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finder.com’s rating: 4.2 / 5.0
★★★★★
M1 Spend is a digital checking account that seamlessly integrates into the M1 Finance investing platform. It’s ideal for current or soon-to-be M1 investors. But you’ll need a paid Plus membership to access perks like 1% APY and 1% cash back on debit card purchases.$0 per month
Fee
N/A
APY
$0
Minimum deposit to open
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
ATM fee rebates | one ATM fee reimbursement a month |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 0% |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
The drawback? You need to have an M1 Plus membership to earn interest and cash back on your account, which costs $125 a year. Unless you want the investing perks that come with having an M1 Plus membership, the banking perks may not be worth the annual price tag.
You must have an M1 Finance investing account before you can open an M1 Spend account.
Follow these simple steps to open an M1 Finance account:
After that, follow these steps to open an M1 Spend account:
If you meet these requirements, you’re eligible for an M1 Spend account:
Make sure you have the following information on hand when opening your account:
We gathered a quick comparison of similar accounts to help you decide if M1 Spend is right for you. For more options, select “Compare accounts” to compare even more accounts for your banking needs.
M1 Spend Plus
Not yet rated
Go to site |
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Fee $125 per year |
APY 1.00% |
Minimum deposit to open $0 |
ATM network
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HSBC Premier Checking
★★★★★
Go to site |
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Fee $50 per month |
APY 0.01% on balances of $5+ |
Minimum deposit to open $1 |
ATM network Free to use at all ATMs in the US |
Chime Spending account
★★★★★
Go to site |
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Fee $0 per month |
APY N/A |
Minimum deposit to open $0 |
ATM network 38,000 fee-free ATMs nationwide |
Compare even more checking accounts
M1 Finance doesn’t have an ATM network. Instead, it reimburses one to four ATM operator fees a month depending on your membership tier.
M1 Finance has two membership tiers:
Although M1 Spend is an attractive checking account for investors, it has some potential drawbacks:
If you’re looking for an interest-bearing checking account that doesn’t require a paid membership, compare your options until you find one that suits your needs.
There are a few ways to access your money in your M1 Spend account:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.