M1 Finance

M1 Finance Cash Management/Savings Account


2021 M1 Finance savings account review, cash management interest rate yield, free check-writing, CMA debit/credit card, online bill pay, and reimbursement of bank ATM fees.



M1 Finance Cash Management


Besides its unique Pie method of investing, M1 Finance also offers cash management tools that can be used in conjunction with one of its brokerage accounts. But are they a good value compared to what other broker-dealers provide? Let’s have a look.


M1 Spend


M1 Finance’s entry-level banking package is M1 Spend. This is a checking account with FDIC insurance. It integrates with an M1 Finance brokerage account. ACH transfers are possible with M1 Spend; and because it’s a checking account, there is no monthly maximum. Direct deposit can be established; and perhaps best of all, there’s a free Visa debit card.

M1 Spend has no annual fee, and there’s no minimum balance requirement.

Like most cards, M1 Spend’s debit card is made out of plastic. Although there is no annual fee, there is no cash back on purchases.


M1 Plus


M1 Finance customers who want 1.0% cash back on purchases can pass on M1 Spend and sign up for M1 Plus instead. In addition to cash back, the Plus package offers a 1% APY interest rate on free cash balances. The M1 Plus account comes with a debit card made out of tungsten. Pretty cool.

Another advantage of M1 Plus is that it comes with four ATM fee rebates per month (M1 Spend has just one). Plus customers also get an extra trade slot for their investments. It’s 2:00 pm every trading day.

In return for all the perks, M1 Plus customers pay an annual fee. It’s $125.


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Lincoln Savings Bank


M1 Finance’s cash management tools, including both the checking account and the debit card, are provided by Lincoln Savings Bank. Lincoln is a member of FDIC with certificate number 14207.


M1 Cash management


M1 Borrow


M1 Borrow is an on-going loan program marketed by M1 Finance. It allows account holders to borrow against the securities in their accounts. M1 Borrow is basically a margin account with the best interest rates in the industry. Currently, it’s 3.5%. M1 Plus customers get a 2% rate.

M1 Finance does have a $10,000 minimum balance requirement for M1 Borrow.


Comparison


Neither M1 Spend nor M1 Plus comes with checks.

Ally Invest is one of the few low-cost brokers left today that still imposes an annual fee for checks ($20) and another for its debit card ($35). The brokerage firm offers no ATM fee rebates. But an Ally Bank account, which has better policies, can be linked to an Ally Invest account.


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