M1 Finance Reviews

M1.com offers a variety of features and benefits. Here are some key ones:

• Commission-Free Platform: M1.com provides a platform where users can trade without any commission fees.
• Investment Opportunities: Users can build "Pies", which are portfolios made up of individual assets, ETFs, and even other Pies. This allows for passive, long-term investing.
• Cash Back Rewards: The Owner’s Rewards Card by M1 offers cash back on everyday purchases. Users can earn up to 10% cash back at select merchants if they sign up for a paid membership. Cash back can be reinvested into the user's investment account.
• M1 Plus Membership: This membership offers extra rewards and additional perks for M1 accounts. It costs $36 per year. Cardholders who are M1 Plus members earn 1.5% cash back on all purchases.
• Owner’s Rewards Card: This card is designed to be paired with existing M1 accounts. Cash back is deposited into an M1 Spend account, which functions similarly to a checking account, or into a qualified M1 Invest account.
• Visa Signature® Benefits: The Owner’s Rewards Card by M1 offers Visa Signature® benefits, including hotel discounts and ID theft protection.

These features make M1.com a comprehensive platform for investing, spending, and earning rewards. However, it's important to note that some features may require a paid membership.

M1.com offers a commission-free platform. However, starting from May 15, 2024, clients without an active M1 Personal Loan or clients with M1 assets that do not reach a minimum value of $10,000 at least one day during each billing cycle incur a monthly $3 platform fee. This fee is also applicable for users with M1 assets under $10,000. Users whose assets are $10,000 or above or who have an active M1 personal loan do not have to pay this fee.

For account types, M1 Finance requires a $100 minimum to open a standard individual or joint brokerage or crypto account. IRAs require a $500 account minimum, and trust accounts require a $5,000 minimum.

In terms of borrowing, clients can borrow up to 50% of their portfolio’s value. The borrowing rate is 7.25%. Clients can also apply for a Personal Loan starting at 7.99%.

For earning, clients can rack up 5.00 % APY on their balance with a High-Yield Cash Account. For spending, clients can reward themselves with up to 10 % cash back.

M1 Payment Methods Overview

M1 offers various payment methods for its services, primarily focused on funding accounts and managing fees.

Funding Accounts

• Bank Transfers: Users can fund their M1 accounts via ACH transfers from external bank accounts. The daily limit for these transfers is typically $50,000 for High-Yield Cash Accounts and $120,000 for High-Yield Savings Accounts.
• Wire Transfers: For larger amounts, wire transfers can be initiated, which are processed on the same business day if completed before 3 PM CT.
• Direct Deposits: Users can set up direct deposits to their M1 accounts, which may take 1-2 business days to process.

Payment of Fees

• M1 charges a monthly platform fee of $3, applicable if account assets fall below $10,000 or if there is no active personal loan. This fee can be paid from various account types, including Individual Brokerage and Joint Brokerage accounts.
• If the default payment method fails, M1 will attempt to charge other accounts in a specified order, starting with accounts that have sufficient cash.

Additional Information

• The Owner’s Rewards Card by M1 can be used anywhere Visa is accepted and has no international transaction fees. Payments and transactions can be managed through the M1 app, which supports adding the card to mobile wallets like Apple Pay and Google Pay.

For any specific inquiries or detailed procedures regarding payments, users are encouraged to refer to the M1 Help Center or contact customer support directly.