Last Updated: 04/18/2025
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Highlights
Community Rating
Strongly recommended
APY (Annual Percentage Yield)
Up to 5.50%(Verified 09/17/2024)
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Minimum Opening Deposit
$0
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Minimum Balance to Earn APY
$0
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Number of Reviews
M1 High-Yield Cash Account Review
M1 High-Yield Cash Account is offered by M1 Finance, founded in 2015 and based in Chicago, IL. M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. M1 High-Yield Cash Account is available in 50 states and Washington, DC.
Key Takeaways
- M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. M1 High-Yield Cash Accounts are an investment product offered by M1 Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. The purpose of High-Yield Cash Accounts are to earn interest on securities not actively invested. An open M1 Investment account is required to participate in the M1 High-Yield Cash Account
- Supports joint accounts. This allows two people to have equal authority over the management of an account.
- High yield savings. This account offers an annual percentage yield of up to 5.50%*, which is much higher than the average interest rate for a savings account.
- $0 monthly account fees available. This account charges a monthly fee of up to $3, but the fee may be waived if you keep a minimum balance of$10,000.
- No minimum initial deposit. There is no minimum balance required to open an account online.
- ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).
M1 High-Yield Cash Account Pros & Cons
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M1 High-Yield Cash Account FAQ
Are M1 High-Yield Cash Account deposits federally insured?
M1 is not a bank and M1 High-Yield Cash Account is not a savings account. But, yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.Does M1 Finance offer a signup bonus?
M1 High-Yield Cash Account doesn't offer a signup bonus.
What is the minimum initial deposit for M1 High-Yield Cash Account?
There is no minimum deposit to open a M1 High-Yield Cash Account.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $10,000 (see terms and conditions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY* does M1 High-Yield Cash Account offer?
M1 High-Yield Cash Account offers an APY up to 5.50% (APY stands for annual percentage yield, rates may change). This is higher than the national average rate for savings accounts.
Earn 5.50% APY for 3 months (then 5.00% APY after that). Stated APY (annual percentage yield) with the M1 High-Yield Cash Account is accrued on account balance. Obtaining stated APY requires a minimum initial deposit of $100. APY is solely determined by M1 Finance LLC and its partner banks, and will include administrative and account fees that may reduce earnings. Rates are subject to change without notice. M1 High-Yield Cash Account is a separate offering from, and not linked to, the M1 High Yield Savings Accounts offered by M1 Spend LLC’s banking partner. M1 is not a bank.
What fees does M1 High-Yield Cash Account charge?
M1 High-Yield Cash Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
However, you can waive the monthly fees if you have a minimum daily balance of $10,000.
What features and perks does M1 High-Yield Cash Account offer?
This account includes the following features:
- ATM reimbursement - This account provides ATM access and will reimburse you for the ATM fees charged by other networks.
- Fraud monitoring - M1 High-Yield Cash Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
- Mobile Banking Services - M1 High-Yield Cash Account allows you to manage your money online or with a mobile app.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to M1 High-Yield Cash Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for M1 High-Yield Cash Account?
The customer support email for M1 High-Yield Cash Account is support@m1finance.com.
Is M1 High-Yield Cash Account legit?
M1 Finance was founded in 2015; it is a well-established company that has been in business for 11 years.
Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.
How do people rate the customer service and user experience of M1 High-Yield Cash Account?
Overall, M1 High-Yield Cash Account is strongly recommended based on community reviews that rate customer service and user experience.
M1 High-Yield Cash Account Disclosure: The opinions expressed are solely those of the authors and do not reflect the views of M1. They are for informational purposes only and are not a recommendation of an investment strategy or to buy or sell any security in any account. They are also not
research reports and are not intended to serve as the basis for any investment decision. Prior to making any investment decision, you are encouraged to consult
your personal investment, legal, and tax advisors.
M1 High-Yield Cash Account(s) is an investment product offered by M1 Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. Funds held in your brokerage account are not FDIC insured but are protected by SIPC. Participating cash balances will be eligible for FDIC insurance once funds are conveyed to partner banks who accept and maintain deposits and provide FDIC insurance. All investing involves risk, including the risk of losing the money you invest.
1 Stated APY (annual percentage yield) with the M1 High-Yield Cash Account is available from date of account opening and is accrued on account balance. Obtaining stated APY requires a minimum initial deposit of $100. APY is solely determined by M1 Finance LLC and its partner banks, and will include administrative and account fees that may reduce earnings. Rates are subject to change without notice. M1 High-Yield Cash Account is a separate offering from, and not linked to, the M1 High Yield Savings Accounts offered by M1 Spend LLC's banking partner. M1 is not a bank.
