X Money Account Review
[2026.11 Update] Previously, there was no balance cap on the 6% APY. X Money has now announced that starting December 1, 2026, the 6% APY will apply only to the first $150,000. This perk seemed too good to be true to begin with, and the changes came quickly! It seems best to treat any perks that look this generous as temporary promotions. Take advantage of them while they last.
[2026.9 Update 3] A paid subscription was previously required to open this account, but now all X users in the U.S. can apply! See the source here. This really does seem too good to be true: no annual fee, and qualifying direct deposits are all you need to earn 6% APY. This is clearly unsustainable. My guess is that the customer acquisition phase will last only a few months before the APY drops. By then, plenty of users will probably leave their money there rather than bother moving it elsewhere, so X Money will have gained a customer base. Enjoy it while it lasts!
[2026.9 Update 2] The card’s cashback exclusion list has expanded. Categories that previously earned 3% cashback but are now excluded include Costco, utilities, jewelry stores, college tuition, and more. HT: chcking2 on USCardForum.
[2026.9 Update] This account was previously available only to a small group of users, but it is now open to all X Premium subscribers. You can give it a try!
Application Link
- X Money: This is the product overview page. To access X Money, find Money in the left sidebar of the X app.
Account Features
- Earn 6% APY! You must qualify through an eligible X subscription or by meeting the direct deposit requirement; see below. Starting December 1, 2026, the 6% APY applies to the first $150,000, and any balance above $150,000 earns 4% APY. As of September 2026, this rate is well above what most traditional banks offer. Accounts that do not qualify for 6% APY earn 4% APY instead.
- Earn up to 3% cashback on eligible purchases with the X Debit Card! You must qualify through an eligible X subscription or by meeting the direct deposit requirement; see below. If you do not qualify for 3% cashback, eligible purchases still earn 1% cashback.
- The Cashback Rewards Terms are somewhat vague about a cap on 3% cashback. No cap is advertised, but the terms reserve the right to impose one. (Specific percentage provided as Cashback Rewards may differ based on purchase categories, and the total amount of Cashback Rewards may be capped. We reserve the right to determine in our sole discretion which percentage to apply to an Eligible Transaction. We may round down the amount of Cashback Rewards granted to the nearest cent.)
- Certain merchant categories are excluded from debit card cashback, including tax payments, rent, Costco, utilities, jewelry stores, and college tuition. See the Cashback Rewards Terms for the full list of Excluded MCCs. Excluded transactions earn neither 3% nor 1% cashback.
- X Money itself is not a bank. Funds are held at Cross River Bank, Member FDIC, with deposit insurance up to $250,000. Deposits are automatically enrolled in a Cash Sweep Program that spreads funds across participating FDIC-insured network banks, providing up to $10 million in aggregate FDIC pass-through deposit insurance coverage.
- New York residents earn 0% APY, apparently due to certain legal restrictions. A separate bonus is available to eligible New York residents.
Requirements for 6% APY and 3% Cashback
Requirements vary by X subscription tier, as shown below:
| User Type | Subscription Cost | Requirements for 6% APY | Requirements for Up to 3% Cashback |
|---|---|---|---|
| Free | $0 | Must meet the DD requirement | Must meet the DD requirement |
| Legacy X Premium: Basic | $3/month or $32/year | Must meet the DD requirement | Must meet the DD requirement |
| Legacy X Premium: Premium | $8/month or $84/year | Must meet the DD requirement | No DD required |
| The X Subscription: Plus | $8/month or $80/year | Must meet the DD requirement | No DD required |
| Legacy X Premium: Premium+ | $40/month or $395/year | No DD required | No DD required |
| The X Subscription: Premium | $30/month or $300/year | No DD required | No DD required |
| The X Subscription: Super | $100/month or $1,000/year | No DD required | No DD required |
| The X Subscription: Ultra | $200/month or $2,000/year | No DD required | No DD required |
For the Direct Deposit (DD) requirement, you must receive a total of at least $1,000 in Qualifying Deposits within a trailing 34-day period.
Since most readers probably would rather not pay for a subscription, qualifying through Direct Deposit (DD) is likely the best option.
Summary
Both 6% APY on deposits and 3% cashback on debit card purchases are very attractive perks. They almost seem too good to be true! These may simply be introductory promotions to attract customers, so enjoy them while they last. As an Elon Musk company, X presumably has deeper pockets than a typical small startup. Hopefully these perks will last for a while without being cut!
Application Link
- X Money: This is the product overview page. To access X Money, find Money in the left sidebar of the X app.