M1 Finance

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

M1 Finance is the 605th largest bank in the nation. It was established in 1902 and as of December of 2023, it had grown to 319 employees. M1 Finance has a B+ health rating.

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M1 Finance Bounus Up To $20,000 - 1/16/2024

M1 Finance is offering up to a 20k bonus. The offering is a tierd bonus that peaks at $20,000 for transferring over 7 million in eligible assets. To qualify, you must roll over a minimum ofv50k from an ex401j,403b or an employer sponsored plan.

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Reviews (6)

High Yield Savings

M1 Finance has just introduced a new High Yield Savings account that pays 5.00% APY. The deposits are actually held by B2 Bank National Association, formerly First National Bank of Buhl. The only caveat to this account is that the higher APY requires a membership to M1+, which costs $125/year. That may be a deal breaker for folks with lower balances. Set up was super easy and my initial deposit was also easy to setup. Customer service at M1 is not always the fastest around but they always get back to you and I have found them helpful and professional over the years. This is a great new product worth a try if you have a higher balance you want to stash away at a high rate.

What I've Figured Out So Far

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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.

Checking Account Rate Is Now 1.7%

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The interest rate on M1 Checking Accounts will be changing for M1 Plus members. As of July 28, 2022, all balances will earn 1.70%1 annual percentage yield (APY), instead of 1.30% APY.
As a current M1 Plus member with Checking, you’re all set to take advantage of this new rate when it changes

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

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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 Grade Components

FDIC Certificate #14207
Year Established1902
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.01%
Return on Equity - YTD0.09%
Annual Interest Income$90MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$1.89B$1.85B
LoansQ4 2023vs Q4 2022$1.38B$1.35B
DepositsQ4 2023vs Q4 2022$1.67B$1.58B
Equity CapitalQ4 2023vs Q4 2022$157.7MM$154.7MM
Loan Loss AllowanceQ4 2023vs Q4 2022$21.8MM$18.1MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$20.9MM$8.2MM
Real Estate OwnedQ4 2023vs Q4 2022$0$1MM
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M1 Finance Savings Account Rates

5.00%--High Yield Savings w/ M1 Plus Membership

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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