M1 Finance Review 2024 (2024)

M1 Finance is an all-in-one financial app that allows users to invest, borrow, and spend — all in a single app. Think of it as a central hub for an investment platform, personal lender, rewards credit card, and savings account.

M1 Finance is based out of Chicago and was founded in 2015. Since then, it’s grown to more than half a million users and over $2 billion in assets managed.

In this post, you’ll learn everything you need to know about M1 Finance, including what exactly it is, how to use it, and the financial services that it provides.

Let’s kick it off with a look at the different products that M1 has to offer.

M1 Finance: Meet the Team Behind The FinTech

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M1 Finance Review 2024 (1)

BankBonus Podcast

Interview with Bob Armour

In this episode, Grant Sabatier chats with Bob Armour, the Chief Marketing Officer at M1 Finance.

Hear how the platform uses technology and automation to drive costs down across its suite of tools in this ‘finance super app’.

You’ll also hear how M1 Finance lets you borrow like the ultra-rich, invest like an expert, and get insight into the platform’s features, pricing tiers, and future direction – including an upcoming product that rewards you for spending at the companies you’re invested in.

M1 Finance Products

It’s important to note that while M1 Finance offers several different products, each one is intended to work alongside the others.

This will make more sense once we dive into each component, but you should be thinking of M1 as a single platform with different aspects that complement each other to create a multi-layer financial experience.

M1 Invest

With M1 Finance, everything starts with investing. The app’s roots are in the investment world, and its brokerage account is designed for self-directed stock market trading. There are no trading fees or account minimums after your initial deposit.

M1 Invest is based on three basic principles — customization, flexibility, and automation.

As an M1 investor, you’re in full control of how much to invest and the timeline for your goals, and you’ll have several investment types to choose from:

  1. Individual brokerage account
  2. Joint brokerage account
  3. Retirement accounts: traditional IRA, Roth IRA, or SEP IRA
  4. Trust account
  5. Custodial account, for the benefit of a minor

What’s special about M1 Invest is its flexibility to serve investors who want to hand-pick their investments and ones who prefer a curated portfolio.

To that end, your portfolio is considered “The Pie” at M1 Invest, and you can choose a custom pie –where you invest in a custom portfolio of individual stocks or ETFs (or fractional shares of either) –or between any of the 80 pre-baked Expert Pies, which are curated mutual funds built by experts.

You can also opt to build your portfolio as a mix of both of these strategies, though there is a maximum of 100 “slices” per portfolio.

Regardless of which way you go, there are tools to help you build a solid, diversified strategy.

M1 Investment Management Options

When it comes to managing your investments, how you want to do it is up to you.

You can let M1 do the leg work with automation, including dynamic rebalancing of your portfolio.

If the hands-off approach to an investment account isn’t for you, you can still make manual trades of your own.

M1 Invest Dashboard

As we mentioned earlier, the M1 Invest dashboard is known as The Pie. Through your custom Pie, you can choose from more than 6,000 stocks and funds to create your investment portfolio.

If you need a little help, there plenty of “pre-baked” expert pies to choose from — each expert portfolio will follow a different strategy, factoring in different goals and levels of risk tolerance.

You can easily move money into your M1 Invest account through a fee-free ACH transfer, and there are no monthly service fees or advisory fees.

M1 Borrow

M1 Borrow is a flexible, low-interest line of credit that allows you to borrow against the funds in your own investment account. Here’s how it works:

How M1 Borrow Works

If you need some extra cash, whether it’s to pay down a loan or cover a big expense, the last thing you want to do is pull funds out of your investment account.

With M1 Borrow, you can borrow up to 35% of the balance of your portfolio, with an interest rate of 2% or 3.5% (with the lower rate reserved for Plus members).

You’ll need a minimum balance of $5,000 to qualify, and no application is necessary — you can access your funds in as little as three clicks in the app.

When it comes to paying it back, there’s no required payment schedule. You can set your own automated payment plan or use M1 Smart Transfers to pay down your principal.

There are no management fees associated with M1 Borrow.

M1 Plus

M1 Plus is the premium version of M1 Finance. It costs $95 annually, with a 3-month free trial.

Plus, the added benefits that come along with the upgrade are tough to ignore.

