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M1 Finance Spend review

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Earn 1% APY and cash back on purchases — but only if you’re an M1 Plus member.

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





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATM fee rebatesone ATM fee reimbursement a month
Out-of-network ATM fee$0
Foreign transaction fee0%

Expert review

Cassidy Horton

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.

Expert review

M1 Spend is a solid option for investors who already use M1 Finance and want to manage their bank and investment accounts in one place. It has no fees or minimum balance requirements. Plus, you get some ATM reimbursements depending on your membership plan.

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.

M1 Finance membership tiers

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 1% APY, a tungsten metal debit card that earns 1% cash back and four ATM reimbursements each month.

What are the benefits of a checking account with M1 Finance?

M1 Spend is a cash management account that comes with standard banking features like FDIC-insured deposits up to $250,000, mobile banking and direct deposits. Other features include:

  • No fees. M1 doesn’t charge any fees for monthly maintenance, low balances, foreign transactions and more.
  • No minimum balance. You don’t need to keep a certain balance to open the account or earn interest.
  • M1 Plus member perks. Those with an M1 Plus membership earn 1% APY on their total account balance and 1% cash back on debit card purchases.
  • ATM fee reimbursements. M1 Standard members get one ATM fee reimbursement each month and M1 Plus members get four per month.
  • Integrates with investment account. Sweep money into your investment account when you’re ready to grow your money.

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.

What should I look out for?

Although M1 Spend is an attractive checking account for investors, it has some potential drawbacks:

  • Required investment account. To open an M1 Spend account, you must have an M1 Finance investing account first.
  • Basic account for Standard members. M1 Standard members don’t get any interest or cash back bonuses for having M1 Spend. Those perks are reserved for Plus members only.
  • No joint accounts. At the time of writing, M1 Finance doesn’t support joint checking accounts.
  • ATM withdrawal limit. Although its $510 daily limit falls within the industry average, some banks have higher limits than this.
  • Must connect to an external bank. You must have an existing bank account to open an M1 Spend account.
  • Limited customer support. For support you’ll need to fill out the request form on its website or call 312-600-2883 weekdays from 9:30 a.m. to 4 p.m. ET.

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.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Chase Total Checking
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
HSBC Advance Checking
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus a $200 signup bonus when you meet deposit requirements
Aspiration Spend & Save Account
55,000 free in-network ATMs
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
NorthOne Business Banking
More than 300,000 ATMs across America.

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.

Compare up to 4 providers

How do I open a Spend 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. Go to the official M1 Finance website and click Get Started.
  2. Enter your email, create your password and click Sign Up Now.
  3. Confirm your email address and click Continue.
  4. 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.


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

How do I deposit or withdraw my money?

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


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


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

Frequently asked questions

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