X Money quietly cut its benefits. Starting December 1, only the first $150k in deposits can earn up to 6%; any amount above that earns just 4% by default. If you want to earn more, you can have family members open accounts too and stack the benefits.
Major update: X Money is now open to all users, and you no longer need a paid Premium subscription to get 4% APY plus 3% cash back on card purchases. If you want 6% APY, you can also easily meet the requirement with a fake direct deposit. In my opinion, this card is a no-brainer!
Keep in mind, though, that X Money still has risk controls. If you haven't verified your U.S. ID, I recommend not depositing too much.
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About X Money
X Money's two biggest selling points are up to 6.00% APY and 3% cash back on eligible purchases made with the X Card. Previously, X Money's high-yield benefits required Premium or even Premium+, but now regular, Basic, and Premium users can get 4.00% APY and 3% cash back by default. You can also get 6.00% APY by completing at least $1,000 in Qualifying Deposits within 34 days; Premium+ users get 6.00% APY automatically.
Here are the key features of X Money accounts:
- Account types: one primary Checking account and up to 3 Secondary Accounts
- Partner bank: Cross River Bank, Member FDIC
- Interest rates: No subscription / Basic / Premium users get 4.00% APY by default; 6.00% after meeting the Qualifying Deposit requirement; Premium+ users get 6.00% by default
- Debit card cash back: 3% cash back on eligible X Card purchases
- Physical card: Visa metal debit card with no card number, expiration date, or CVV printed on it
- Virtual card: Automatically generated when you open an account and has a different card number from the physical card
- Monthly account fee: X Money itself has no monthly fee; Premium / Premium+ subscriptions affect how you qualify for APY
- Eligibility: At least 18 years old, a U.S. resident, with a U.S. mobile number and an eligible X account, and must complete identity verification
Sign-up bonuses
$25 sign-up bonus
After successfully opening an X Money account, users typically see a $25 sign-up bonus automatically added to their account. No deposit, Direct Deposit, or spending is required. However, a small number of users have received only $15.
$300 bonus (New York only)
New York residents currently cannot earn interest through X Money or participate in the 6% APY Boost. Instead, they can receive a $300 bonus by receiving a total of at least $3,000 in qualifying Direct Deposits within 90 days of opening an account. There is no minimum balance requirement, and the bonus is usually paid about 14 days after the requirements are met. A friend has already successfully used LemFi to meet the DD requirement and receive the bonus.
Opening an account and applying
Eligibility and application steps
To apply for X Money, you must:
- Be at least 18 years old;
- Be a U.S. resident;
- Have a verified U.S. mobile phone number;
- Have an X account in good standing;
- Provide information such as your name, date of birth, U.S. address, and SSN to complete identity verification.
You no longer need an X Premium or Premium+ subscription to open an X Money account. If you want to earn up to 6.00% APY, users on the regular tier must meet the Qualifying Deposit requirement; Premium+ users get 6.00% APY automatically. Here are the application steps:
- Open the X App and find Money in the sidebar;
- Enter your personal information and complete KYC identity verification;
- Once your account is approved, the system will automatically generate a virtual X Card;
- Apply for the physical metal card in the App;
- Link an external bank account or debit card, then add funds.
If you can't access the X Money registration page, your U.S. mobile number may not be verified, your network location may be detected as outside the United States, or your account may not meet the requirements.
A Checking account is included
X Money gives you more than just a debit card. When you open an account, you also get a primary account that functions as a Checking account, with its own routing number and Account Number. It can receive ACH, Wire, and Direct Deposit transfers, and it supports early paycheck access, Mobile Check Deposit, mailing checks, bill payments, and transfers to other X users. The X Card is linked to this account, and purchases are deducted directly from its balance. The account has no Overdraft Protection, so transactions are usually declined if you don't have enough funds. Note that X Money functions as a Checking account, but the official legal agreement calls the underlying account a Stored Value Account. X Payments LLC is not a bank; the actual account and banking services are provided by Cross River Bank.
Open up to 4 accounts
In addition to the default primary Checking account, X Money lets you create up to 3 Secondary Accounts, for a total of 4 accounts. A Joint Account also counts toward this limit. Secondary Accounts work like savings account buckets, which you can designate for different purposes such as Emergency, Travel, or New House. Eligible balances can also earn the applicable X Money interest. You can view each account's type, routing number, Account Number, and current limits under Money → Settings.
