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Contents
The Offer
M1 Finance Brokerage is offering a bonus of up to $1,500 when you set up recurring ACH deposits:
- Set up recurring deposits to any of your M1 investment accounts by May 24, 2023 (feel free to split them up between your different accounts—brokerage accounts, retirement accounts and IRAs are all eligible). You can set whatever schedule you want: weekly, biweekly or monthly.
- If you complete at least 6 new monthly recurring deposits totaling at least $15,000 across your investment accounts, you’ll earn a bonus of up to $1,500.
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$100 for deposits totalling $15,000 – $29,999$200 for deposits totalling $30,000 – $59,999$500 for deposits totalling $60,000 – $299,999$1,500 for deposits totalling $300,000+
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Bonus will be paid to eligible customers on February 17, 2024.
Our Verdict
I believe this offer is publicly available for all existing or new M1 customers. This isn’t the best bonus in the world, but for someone interested in using the M1 pie system this can be a way of earning some extra. This is different than most typical brokerage bonuses in that it’s only for recurring ACH deposits; it doesn’t work for transferring over securities from another brokerage. (M1 has a separate bonus for that.)
Separately, there’s a $75-$500 bonus for new customers who deposit up to $100,000 within two weeks of opening. Perhaps this can stack with this other recurring deposit bonus.
Hat tip to reader M. and T.
I guess I’ll start including the math here in case it’s helpful for anyone:
M1 Brokerage $100 $15,000 0.67%
M1 Brokerage $200 $30,000 0.67%
M1 Brokerage $500 $60,000 0.83%
M1 Brokerage $1,500 $300,000 0.50%
this is a bad offer
Anyone closed the M1 account recently? I tried to transfer out all the remaining balance, and it says the account will be liquidated. Is this normal? Will I be charged a fee?
So apparently their minimum balance is now $50 to avoid a fee.
So I guess we won’t know whether the promos will actually stack and payout until next year February??
https://help.m1.com/hc/en-us/articles/15046508215059-Promotions-Referrals-FAQ
They actually have 3 promos going on right now. Fine print suggests they stack (seed fund is for new users only, and only in a post-tax account. The other two could be done with an IRA).
For example by bringing in 300k you could receive a bonus of $3500, if you structure it right.
Can you explain what you mean by structure it right? How would I go about getting a $3,500 by bringing in 300k
Note that you need to keep the funds in the account until the Payout Date on February 17, 2024 !
“Reallocation of any Total Recurring Deposit prior to the Payout Date either externally or internally to any other M1 services (e.g., M1 Spend) will disqualify you from the Recurring Deposit Promotion.”
p.s. P2 got the E-mail for this promotion, but not myself.
4. Promotional Credit (see table below) will be paid to eligible customers on February 17, 2024.
Added a note
so it’s basically a brokerage bonus but you have to ACH it in chunks, rather than ACAT or something. So better to do with an IRA to avoid realizing gains… kind of a hassle but I might go for the $500 tier
Is this really for everyone? In the terms it says ‘targeted customers’ which makes me leery to try for the bonus if I didn’t get an offer.
Looks like M1 still wants to deposit your bonuses into a taxable account, even if you move over an IRA. This definitely isn’t your standard brokerage. A regular brokerage will put your bonus into the same account that you move in.
Firstrade did same fwiw