Perks of M1 Plus

  • Option for custodial accounts
  • Two trading windows — one in the morning and one in the afternoon
  • 5.00% APY on savings
  • Higher cashback rates on Owner’s Rewards credit card
  • On-demand crypto trading
  • Lower margin loan rates

Is M1 Plus Worth The Cost?

There’s a lot to unpack here, but let’s focus on the main question — is M1 Plus worth the added cost?

Crunching the numbers is important in determining the best account type for you. Calculate the potential savings and rewards of upgrading.

If you’re an active investor looking to trade crypto and have an extra trading window plus additional perks, M1 Plus could be worth your while. But if you’re after a paid investing experience that offers a checking account, you’re out of luck as M1 discontinued its Spend account.

Learn More:

  • Best Premium Checking Accounts
  • Best Rewards Checking Accounts
  • Best High Yield Checking Accounts

M1 Finance Features

Here are the top features you will see with an M1 Finance account:

Mobile App

M1 Finance is mobile-driven, so you’ll have full access to each aspect of the platform through its mobile app.

You can easily customize your accounts and move money between each one. You’ll also be able to take advantage of plenty of useful financial tools to help you along the way.

The app is available on both iOS and Android and performs extremely well either way. It currently has a rating of 4.6 stars (out of 5) in the App Store and 4.4 stars (out of 5) in the Google Play Store.

Smart Transfers

Smart Transfers are only available with M1 Plus and allow you to automate the balances between your accounts.

You can dictate the allocation of your total balance by setting up “overbalance” or “underbalance” Smart Transfers.

An overbalance transfer is when you set a maximum cash balance for your savings or crypto account, M1 will transfer the excess funds to your Invest account.

On the other side, an underbalance transfer kicks in and automatically rebalances your accounts if they get too low.

You can also use Smart Transfers as part of your investment strategy and pull excess funds automatically once you hit a certain threshold.


Overall, M1 Finance is a low-cost platform considering that it plays the role of both general investing and bank account.

That said, there are still some costs to be aware of. Take a look at some common fees that could show up.

Account Fees

We’ve already run through a brief cost analysis of M1 Plus, which comes with a $125 annual fee. This is the only account fee that M1 charges and all of its other products are available for free.

ATM Fees

You’ll get one or four ATM reimbursem*nts depending on your membership level, but after that, you’re on your own.

M1 doesn’t charge any additional fees of its own for ATM use, but you’ll be subject to whatever is charged by the ATM itself.

IRA Termination Fee

If you have to terminate your M1 IRA prior to maturity, you’ll get hit with a $100 fee.

IRAs should always be thought of as a long-term option, so be sure to stick to responsible investing strategies prior to opening your account.

Wire Transfer Fees

M1 Finance only supports domestic wire transfers, which come with a $25 fee. A better alternative is an ACH transfer, which M! supports fee-free.

Getting Started

M1 Finance accounts are open to US citizens and permanent residents over the age of 18. You’ll need a current US residential address and a phone number to apply.

The first account that you’re required to open with M1 is an Individual Taxable account.

To get started, just submit an application online at M1Finance.com, and you should hear back within one business day on whether or not you were approved.

Here are some of the best M1 Finance promotions going on right now:

1. M1 Invest [ACATS Transfer] - up to $20000 bonus

Expires: March 31, 2024

If you already have funds invested on another platform, you can earn big when you transfer funds to an M1 Finance account.

Right now, you can earn a bonus of up to $20,000 for making the switch. This is one of the largest bonus they've offered to date! This time around they've doubled the minimum to qualify ($100K).

All you have to do is open a new account that matches the type you’re transferring from, upload some documents, and you’ll be in line for the bonus.

