M1 Finance


Overview / Commentary
200 N LaSalle St., Ste. 800
Chicago, IL 60601

M1 Finance is the 687th largest bank in the nation. It was established in 1902 and as of March of 2022, it had grown to 394 employees. M1 Finance has an A health rating.

Related Posts

Corrected Link To M1 Finance, With Fee Waived - 7/27/2021

www.m1finance.com DA isn't allowing me to edit my previous message.

M1 Finance Is Now Waiving The $125 First-Year Annual Fee - 7/27/2021

I wonder if it's about to cut the Checking Acct's 1% APY? https://app.loanspq.com/xa/xpressApp.aspx?enc=Kw21Wblm1yxpjJabdoZaDyEGcPTGF3t9HeA71W3apbHc1Fkek4Z4sPE2IDFGE-_vfncJhbHMUW7aXA8Yna_uuag0pglsR3BETF4S59iEQsg

Reviews (4)

What I've Figured Out So Far

Posted by: |

I opened an M1 using the link for bonus of $500 for depositing 50k.

- By accepting a Plus upgrade you get 1% on Spend1 account (it's a savings account). You can open it after you've funded your account. (The link may be by swiping right under the Spend menu.)

- By accepting Plus upgrade using the bonus, the first year's $125 fee is waved.

- You can link to one and only one external account. I asked, & that's not an accident.

- It looks like you can NOT move that 50k or deposit for bonus, into the Spend1 during the time waiting until the bonus payout. (On Jan1 or Aug1 depending on when you opened.)

- Lots of interesting, different setups from the usual. Might encourage investing and rebalancing. Might have some good portfolio layouts. It's not the usual view of your money, which can be good.

- It's all through Lincoln bank for the bank items. It's SIPC insured for the invested and spend1 held items. So there is insurance.

- Phone help answered questions. Online emailing uses autotools, or persons, who don't even come close to replying to your topic. Phone number is on their site but I found it by googling M1 Finance Phone, and that's where I saw the link's on their site.

Deposit Account Not Worth The Effort

M1’s high deposit account interest rate (1% as of 29MAR22) wasn’t worth the effort. They require you to open and fund an investment account prior to opening the deposit account. Linking an external account to this investment account requires a PDF of a current statement, in addition to confirming micro deposits. In the case of a brokerage account, are you comfortable sending a statement which likely includes all your holdings, transactions, account balances, etc.? There are less intrusive ways to securely link an external account in my opinion. Received an unrequested phone call from an M1 sales rep shortly after opening the investment account. In my case the 1 year annual fee was waived, but it’s another hoop. Feel like I dodged a bullet by closing this account before I waded in too far.

Requires Yearly Fee

Posted by: |

The 1% APY requires membership to their Plus membership which costs $125/yr, you also get 1% Cash Back

Probably not worth it unless you're into their investment platform offering

Not There Yet...

Their not quite ready for prime time. No beneficiaries for their 1% (Spend) accounts. Supposedly bene's for the Invest accounts (0% interest), but it's been a month with no response. No mailing addresses...it's 2021 right?

Response time from CSR's Is somewhere between very slow to non-existemt.

They might be better off turning the entire operation over to their robots.



Health

Health Grade Components

Overall
FDIC Certificate #14207
Year Established1902
Employees394
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.31%
Return on Equity - YTD2.76%
Annual Interest Income$13.9MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$1.53B$1.51B
LoansQ1 2022vs Q1 2021$1.10B$1.05B
DepositsQ1 2022vs Q1 2021$1.34B$1.31B
Equity CapitalQ1 2022vs Q1 2021$160.7MM$164.1MM
Loan Loss AllowanceQ1 2022vs Q1 2021$16.2MM$17.6MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$10.2MM$13.8MM
Real Estate OwnedQ1 2022vs Q1 2021$3.0MM$682.00K
Rates
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M1 Finance Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%--M1 Spend Plus
Locations

M1 Finance is an Internet only bank and does not have branch locations. Its headquarters is located at 200 N LaSalle St., Ste. 800 - Chicago, IL 60601

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