions of X Money have not yet been revealed.
X Money accounts will likely be similar to HYSAs in that they give you the ability to earn above-average interest rates on some or all of your account balance. Here’s how we expect X Money and HYSA to compare:
| What is X Money like…? | Different from a HYSA? | Similar to a HYSA? |
|---|---|---|
| It is currently not available to the general public. | Balances may earn competitive interest | |
| Balances may earn a higher than average APY for HYSA | Accounts are FDIC insured | |
| Accounts come with debit cards. | Transfers can be made to and from external accounts. | |
| Users can potentially earn cash back with their debit cards. The terms and conditions are unknown. |
Until we know more about X Money and how it works, there are many high-yield savings accounts on the market, provided by reputable banks and credit unions, that can help you get competitive interest rates on your cash in the meantime. Below are some of the best rates currently available: