M1 Finance has just introduced a new High Yield Savings account that pays 5.00% APY. The deposits are actually held by B2 Bank National Association, formerly First National Bank of Buhl. The only caveat to this account is that the higher APY requires a membership to M1+, which costs $125/year. That may be a deal breaker for folks with lower balances. Set up was super easy and my initial deposit was also easy to setup. Customer service at M1 is not always the fastest around but they always get back to you and I have found them helpful and professional over the years. This is a great new product worth a try if you have a higher balance you want to stash away at a high rate.

I opened an M1 using the link for bonus of $500 for depositing 50k. - By accepting a Plus upgrade you get 1% on Spend1 account (it's a savings account). You can open it after you've funded your account. (The link may be by swiping right under the Spend menu.) - By accepting Plus upgrade using the bonus, the first year's $125 fee is waved. - You can link to one and only one external account. I asked, & that's not an accident. - It looks like you can NOT move that 50k or deposit for bonus, into the Spend1 during the time waiting until the bonus payout. (On Jan1 or Aug1 depending on when you opened.) - Lots of interesting, different setups from the usual. Might encourage investing and rebalancing. Might have some good portfolio layouts. It's not the usual view of your money, which can be good. - It's all through Lincoln bank for the bank items. It's SIPC insured for the invested and spend1 held items. So there is insurance. - Phone help answered questions. Online emailing uses autotools, or persons, who don't even come close to replying to your topic. Phone number is on their site but I found it by googling M1 Finance Phone, and that's where I saw the link's on their site.

The interest rate on M1 Checking Accounts will be changing for M1 Plus members. As of July 28, 2022, all balances will earn 1.70%1 annual percentage yield (APY), instead of 1.30% APY. As a current M1 Plus member with Checking, you’re all set to take advantage of this new rate when it changes

So far really enjoying the experience so far. There are only a few things I would do to improve Add the ability to pause or lock auto invest / sell on single investments The ability to set end goals on single investments ie invest till 100 shares of xyz To be able to see estimated income real time without having to wait for statements portfolio/ single stocks

A game-changing product for automating personal finance. Simple to use and keeps investors from being victims of both their actions and inaction. Only critiques: Mobile deposit is really needed especially for small business owners and consultants. We should be able to fund our M1 accounts from more than just one bank.

Good, but nor great. The rules for smart transfers need work so they don’t contradict the minimum cash one can allocate before investing in the invest accounts. Right now, this cash allocation overrides the smart transfer rules. It needs to be turned off entirely when the rules are in effect.