M1 Finance unveils checking account

M1 Finance unveils checking account
29.01.2019 07:53 am

M1 Finance unveils checking account

Investment Management , Banking

M1 Finance, the free, automated banking and investing platform, today announced M1 Spend, the checking account and debit card that enables customers to fully experience the best of digital money management. The new checking account and card will launch later this year.

The new functionality integrates seamlessly with the M1 app’s intuitive and fully customizable investment portfolios and flexible, low-cost line of credit to provide a convenient, all-in-one financial solution for everyone from beginners to more sophisticated investors. 

“We continue to reevaluate and redefine the blueprint for modern day personal finance. Our innovative M1 app enables customers to invest and borrow and now, with M1 Spend, we are adding another essential component to seamless money management,” said M1 Finance CEO and founder Brian Barnes. “Based on customer feedback, what we are rolling out is one finance solution to empower customers to move money in and out of their various accounts without friction — something that, to date, has not been readily accessible in the marketplace. We believe that making money is the hard part. Managing it shouldn’t be.”

The average checking account balance has risen steadily, as noted by Marketwatch, over the past several years; however, idle cash could cause problems for consumers — losing value if not put to work. To combat this, M1 Spend allows consumers to more easily move cash to their investment portfolio. Even if they don't, they'll earn 1.5 percent APY compared to the national average of 0.06 percent for a checking account, according to Bankrate.

On top of direct deposit, automatic bill pay, and portfolio integration, customers can also upgrade to M1 Plus membership to unlock exclusive features and rewards. With M1 Plus, customers will gain early access to a premium tungsten debit card, earn 1.5 percent APY on the M1 Spend checking account, and get 1 percent cash back on all purchases made with the card. Customers, both existing and new, can pre-register for early access to the M1 Plus account starting today.

These rewards make it difficult for traditional U.S. checking accounts to compete with M1 Spend, which offers 25 times the national average APY and no requires minimum balance. Even compared to traditional savings accounts, M1 Spend checking boasts 17x the average APY. 

Barnes added, “With M1 Spend, bona fide digital money management has finally arrived. What we are offering is an intuitive financial solution that provides comfort and ease of use to customers engaging with their personal finances. We are looking forward to working with our existing client base and welcoming new customers to our platform.”

M1 Finance has partnered with Iowa-based Lincoln Savings Bank*, Member FDIC, to offer M1 Spend. Visit www.m1finance.com/spend to learn more about the Spend program and early enrollment in M1 Plus. 

*Banking funds are held by Lincoln Savings Bank, Member FDIC. Deposits may be insured up to $250,000.

**Regular price for M1 Plus membership is $125 per year. M1 Plus rate is discounted to $50 for early enrollment period. Billed annually.


Related News

Profile: UK-based Forte Securities selected Axia for their investment and custody operations

Profile Software, a leading financial solutions provider, announced today a new partnership in the United Kingdom with... Read more »

Corfinancial: ‘remote working during market turmoil has not affected our clients using Salerio’

corfinancial, a leading provider of specialist software and services to the financial services sector, reports that its clients have enjoyed uninterrupted... Read more »

TrackInsight names Nasdaq as its exclusive distributor in North America

TrackInsight (www.trackinsight.com), the leading global independent ETF analytics platform, has named Nasdaq its... Read more »

Equiniti rebrands as EQ

Equiniti, the international technology-led services and payments specialist, is delighted to announce that it is becoming EQ.

EQ provides accessible digital services for... Read more »

Hoxton Ventures announces close of its second fund, backed by British Patient Capital

Hoxton Ventures announced the final close today of Hoxton Ventures II L.P., an early stage European venture capital fund building on the firm’s record of finding and... Read more »

Trustly announces strategic minority investment by a consortium of investors to support further expansion

BlackRock Private Equity Partners, through its private equity funds and accounts under management, together with a consortium of institutional investors, including among others... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel