I thought some Texags might find this interesting...

https://www.theedgesingapore.com/news/tech/musk-vies-turn-x-super-app-banking-tool-near-launch

"X Money, a banking and payments platform built inside the social network now known as X, is expected to make its early public access debut imminently... Early users.. touted competitive perks, including 3% cash back on eligible purchases and a 6% interest rate on cash savings...

Musk's new product is also expected to offer free peer-to-peer transfers, a metal Visa debit card personalised with a user's X handle, and an AI concierge built by Musk's xAI startup that tracks spending and sorts through past transactions, according to reports from users with early access."

All the tech companies are frantic to find a path to monetize, it is eerily similar to the beginning of the explosion of the dot com bubble. I was with one of Austin's most well known .com's ; made it to the 4th or 5th round of layoffs. :-)

In any case, companies are offering features below cost to get penetration; enjoy them while you can. It's going to be quite a shock when this bubble pops.

I am adding just because I got some of the history mixed up:

Facts by #XCorpHubFacts

In the feverish dot-com era of 1999, Elon Musk and co-founders Harris Fricker, Christopher Payne, and Ed Ho launched X .com as a bold full-service online bank.

Backed by an FDIC-insured partner in Colorado, it offered checking and savings accounts,… pic.twitter.com/e6yG1iBzNy

— XCorpHub (@XCorpHub) March 28, 2026

Quote:

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Facts by #XCorpHubFacts

In the feverish dot-com era of 1999, Elon Musk and co-founders Harris Fricker, Christopher Payne, and Ed Ho launched X .com as a bold full-service online bank.

Backed by an FDIC-insured partner in Colorado, it offered checking and savings accounts, brokerage services, insurance, and instant email money transfersall without traditional branch visits or high fees.

The vision was an everything-financial hub accessible from any computer, reflecting Musk's conviction that the internet would transform money management.

Officially live by December 1999, X .com rapidly signed up over 200,000 customers, fueled by aggressive marketing and early adoption of digital convenience.

Competing fiercely in Palo Alto was Confinity, whose PayPal productinitially for Palm Pilot transfersevolved into seamless peer-to-peer email payments that exploded among eBay sellers.

The rivalry drained resources, prompting a March 2000 merger under the X .com banner.

Musk briefly led the combined entity, pushing to preserve the broad banking model alongside payments.

Yet internal debates and PayPal's runaway growth on eBay forced a decisive pivot: the full online banking features were deprioritized in favor of refining the payments engine that generated real traction and revenue potential.

By mid-2001 the company officially rebranded as PayPal, shedding the wider financial services scope to laser-focus on secure, low-cost digital transfers.

This strategic narrowing propelled PayPal to dominate e-commerce and set the stage for its $1.5 billion acquisition by eBay in 2002.

Musk's original X .com dream of integrated banking and payments never fully materialized thenbut the era proved the viability of internet-native finance and foreshadowed today's push toward unified digital ecosystems.

The X .com domain itself would later return to Musk, closing a remarkable historical loop.

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What's old is new again apparently?
History has a strange way of repeating itself.

Interestingly this will directly compete with his launch company PayPal.

I'm sure there's also an OF competition here as well with pay for play content creators.

nortex97 said:

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Elon's talked about this for quite a while. I think he made his original billion off of x.com (which became PayPal). He has a weird obsession with the letter.

ETA: 6 percent on savings is pretty incredible. I'll probably jump on that if it is true.

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No doubt. That's 2-3 points higher than the next best option I see on bankrate.com. My own rate was industry leading for a good while but has dropped down to 3.65% as of last month. I may need to move some cash around.

Maybe Musk can run a bank without debanking conservatives. This could be a very very good thing

> Twitter banking?

What's a Twitter?

I would need to understand his "free" peer to peer transfers better as well because I would be moving money between X Savings, our spending account at Fidelity, and our wealth management firm on the regular and if that is not frictionless this won't be worth it even for the 6%.

start of the transition to digital currency. i have read some interesting stuff on how this will be part of that play. you will see more major corporations stert doikg this as well.

Detmersdislocatedshoulder said:

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start of the transition to digital currency. i have read some interesting stuff on how this will be part of that play. you will see more major corporations stert doikg this as well.

