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M1 Finance will launch early next year to offer M1 Plus members a high-yield savings account where money will earn 4.50% APY.
The FDIC insures the M1 High-Yield Savings Account, which will be offered by a partner bank. You can find out more and sign up to be kept up to date in your M1 account if you’re already a member.
Read more: see the latest M1 Finance promos here
More About The Upcoming Savings Account
By announcing a savings account with one of the highest interest rates on the market, which they hope to keep even if rates change, they want to become one of the best places to save money.
- If you save, your money will earn a market-leading interest rate;
- If you spend our their credit card, you will earn rich cash back rewards—between 2.5-10% at over 70 of the most popular retailers and brands and 1.5% on everything else;
- If you invest, all your deposits will go to work in a diversified portfolio of your choosing for free, and
- If you borrow, you will get low rates and flexible terms.
- M1 lets you maximize your money no matter how you prefer to go about it.
- M1 Plus is a paid annual membership that confers benefits for products and services offered by M1 Finance LLC, M1 Spend LLC and M1 Digital LLC, each a separate, affiliated, and wholly-owned operating subsidiary of M1 Holdings Inc. “M1” refers to M1 Holdings Inc., and its affiliates.
- Obtaining stated APY (annual percentage yield) or opening an account does not require a minimum account balance. Stated APY is valid from date of account opening. Account fees may reduce earnings. Variable APY rate subject to paid M1 Plus subscription.
- The base rate for the savings account will be 0.50% APY. M1 users with an active M1 Plus membership will earn 4.50% APY.
- Stated APY (annual percentage yield) is subject to change prior to product launch due to changing federal funds rate.
- M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 is not a bank. M1 Savings Accounts are furnished by B2 Bank, NA, Member FDIC.
- 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 $125 annually).
We’ll have to see what happens by the time early 2023 arrives. But, a 4.50% APY savings account definitely will be competitive with other online savings options.
Keep is mind the M1 Plus membership that qualifies for the highest rate currently costs $125 annually. So, you’ll have to see if all of the other M1 Plus features are worth it for yourself. You can try out M1 Plus free for 3 months.