X Money’s Unusual Account Suspension Policy
X Money went live on Monday. Buried in its support pages is a rule that no ordinary bank applies to a current account.
X’s own support pages say a Child Safety or Violent and Hateful Entities suspension ends your access and mails your balance out as a cheque.
July 28, 2026 – 3:37 pm
Image by: 𝕏 Money
It is not quite a bank account
X markets a deposit account. Its own paperwork uses a different term: Stored Value Account.
The rate table is headed “Money Stored Value Account Rates”. The sweep bank list describes “X Money Stored Value Account program funds”. The interest rules sit in the Stored Value Account Terms of Service.
A stored value account is not the same instrument as a deposit held in your name at a bank. That difference explains why every insurance promise in the marketing carries conditions.
The rate, and what it costs to get
X advertises “up to 6.00% APY”. The rate table is more precise:
- Premium+ subscribers earn 6.00%.
- Premium subscribers earn 4.00%, rising to 6.00% if they direct deposit $1,000 or more within a trailing 34 day period.
- Both rates are variable and subject to change at any time.
Premium+ costs $40 a month, or $395 a year. At 6%, a balance needs to reach roughly $6,600 before the interest merely repays the subscription. Below that figure, the best advertised savings rate in America produces a net loss.
Where does 6% come from?
Senator Elizabeth Warren, a Massachusetts Democrat, asked that in writing three months ago:
“It is unclear what risky investments, intrusive data monetization activities, or gimmicks either X Money or Cross River may intend to engage in to pay that yield when the target Federal Funds Rate is 3.5-3.75%,” she wrote.
The $10m promise, and its exception
X offers up to $10m of FDIC cover, which it calls 40 times the standard amount. A sweep programme run by IntraFi spreads money across other banks to reach that figure.
The FAQ then asks whether the programme guarantees that no more than $250,000 lands at any single bank. The answer is one word: “No.”
The design aims to stay under the cap, X says, but “there is no guarantee it will always achieve this”. Anything above $250,000 at one institution becomes “ineligible for FDIC deposit insurance”.