3% cash back on purchases
Eligible purchases made with the X Card currently earn 3% cash back. Rewards appear on the Money page after a transaction posts, and you can claim them manually. Any rewards you don't claim manually are automatically deposited into your account on a 7-day cycle. X Money's promotional page does not currently list a specific cash-back cap, but the cash-back terms reserve the right to set an overall cap, change the cash-back rate, and determine whether a transaction qualifies. So you can use the benefit at the current 3% rate, but don't treat it as a permanent, guaranteed, unlimited benefit. The following categories generally don't earn cash back:
- Wire Transfers and Money Orders;
- Cash, foreign currency, and other cash-like transactions;
- Financial institutions and account funding;
- Brokerage and securities transactions;
- Rent-related transactions;
- Taxes, fines, and some government services;
- Gambling, lottery, and casino transactions;
- Precious metals, coins, and some jewelry transactions.
Recently, X Money added several more categories that don't earn 3% cash back, blocking some useful spending options such as tuition, utility bills, and wholesale clubs. These categories still need to be tested, so results may vary:
- Utilities
- Wholesale Clubs
- Jewelry Stores, Watches, Clocks, and Silverware Stores
- Insurance Underwriting, Premiums
- Colleges, Universities
- Transactions When No MCC Is Present
Whether a merchant ultimately receives cashback depends on the MCC used for the transaction. Cashback for a purchase will also be reversed if the item is returned or refunded. The official terms also explicitly exclude Manufactured Spending. If the system determines that a transaction was made solely to manufacture cashback, it may deny the reward, claw back cashback already issued, or even restrict the account. That said, debit cards and credit cards are not interchangeable. Credit cards typically offer a grace period, travel protections, extended warranties, and a more established dispute process. For especially large purchases, items I might return, or purchases where I want protection, I still prefer using a credit card; I would consider the X Card’s 3% cashback for ordinary everyday spending.
6.00% APY
X Money currently offers 4% APY by default, which can be increased to 6% by completing a Deposit each month. Because the calculation uses a rolling 34-day period, you need to keep meeting the requirements to maintain 6% APY. For simplicity, making one qualifying deposit each month should be enough. Qualifying Deposits primarily include:
- Payroll and other Direct Deposits received via ACH with SEC Code PPD;
- X Original Content Rewards;
- X Creator Revenue Sharing;
- X Creator Subscriptions income.
However, based on user reports, ordinary ACH transfers initiated from other banks have counted as direct deposits—for example, transfers from Chase. You can also use a simple service like LemFi to do this, so there’s no need to sign up for P+; just do a DD.
Funding, Spending Limits, and Fees
What funding methods are supported?
X Money currently officially supports the following funding methods:
- ACH Transfer: Usually takes 1–3 business days;
- Wire Transfer: Wires initiated before 3 p.m. ET on a business day usually arrive the same day;
- Debit Card Load: Usually posts instantly;
- Cash Load: Cash can be deposited at designated retail locations, usually with immediate availability;
- Mobile Check Deposit: Usually takes 1–7 business days;
- X Money P2P: Transfers from other X Money users, usually available instantly;
- Direct Deposit: Eligible paychecks may arrive up to two days early.
X Money can also be linked to other banks through Plaid. Note that a Cash Load at a retail location is different from depositing cash at an ATM. ATMs are not part of the official fee-free cash deposit network, and fees charged by ATM operators may not be reimbursed.
Spending and Transfer Limits
X Money does have limits, and they may vary by user. Go to Money → Settings → Limits to view your current X Card spending, ATM withdrawal, bank transfer, wire, check, and deposit limits. The X Card agreement does not promise all users a single, uniform card spending limit. Some users’ apps show a daily card spending limit that can be set as high as $25,000, but these are account-specific data points and do not guarantee that every new user will receive the same limit. The basic transfer and deposit limits currently listed in the public account agreement are as follows:
| Transaction | Daily Limit | Monthly Limit |
|---|---|---|
| ATM withdrawals | $500 | See the limit displayed in the app |
| Instant transfer to an external debit card | $1,000 | $3,000 |
| Transfer to a linked bank account | $1,500 | $7,500 |
| Outgoing wire | $1,500 | $7,500 |
| Check mailing | $2,500 | $7,500 |
| Retail Cash Load | $990 | $4,500 |
| Mobile Check Deposit | $1,000 | $7,500 |
“Transfer to an external debit card” means instantly moving your X Money balance to another debit card; it does not refer to everyday purchases made with the X Card. There are no uniform, publicly disclosed limits for regular ACH deposits, incoming wires, Direct Deposits, or debit card loads. Limits may vary based on identity verification, account history, and risk controls. Up to $15,000 per Direct Deposit may be made available early. Amounts over $15,000 can still be deposited, but the excess will not be available until the scheduled payment date. Based on user reports, you may be able to link at most five external payment cards within a 90-day period, and removing a linked card does not immediately reset the count. This limit is not listed as a universal number in the current public FAQ, so check what is shown in your own account.