1The cash balance in your Cash Account is eligible for FDIC Insurance once it is swept to our partner banks and out of your brokerage account. Until the cash balance is swept to partner banks, the funds are held in a brokerage account and protected by SIPC insurance. Once funds are swept to a partner bank, they are no longer held in your brokerage account and are not protected by SIPC insurance. FDIC insurance is not provided until the funds participating in the sweep program leave your brokerage account and into the sweep program. FDIC insurance is applied at the customer profile level. Customers are responsible for monitoring their total assets at each of the sweep program banks. A complete list of participating program banks can be found here.
Brokerage accounts on the M1 platform are either fully disclosed to APEX Clearing or cleared through M1 Finance LLC. Please look at your account statement to determine how your account is cleared.
All investing involves risk, including the risk of losing the money you invest. Past performance does not guarantee future performance. Using margin can add to these risks. Users utilizing APEX cleared margin accounts should review the APEX margin account risk disclosure before borrowing. Users utilizing M1 cleared margin accounts should review the M1 margin account risk disclosure before borrowing. M1 Margin Loans are available on margin accounts with at least $2,000 invested per account. Not available for Retirement or Custodial accounts. Margin rates may vary.
Brokerage products and services are offered by M1 Finance LLC, Member FINRA / SIPC, and a wholly owned subsidiary of M1 Holdings, Inc.
陇 Participate in both trade windows when you have $25,000 or more equity to comply with pattern-day trading regulations.
Credit Card not available for US Territory Residents. The Owner's Rewards Card by M1 is Powered by Deserve and issued by Celtic Bank. Review Cardholder Agreement and Rewards Terms for important information about the Owner's Rewards Card by M1.
*1.5% - 10% Owner's Rewards cash back earned on eligible purchases subject to a maximum of $200 cash back per calendar month. Cash back rates of 2.5% - 10% require an active M1 Plus subscription (billed at $36 annually or at $3 monthly).
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
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SuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +100, or 5 on a 5-point rating scale.
+100
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Everyone recommends
M1 High-Yield Cash Account Community Reviews
Would you recommend M1 High-Yield Cash Account to your friends?
JS
Jayden S.
Mar 11, 2024
May or may not recommend
The M1 High-Yield Savings account has been a game-changer in my financial portfolio, meriting a full five stars for its superior offerings. The interest rates far surpass those of traditional savings accounts, making a real difference in the growth of my savings. What's more, M1's seamless integration into a broader financial ecosystem enhances its appeal, offering a convenient, all-in-one platform for managing my finances. This account is a standout choice ...Show More
Johana R.
Mar 1, 2024
May or may not recommend
A year ago I discovered M1 High-Yield Savings by M1 Finance, as a game changer that redefined how I save. It's indeed a choice worthy of consideration and, indeed, recommendation. M1 High-Yield Savings emerges as a compelling digital finance landscape if you are in search of superior savings growth with no minimum deposit or balance requirements. Having a mobile banking service that offers intuitive security experience for easy monitoring of ...Show More
DC
Dylan C.
Nov 14, 2023
May or may not recommend
M1 is the place I will always go! I am beyond comfortbale putting my money in a M1 savings account! My money sits in high yield, meaning it can grow grow and grow!!! I am so proud that my family can see the results from this bank, and can be hopeful on what their future may bring because of this account!
DJ
David J.
Nov 9, 2023
May or may not recommend
Digging my M1 High-Yield Savings account. That 5% APY is a sweet deal for bulking up my savings. No minimum deposit was a breeze for getting started. As an M1 Plus member, it feels worth it. Sure, it's online-only and lacks mobile check deposits, but for someone who's mostly digital, it's been a solid fit.
DC
Dylan C.
Oct 30, 2023
May or may not recommend
I am in love with this savings account! My high yield returns allow me to invest in things for my future that I never thought I would get! I am forever thankful for what this bank can do for me and family. I am able to make money off my investments, and even treat myself and my kids to things we never thought we could experience. I am highly thankful ...Show More
Tara T.
Jul 13, 2023
May or may not recommend
Yes, I would recommend M1 High-Yield Savings to my friends. Here’s a. Few reasons why.
High interest rate: M1 High-Yield Savings currently offers an interest rate of 5.00% APY, which is one of the highest on the market. This means that you can earn more money on your savings.
No minimum balance requirement: There is no minimum balance requirement to earn the highest interest rate, so you can start saving even if ...Show More
Showing 6 of 6 reviews
