Online account · FDIC insured through partner banks
M1
Your money is held at B2 Bank. Based in Chicago, IL. It opens accounts online nationwide.
Rates
No Carrot Score: scores compare banks and credit unions, and M1 holds your money at B2 Bank. Its rates are below, with what each one takes.
- Savings——Savings rates →
M1 isn’t a bank. Deposits are FDIC-insured through B2 Bank up to $4,750,000 per depositor, as M1 states; that covers a bank failing, not M1. Cash not yet at a bank (up to $250,000) is covered by SIPC, not the FDIC.
About M1
The M1 High-Yield Cash Account is a cash account on M1's investing platform, offered by broker-dealer M1 Finance LLC; it is not a checking or savings account.
M1 Finance LLC is a wholly owned subsidiary of M1 Holdings, Inc., and M1 is not a bank.
B2 Bank, a national bank bought by M1's CEO in 2021, moves the cash to FDIC-insured accounts at a network of participating banks.
- Headquarters
- Chicago, IL
Eligibility
Who can open an account
From M1’s own terms and help pages. Check with M1 before you apply.
- New M1 High-Yield Savings Accounts can't be opened; the High-Yield Cash Account is the one open to new customers.
- An M1 investment account is required; if you don't have one, a basic one is created during Cash Account setup and doesn't need to be funded.
- No subscription is mentioned for the Cash Account, but M1 charges a $3 monthly platform fee unless you hold at least $10,000 in total M1 assets (Cash Accounts count) or have an active M1 Personal Loan.
- Each user can open up to 4 individual Cash Accounts and 1 joint Cash Account.
- To open an M1 account (needed for this account): 18 or older.
- To open an M1 account: US citizen or US permanent resident (Green Card holder).
- To open an M1 account: a current US residential address.
- To open an M1 account: a Social Security Number.
- To open an M1 account: a valid US phone number (VOIP numbers aren't accepted).