M1 Finance has gone far beyond just being a digital investment desktop and mobile platform. It has its own checking account with an M1 debit card! The platform advertises itself as a ubiquitous platform, helping users get their money in one place. So, how does M1 hold on to the banking option of finance and is it as good as its investment option? Find out.
M1 cost – an overview
What exactly does the M1 cost? This is an aspect of M1 Finance where there are banking features such as your own M1 Finance checking account and a debit card to go with it. We need to mention that M1 finance investing and M1 cost is not a bank, but a banking function. When you register for M1 Investing, you can go ahead and open an M1 Finance Checking Account with it.
MD costs you up to $ 250,000 FDIC insured, so yes, M1 Finance is secure. There are two different plans for banking services, which we will cover in more detail below.
M1 cost plan
Spend M1 Basic – M1 Spend Basic is a low-end plan for which you do not have to pay any fees. However, there are often no special benefits to free items. In this case, M1 Spend Basic will not give you access to cashback debit cards or interest rates.
M1 Cost Plus – If you are determined to make the most of the features of M1 Spend, then definitely go for Plus. The M1 Spend Plus gives you a free first year, which is nice because you can really get the feel of the platform.
After the first year, a high-yield savings account with 1% of your cash balance will cost $ 125 annually with access to numerous benefits like a cashback debit card. Lastly, the M1 Spend Plus allows you to withdraw up to 4 free ATMs per month.
M1 cost events and features
You can access your M1 cost account through the desktop site or mobile app. However, to open an M1 Finance Checking account at M1 cost, you must be a US citizen, a permanent resident, or at least have a green card.
Cost M1 Smart Transfer
As mentioned, the Plus Plan has more advantages, one of which is M1 Spend Smart Transfers 7 You can manage transactions between your M1 finance checking account and your investment and borrowed accounts.
For example, you can set a designated maximum balance for your investment account and one for your expense account. Any excess cash will be transferred to any other account.
M1 cost fee
We have stated that M1 Spend Basic is free, and although it will not cost you anything to set up an account, you will still have to pay a transaction fee on the platform. However, the cost is lower because we are seeing anywhere between 0.8 to 1% of the total transaction amount.
The annual cost of the M1 Spend Plus is $ 125, but you don’t have to pay any international fees. One of the fees you will see in the Plus Plan is the Outgoing Wire Transfer, which can charge an extra $ 25. What about incoming transfers? They are free!
M1 lowest cost
Good news! Neither M1 Spend Plus nor Basic has a minimum account. This means you don’t need a minimum amount of cash to open your account and start using it. You can transfer money from a different account to your M1 Finance Checking account to link a plan with an external account, use direct deposits, or set up.
Spend M1 Welcome Bonus
Who doesn’t like free money? We know we do. If you deposit at least 500 2,500 in your new M1 Spend account within the first 14 days, M1 Finance will give you an additional $ 100 free.
The good-evil of the M1 cost
Are the advantages of an M1 Expense account greater than the disadvantages? Find out.
- You will get a debit card with M1 Spend Plus (not basic)
- No minimum balance is required regardless of plan
- No account maintenance fees
- You can link all three accounts (loan, investment, checking)
- You are eligible to receive a cash bonus
- 1% APY on your M1 Finance Checking account (plus members)
- Basic plan free (with transaction fee)
- You have access to desktop sites and mobile apps
- To get an M1 debit card, you need to be a Plus member
- Smart transfer is not available with basic plan
Why not combine all your banking needs into one platform? M1 Finance is the perfect alternative to money management. Click here to learn more about what M1 Finance can do for you, more precisely M1 Spend Plan, Cashback Debit Card and Smart Transfer so you can go on the path to better money management.