The M1 Finance Checking Account and Spend feature is a game-changer for those who want to take control of their finances.
M1 Finance offers a checking account with no monthly maintenance fees, no minimum balance requirements, and no overdraft fees.
With M1 Spend, you can earn up to 1.5% APY on your checking account balance, making it a great option for those looking to earn interest on their money.
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Is My Money Safe?
Your money is safe in an M1 Cash Account, as it offers up to $3.75 million in FDIC insurance through a deposit network.
M1 is not a bank, but rather a wholly-owned operating subsidiary of M1 Holdings Inc.
The cash balance in your Cash Account is eligible for FDIC Insurance once it is swept to partner banks and out of your brokerage account.
Funds in your Cash Account are initially held in a brokerage account and protected by SIPC insurance.
FDIC insurance is applied at the customer profile level, and customers are responsible for monitoring their total assets at each of the sweep program banks.
A complete list of participating program banks can be found here, allowing you to stay informed and in control of your finances.
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Account Features
The M1 Finance checking account is a game-changer. Earn high yields on your uninvested cash with the M1 High-Yield Cash Account, which offers a 4.50% APY.
You can earn a solid APY regardless of how much is in your account, with no minimum balance required. This means you can start earning interest right away, without having to worry about keeping a certain amount of money in the account.
The M1 High-Yield Cash Account is FDIC-insured up to $3.75 million, so you can rest assured that your money is safe. You can also open up to 5 accounts, with 4 individual and 1 joint account, to organize your financial goals.
Here are some key features of the M1 High-Yield Cash Account:
- Earn high yields on your uninvested cash.
- FDIC-insured up to $3.75 million.
- Unlimited transfers and withdrawals.
- Multiple accounts: Open up to 5 accounts (4 individual, 1 joint).
- Joint accounts: Earn toward shared goals with a loved one.
- Instant transfers: Move money instantly across your M1 accounts.
- No minimum balance: Earn a solid APY, regardless of how much is in your account.
Spend and Reviews
The M1 Finance checking account has no monthly maintenance fees, making it a great option for those who want to avoid unnecessary charges.
You can earn up to 1.50% APY on your deposits, which is a decent rate for a high-yield checking account.
The account requires no minimum balance to open, which is a big plus for those who don't have a lot of money to start with.
You can deposit and withdraw cash at over 90,000 fee-free ATMs, making it easy to access your money on the go.
M1 Finance also offers a mobile banking app that allows you to manage your account and transfer funds easily.
The account has a 4.5-star rating on the App Store, indicating that users are generally happy with the app's performance and features.
You can also use the M1 Finance app to set up automated savings transfers, helping you stay on top of your finances.
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Frequently Asked Questions
Are checking accounts included in M1?
Yes, checking accounts are included in M1, which is the narrowest definition of the money supply and includes demand deposits and commonly used exchange mediums. This includes debit cards and ATMs.
Does M1 offer debit cards?
Yes, M1 offers debit cards with convenient features like no surcharge fees at ATMs nationwide. Get the details on how to make the most of your M1 Debit Card.
How do I deposit money into M1 Finance?
To deposit money into M1 Finance, navigate to the "Home" tab and select "Move Money" > "One-time transfer" to transfer funds from your linked bank account to your M1 account. Simply follow the prompts to complete the transfer.
Sources
- https://help.m1.com/en/articles/9332250-high-yield-cash-account-faq
- https://www.hustlermoneyblog.com/m1-high-yield-cash-account-review/
- https://www.fintechfutures.com/2019/01/m1-finance-takes-on-banks-with-new-checking-account/
- https://www.optimizedportfolio.com/m1-spend/
- https://www.optimizedportfolio.com/m1-early-direct-deposit/
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