Supported investment accounts include individual and joint taxable accounts, retirement accounts and event trust accounts.
You just miss out on lower borrowing rates, checking rewards and the rewards credit card.
The Borrow account comes with a 6.25% rate and requires a $2,000 minimum balance.
For starters, M1 Plus gets you AM and PM trade windows, rather than just AM.
The minimum balance for the Borrow account is still $2,000, but the rate drops to 6.25%.
The Spend account is far more attractive with M1 Plus.
And did we mention 1% cash back on debit card purchases?
Those rewards are then automatically reinvested in eligible accounts.
Look forOur Takeat the end of each section for a quicker read.
The selling point of an Invest account with M1 is The Pie.
This is M1s solution for easy portfolio management.
No Interest Til Almost 2027?
These allow you to find and share portfolios that align with your personal values.
you could also find a Community Pie focused on sustainable businesses.
M1 recently introduced cryptocurrency trading to its platform.
M1 has options for an IRA, a Roth IRA and even a SEP IRA.
Our Take:Try out M1 Invest first to double-check you are satisfied with the platform.
Use it to start a business, fund a wedding or as a down payment on a house.
There is no app involved and no payment schedule, and it takes just three clicks to borrow.
you’re able to borrow up to 40% of your account value.
Rates are 6.25% for M1 Plus members and 7.75% for M1 Basic members.
However, margin loans can be dangerous.
M1 has its own margin account risk disclosure that everyone should read before opting in.
Our Take:Never borrow unless you have to.
Dont take out a loan just to have some cash to play with.
Just know the risks of margin accounts and how they differ from traditional personal loans.
The M1 Spend account is ideal if you are an M1 Plus member because of the extra perks.
We do not recommend the Spend account as a checking account alternative to those using M1 Basic.
This means it gets the traditional $250,000 Federal Deposit Insurance Corporation (FDIC) insurance.
Check theM1 websitefor more information.
Our Take:This Spend account is much better than a lot of thehigh-interest checking accountsfrom other online banks.
However, youdohave to pay to get these perks.
it’s possible for you to even choose to reinvest this cash back into your portfolio for continued growth.
The credit card account comes with a contactless metal card with tap-to-pay.
What Assets Can You Invest in with M1 Finance?
M1 Finance is a diverse trading platform with a wide range of securities available.
Now that M1 Crypto has launched, members are able to trade cryptocurrency on-demand.
M1 does not allow you to invest in mutual funds and options.
If this is important in your investment strategy, you may want to handle your retirement accounts elsewhere.
While other investment platforms often charge you commissions on trades, M1 Finance is truly fee-free.
Even more important, M1 offers a mobile app that is ideal for tech-savvy investors.
On Google Play, it has more than 21,000 reviews and a 4.5 star rating.
M1 Finance Customer Support
M1s client success team is available from 9 a.m. to 4 p.m.
ET on any day the U.S. stock market is open.
The limited access to customer support agents can be difficult, especially for those accustomed to 24/7 customer service.
If you need more tailored investment advice, consider a company with physical locations or real human advisors.
M1 Finance Safety
M1 Finance provides a number of reassurances to customers.
Frequently Asked Questions (FAQs) About M1 Finance
Still have some questions about M1?
The M1 Basic account is free, and there are no commissions on trades.
However, the M1 Plus account is $125 a year, though the first three months are free.
The checking account is interest bearing if you pay for an M1 Plus account.
However, you cannot apply for auto loans or home loans.
In that sense, it does not operate like a traditional bank.
Yes, M1 offers tax loss harvesting.
Tax efficiencies are built into the M1 robo advisor platform.
Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati.
Freelancer Veronica Matthews contributed to this report.
Investing in securities involves risks, including the risk of loss.
M1 Finance LLC is an SEC registered broker-dealer.
Borrow rate may vary.
Borrowing involves additional risks, including the risk to lose more than deposited.
Not available for retirement, custodial, or trust accounts.
It sounds appealing right?
Check it out here!