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It's inevitable. Just hope we can stave off direct government digital wallets which is one of two remaining firewalls we have against full blown tyranny.

Cross River Bank is the currently announced partner financial institution I believe. I know absolutely nothing about them but will wait to hear from bank experts if that is a good thing. FDIC backing is great, but I think a lot of banks are still quite iffy for consumers.

Quote:

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Cross River Just Became the Bank Behind 600 Million Users
That is not a headline most community banks or sponsor programs will ever see with their name on it. X launched Smart Cashtags on April 15, 2026, completed a beta rollout of X Money with a 6 percent APY fiat wallet and a metal Visa debit card, and named Cross River Bank as the FDICinsured deposit holder behind the stack. One midsize sponsor bank now sits under a social platform with roughly 600 million monthly active users, inside the existing app, no extra download required. Sponsor banks staring at this should read it as a memo on concentration risk, regulatory exposure, and what "ready for scale" really means.

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Yeah, this is one of those endeavors that I'm going to let others test on my behalf. Will monitor.

6%

Mr.Milkshake said:

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6%

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Soon to be your X-Banker?

Detmersdislocatedshoulder said:

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start of the transition to digital currency. i have read some interesting stuff on how this will be part of that play. you will see more major corporations stert doikg this as well.

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What is this offering that Apple didn't offer already via Apple Cash and their credit card and savings accounts? The reality is the overwhelming majority of transactions are already digital so how is this new?

Cross river is a fairly small bank that was much more involved in PPP loans (as a percentage of business) than most. Add that to the outrageous interest rate and it doesn't give me warm feelings.

YouBet said:

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I would need to understand his "free" peer to peer transfers better as well because I would be moving money between X Savings, our spending account at Fidelity, and our wealth management firm on the regular and if that is not frictionless this won't be worth it even for the 6%.

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My suspicion is that it will be like Zelle as the or a preferred fee-free transfer partner between accounts. Since it's linked to an actual bank, you should be able to do ACH transfers between banks and other users for larger transactions, up to the $10,000 limit.

I'm thinking unlike PayPal that charges me a service fee every time I use it. Though my PayPal charges straight to a CC, and I don't keep money in PayPal or use their offered card.

I xferred a larger amount than that from USAA to Cap One a few months back because they offered a $1500 bonus if parked there for 90 days (and USAA's rate of course is crap). Pretty sure I didn't pay any fees.

To the above, Apple only pays around 3.5 percent I think for their interest rate. I just don't trust Apple as a company to bank with them, though.

I've been looking for a 'good' bank for a while, and I'll happily take 'promo' rates/bonuses if it is secure.

Kenneth_2003 said:

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YouBet said:

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I would need to understand his "free" peer to peer transfers better as well because I would be moving money between X Savings, our spending account at Fidelity, and our wealth management firm on the regular and if that is not frictionless this won't be worth it even for the 6%.

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My suspicion is that it will be like Zelle as the or a preferred fee-free transfer partner between accounts. Since it's linked to an actual bank, you should be able to do ACH transfers between banks and other users for larger transactions, up to the $10,000 limit.

I'm thinking unlike PayPal that charges me a service fee every time I use it. Though my PayPal charges straight to a CC, and I don't keep money in PayPal or use their offered card.

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PayPal stole money from me and I refuse to use them. It's also hard to even use compared to Venmo. (I realize PayPal owns Venmo. Not sure why they don't abandon PayPal and just switch everything to Venmo which works seamlessly unlike PayPal.)

Paypal has become the stubhub of payment scams, imho.

TexAgs91 said:

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> Twitter banking?

What's a Twitter?

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Just trying to relate to other olds. :-)

Mr.Milkshake said:

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6%

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That's why I said some texags might be interested...

nortex97 said:

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Elon's talked about this for quite a while. I think he made his original billion off of x.com (which became PayPal). He has a weird obsession with the letter.

ETA: 6 percent on savings is pretty incredible. I'll probably jump on that if it is true.

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If it's too good to be true, it probably is

Teaser return. Offer 6%. Hit your deposit target for the first year, drop rates for new depositors, maintain rates on existing depositors for the first 6 months, maybe 12 months, then drop to a market competitive rate.

at 6% and 3% cash back.... im in.

6%? Yeah I'll be looking into this.