M1 Finance is the 723rd largest bank in the nation. It was established in 1902 and as of September of 2021, it had grown to 375 employees. M1 Finance has an A health rating.
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.
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.
|FDIC Certificate #||14207|
|Return on Assets - YTD||1.13%|
|Return on Equity - YTD||9.86%|
|Annual Interest Income||$44.9MM|
|Assets and Liabilities|
|Assets||Q3 2021vs Q3 2020||$1.43B$1.48B|
|Loans||Q3 2021vs Q3 2020||$1.04B$1.14B|
|Deposits||Q3 2021vs Q3 2020||$1.24B$1.20B|
|Equity Capital||Q3 2021vs Q3 2020||$170.1MM$160.1MM|
|Loan Loss Allowance||Q3 2021vs Q3 2020||$17.8MM$16.9MM|
|Unbacked Noncurrent Loans||Q3 2021vs Q3 2020||$12.8MM$20.1MM|
|Real Estate Owned||Q3 2021vs Q3 2020||$682.00K$1.8MM|
Always verify rates and promotions with the bank or credit union. We are not M1 Finance; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.00%||-||-||M1 Spend Plus|
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