Fees
| Item | Fee |
|---|---|
| X Money monthly account fee | $0 |
| X Card purchase fee | $0 |
| Account inactivity fee | $0 |
| Cash Load | $0 |
| Foreign transaction fee | $0, but transactions are still converted at the Visa exchange rate |
| ATM operator fee | Usually reimbursed within 3 calendar days |
| Instant transfer to an external debit card | 1.75% of the transfer amount, with a $0.25 minimum |
| Outgoing domestic U.S. wire for Premium members | Two free per year, then $20 each |
| Outgoing domestic U.S. wire for Premium+ members | Free |
| Replacement metal card | First replacement is free, then $35 each |
The X Money account fees listed above do not include X Premium or Premium+ membership fees.
Security, Risks, and Summary
How is FDIC coverage calculated?
X Payments LLC is a financial technology company, not a bank or an FDIC member. The underlying deposit account for X Money is provided by Cross River Bank. Without Cash Sweep, deposits are covered under standard FDIC rules up to $250,000 per depositor, per bank, per ownership category at Cross River Bank. If you already hold deposits in the same ownership category at Cross River Bank, they must be combined for coverage purposes. X Money automatically enrolls eligible funds in the IntraFi Cash Sweep Program, distributing them across multiple partner banks. In theory, this can provide up to $10 million in aggregate pass-through FDIC insurance per ownership category.
Can you fund the account with a credit card or use Money Orders?
The standard funding methods listed by X Money include ACH, wire, debit card, cash, checks, and P2P; credit cards are not listed as an officially supported funding method. Some users have tested funding X Money with credit cards such as the Capital One Venture X, and the transactions have temporarily posted as regular purchases on their credit cards, earning 2x rather than being treated as cash advances. However, this is only a current data point and does not mean card issuers or X Money will continue to handle these transactions the same way. If a credit card funding option appears in your account, test it with a small amount first and lower your card’s Cash Advance Limit beforehand. Large or frequent deposits could trigger risk controls at X Money or your card issuer, and a transaction could also be reclassified as a cash advance after it posts. Using the X Card to buy Money Orders, cycling funds through financial channels, or engaging in other Manufactured Spending is not a suitable long-term strategy. The current cashback terms explicitly exclude Money Orders, Funding Transactions, and MCCs for financial institutions, rent, taxes, and other categories, and allow X Money to claw back rewards and restrict accounts. Consider the risks for yourself. In short, 3% cashback is for ordinary spending—not for repeatedly cycling funds through “credit card funding → debit card spending → funds returned.”
What other risks are there?
X Money’s biggest advantage right now is its generous incentives, and its biggest risk is also that the product is so new. Keep the following in mind when using it:
- Rates and cash back may change: 6% APY and 3% cash back are not guaranteed forever;
- The account depends on X: X Money can only be used through an X account. If your X account or the Money feature is locked, you may temporarily be unable to access or manage your funds normally;
- Risk controls may freeze funds: The official Acceptable Use Policy allows deposits, transactions, and withdrawals to be restricted during an investigation, and in some cases funds may be frozen for up to 180 days;
- You may need to provide your SSN: If your application triggers verification, you will need to complete full KYC and agree to provide your identity information to X Payments and its partner banks;
- Large outgoing transfers may not be convenient: The publicly disclosed basic transfer limits are not very high. Before making a large deposit, be sure to confirm your actual limits;
- The debit card uses your account balance directly: Merchants such as hotels, rental car companies, and gas stations may place large temporary holds, tying up your funds for as long as 30 days.
If you plan to use it long term, I recommend first enabling MFA and a passkey on your X account, using a unique password, and testing the funding, spending, and withdrawal processes with small amounts. I wouldn’t move all my emergency funds into it right away. At a minimum, first make sure that customer service, transfer speed, and account limits meet your needs.
Is It Worth Opening?
I think that as long as you’re not concerned about X or the risks of linking a financial account to a social account, opening an X Money account is all upside given its current features. First, it’s a debit card, so opening an account doesn’t require a hard pull or affect your credit score. Second, you can earn 4% APY right away, and with a little direct deposit activity, you can get 6% APY—a simple way to earn a high yield. Third, the 3% cash back on purchases can cover some categories that credit cards don’t. Fourth, X Money also offers everyday account features such as checking, a routing number, direct deposit, checks, wire transfers, ATM access, and P2P transfers, making it a usable account. That said, I want to emphasize again: don’t treat a newly launched fintech account as your only primary bank, and don’t turn normal spending into a risk-control test just to earn a little extra cash back. Of course, if you’re interested in bank account bonuses and high-yield account bonuses, you can also read:
