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.