M1 Finance has announced that in early 2023 they will launch the M1 High-Yield Savings Account, it will offer the following:
- 4.50% for M1 Plus members (0.5% for non plus members)
- FDIC-insured account (up to $250,000)
- No minimum deposit
- No minimum balance
M1 Plus costs $125 a year. Given that other basic savings accounts are already offering 4%+ APY, I’m not sure this will be competitive with the annual fee by the time it actually launches.
I was on the waitlist of their savings account but logged in and saw it’s now available. I didn’t receive any email from them yet so it might be new? Easy to open the account and it’s 5% APY for M1 Plus members, not sure about non-members.
M1 Finance is a joke. They announce this 4.5% savings account waaay back in November and it’s still not available yet (3/1/23), all in while other banks surpassed this savings rate and do not charge a $125 annual fee
i personally tried out M1 finance and they have horrible execution prices. For instance, fidelity would show VOO for $384.50 for bid per share at their trading windows, and they would execute my trade for $385.1. It doesn’t happen once, or twice. It happened every time if you started tracking it. Imagine losing 60 cents per share on every trade? If you have 1,000 shares, you just lost $600 dollar. this company is definitely a NO GO. don’t believe the youtubers hype, they all received marketing fees from M1
Check the reviews before you get into a position which is too late to get out
M1 Plus would have value if this savings account was out now, but its not. If they are serious about having competitive rates, their checking account would be around at least 4% now
This is a joke. In two months a lot of banks will be offering close to 5% APY. M1 offers 4.5% with $125 annual fee
I don’t like the fact these guys announce the rate for a product 2 months before it’s released. It’s like they’re trying to fool some into signing up for the M1+ membership early that don’t realize the product is not available yet
If you announce a rate, it should be available within a week or 2. 2 months is an eternity for us rate chasers
Assuming you are in the 25% income tax bracket, you will need to earn $156 to keep $125 to pay for M1 Plus.
You will need $3467 on deposit to pay for M1 Plus.
Assuming Ally does not raise their 3% APY by then, you will need $10,400 in M1 Plus Savings to break even with Ally.
M1 Plus has a 3 month free trial (https://m1.com/plus/membership/)
Another nerf. It used to be a 12-month free trial.
Hard pass. It’s very likely the top savings accounts will be near or at 4.50% by the time M1 rolls this out. There are Fed meetings on Dec 14 and Feb 1 and I’d be shocked if the hikes sum to less than 0.75%.