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M1 Finance Spend review

Earn 3.3% APY and cash back on purchases — but only if you’re an M1 Plus member.

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By

Cassidy Horton

Updated

Fact checked

Our verdict

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 who want to manage their bank and investment accounts in one place. It also has few fees and no minimum balance requirements, along with some ATM reimbursements depending on your membership plan. There is a catch: you need to have an M1 Plus membership - to the tune of $125 a year - to earn interest and cash back on your account.

Best for: Customers that want to manage their investments and checking account in one place.

Pros
  • Earn 3.3% APY and 1% cash back with M1 Plus
  • Up to 4 ATM reimbursements per month depending on your plan
  • Integrates with investment account
Cons
  • M1 Finance investing account required
  • No APY or cash back for basic account
  • Limited customer support
4.2

★★★★★

Finder rating

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on M1 Finance's secure site

APY

3.30%

Fee

From $0 per year

Minimum deposit to open

$0

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M1 Spend

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How do I open a M1 Spend Plus account?

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:

  1. Select Apply now.
  2. From the official M1 Finance website, click Get Started.
  3. Enter your email, create your password and click Sign Up Now.
  4. Confirm your email address and click Continue.
  5. Follow the steps to create your portfolio, verify your identity and fund your account.

After that, follow these steps to open an M1 Spend account:

  1. Log in to M1 Finance and click Spend from the menu options.
  2. Follow the prompts to connect to an external bank account and fund your account.

Eligibility

If you meet these requirements, you’re eligible for an M1 Spend account:

  • At least 18 years old
  • US citizen or resident
  • US residential address
  • Social Security number
  • Government-issued ID
  • Existing M1 Finance account
  • External bank account

Required information

Make sure you have the following information on hand when opening your account:

  • Legal name
  • Mailing address
  • Social Security number
  • Government-issued ID number
  • Login information for external bank
  • Login information for M1 Finance

Compare M1 Spend to similar accounts

Compare M1 Spend against similar accounts to help you decide if M1 Spend is right for you. For more options, select “Compare accounts” to compare even more products for your banking needs.

M1 Spend Plus

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on M1 Finance's secure site
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on Chime's secure site

Fee

$125 per year

Fee

$0

Annual Percentage Yield (APY)

3.30%

Annual Percentage Yield (APY)

N/A

Minimum deposit to open

$0

Minimum deposit to open

$0

What makes M1 Finance Spend shine

What makes M1 Finance Spend such an interesting product is how it works in tandem with the rest of the M1 Finance platform. You can open a Spend account for free after opening an M1 Finance account. This free version doesn’t charge fees for monthly maintenance, low balances, foreign transactions and more. However, you can sign up for M1 Plus at $125 a year to earn 3.3% APY on your checking account and earn 1% cash back on debit card purchases.

Base membership (Free)M1 Plus ($125 annually)
APY0%3.3%
Cash backNone1% cash back
Early direct depositNoUp to 2 days early
ATM reimbursements1 per month4 per month

You can choose to move these earnings directly into your M1 investment account to help grow your earnings faster. In fact, M1 Plus members can opt to set maximum and minimum limits on their money in their Spend account to automate the checking to investment account pipeline. There’s no minimum balance required to start earning interest and both free Spend accounts and Plus Spend accounts get ATM fee reimbursements: 1 per month for free accounts and 4 per month for Plus accounts.

Both versions of the account also come with standard banking features like FDIC-insured deposits up to $250,000, mobile banking and direct deposits.

Where M1 Finance Spend falls short

Although M1 Spend is an attractive checking account for investors, it has a few drawbacks to mind. For example, M1 doesn’t support joint checking accounts, which is a fairly common feature on checking accounts from traditional banks. This could be a deal breaker if you’re looking to share an account with a spouse.

There are also the limitations associated with the bank’s digital nature. For example, you need an existing bank account in order to open an M1 Finance account, and customer support is limited to a request form on the M1 site, or calling representatives at 312-600-2883 weekdays from 9:30 a.m. to 4 p.m. ET.

While it’s not a drawback per se, the fact remains that to enjoy this account’s cash back and 3% APY you’ll need to pay the $125 annual fee. Whether this fee is worth it depends on how much you also use M1 Finance’s other services.

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.

M1 Finance’s ATM network and fees

M1 Finance doesn’t have an ATM network. Instead, it reimburses one to four ATM operator fees a month depending on your membership tier.

How much does M1 Finance cost?

M1 Finance has two membership tiers:

  • M1 Standard. This membership is free for everyone and comes with a free checking account, a debit card and one ATM reimbursement each month.
  • M1 Plus. This membership costs $125 a year but comes with a free checking account that earns 3.3% APY, a tungsten metal debit card that earns 1% cash back and four ATM reimbursements each month.

How do I deposit or withdraw my money?

There are a few ways to access your money in your M1 Spend account:

Deposits

  • Direct deposit
  • Mobile check deposit
  • ACH transfer from another bank

Withdrawals

  • ATM using your debit card
  • Cash back at a retailer
  • ACH transfer to another bank

Is M1 Spend safe?

Yes. M1 Spend accounts are FDIC insured for up to $250,000 and SIPC insured for up to $500,000. Also, M1 uses two-factor authentication to protect your account, and all data transferred and stored on the platform are protected by 4096-bit, military-grade encryption.

M1 Spend reviews and complaints

M1 Finance is not accredited by the Better Business Bureau (BBB), but it earns an A- rating based on its handling of 72 complaints in the past three years. As of April 2022, 37 customers have reviewed M1 on the BBB’s website, and the average rating from those reviews is 1.57 out of 5. However, none of the reviews are specifically about M1’s Spend account.

Also, out of 14 reviews on Trustpilot, M1 earns 2.3 out of 5 stars. And similar to M1’s reviews on the BBB’s website, none of the reviews on Trustpilot are specifically about the Spend account. The positive reviews mostly relate to the app’s interface and ease of use, while several of the negative reviews mention unpleasant experiences with M1’s customer service department. M1 Finance partners with Lincoln Savings Bank to bring you M1 Spend.

How do I contact M1 Spend customer support?

If you have questions or need help with your M1 Spend account, you can contact the company in two ways.

  • Fill out the request form on M1’s website, and a representative will reply.
  • Call 312-600-2883 on weekdays from 9:30 a.m. to 4 p.m. ET.

Checking account ratings

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★★★★★ — 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.

Read the full methodology of how we rate checking accounts.

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