Introducing the M1 High-Yield Savings Account: Earn More, Protect More

M1 is a finance app that is changing the way consumers invest, borrow, and bank. M1 has just launched M1 High-Yield Savings Account, which offers an impressive 5.00% APY. With this release, M1 joins the ranks of the highest-yielding savings accounts available in the market.

In addition to the competitive interest rate, the M1 High-Yield Savings Account provides an exceptional level of protection. The account is insured up to $5 million, offering a significantly higher coverage compared to most other financial institutions, which typically adhere to the standard FDIC insurance level of $250,000. Furthermore, the account has no minimum deposit requirement and no cap on the balance that generates interest.

This exciting addition to M1’s lineup of financial products reinforces its mission to help individuals grow their assets, automate their finances, and manage their wealth effectively.

As well as a savings account, M1 Finance also offers investment advice services and a credit card with up to 10% cash back on select purchases.

According to Brian Barnes, M1 Founder and CEO, “Most Americans would benefit by switching from their legacy megabank to a modern high-yield savings account due to the high interest rate environment we are in. Despite the Federal Reserve’s consistent rate hikes and ongoing high inflation, major banks in the country haven’t made meaningful increases in the APY offered through their savings vehicles. So where does that money go if not to the customers? Straight into the pockets of bank executives and their record-breaking bottom lines. With today’s launch, we are doing our part to put the money people deserve back into their pockets.”

The M1 High-Yield Savings Account is available to all M1 users, with M1 Plus members enjoying an attractive 5.00% APY and non-members earning a solid 1.50% APY.

To celebrate the launch, M1 is offering three free months of M1 Plus to all users4. Existing M1 Plus members will have three free months added to their subscription period, and upon renewal, the membership pricing will resume at $10/month (or $95 per year).

This exciting product is made possible through a partnership between M1 and B2 Bank NA, Member FDIC. Brian Barnes personally acquired the bank, formerly known as First National Bank of Buhl, in July 2021.