The total bonus that you get depends on the amount of your transfer:

  • $100,000 – $249,999: $250
  • $250,000 – $499,999: $1,000
  • $500,000 – $999,999: $2,000
  • $1,000,000 – $1,999,999: $4,000
  • $2,000,000 - $4,999,999: $10,000
  • $5,000,000 - $6,999,999: $15,000
  • $7,000,000+: $20,000

How to earn the bonus

The M1 Invest [ACATS Transfer] sign up offer requires you to deposit and maintain a minimum balance in order to earn the $20000 bonus. Full requirements to receive this bonus are:

  1. Open a new M1 Invest account that matches the account type you have at another brokerage.
  2. Within 60 days, submit a transfer request from your current brokerage(s). The size of your bonus will depend on the total account value: $100,000 to earn $250; $250,000 to earn $1,000; $500,000 to earn $2,000; $1M to earn $4,000; $2M to earn $10,000; $5M to earn $15,000 or $7M+ to earn $20,000.
  3. Bonus will be credited to your account on December 05, 2024.

read the full terms

Apply now to earn the $20000 bonus from M1

2. M1 Invest - up to $5000 bonus

Expires: March 31, 2024

Have a 401(k), 403(b) or another employer-sponsored retirement plan? Roll it over to M1 to earn a huge bonus.

The total bonus that you get depends on the amount of your transfer:

  • $100,000 – $249,999.99: $500
  • $250,000 – $499,999.99: $1,000
  • $500,000 – $999,999.99: $2,500
  • $1,000,000+: $5,000

Looking to do an ACATS transfer instead? Check out the M1 Finance ACATS Bonus to earn up to $20,000

How to earn the bonus

The M1 Invest sign up offer requires you to deposit and maintain a minimum balance in order to earn the $5000 bonus. Full requirements to receive this bonus are:

  1. Open a retirement account in M1 using the link below.
  2. Contact your plan provider to initiate a rollover as outlined on the M1 site.
  3. Check delivery and deposit.
  4. Promotional Credits will be paid to eligible clients on January 31, 2025.

read the full terms

Apply now to earn the $5000 bonus from M1

Learn More:

  • See all current offers from M1 Finance


M1 Finance takes the security of both your data and your money seriously.

To keep your sensitive information safe, M1 never stores data or bank credentials on any device and utilizes military-grade 4096-bit encryption.

On the insurance end, M1 is a member of Securities Investor Protection Corporation (SIPC), which insures investments up to $500,000.

M1 cash accounts are protected by the FDIC, which insures funds up to $250,000.

M1 Finance Customer Service

When you need a quick answer, M1’s website is full of helpful FAQs and account information to help you find it.

You can also use Instant Help, a virtual assistant that should point you in the right direction.

If you need to speak to someone, you can contact customer support through email or over the phone (312-600-2883).

M1’s customer service team is available by phone Monday through Friday from 9 am to 4 pm Eastern Time.

They also genuinely want to hear feedback, and regularly update their platform to align with concerns raised by their customers.

It’s part of the reason M1 gives the first year of Plus to you for free –so that you can try it risk-free, and if it’s not working out or not valuable enough, you’ll share that feedback (even if it’s just in the form of a non-renewal) and the team can continue trying to better the product.

Pros & Cons


  • Free, customizable trading platform
  • High APY
  • Low-interest loans
  • Excellent mobile app


  • High annual fee for M1 Plus
  • Limited ATM coverage
  • High threshold sign up bonuses
  • No in-person support

Alternatives to M1 Finance

Since M1 Finance covers a few different areas, there are several different types of alternatives to look into.

If you’re mostly interested on the investing side, you could look into day trader apps like Robinhood or Webull, which both offer commission-free trading without the deposit account.

For other platforms that provide similar diversified services as M1, check out Betterment, Wealthfront, and SoFi.

Finally, if you’re really just looking for a bank account, take a look at digital banking options like Chime or Varo. Both provide high-yield checking and savings accounts along with other financial products.


Is M1 Finance legit?

Yes, M1 Finance is a legitimate financial institution. It’s regulated by the Financial Industry Regulatory Authority (FINRA) and a member of the SIPC.

It also has FDIC coverage through its partner bank, Lincoln Savings Bank.

Is M1 Finance safe?

Yes, M1 Finance is a secure digital platform with all of the necessary insurance and protections in place. Investing always comes with some level of risk, but rest assured that you’ll be in good hands.

How does M1 Finance make money?

M1 provides the disclaimer that it earns almost all of its revenue on interest. It issues loans with deposited funds and also lends out securities. It also collects interchange fees from debit card use, interest on M1 Borrow loans, and M1 Plus membership fees.

Is M1 Finance Right For You?

As a one-stop-shop for investing, borrowing, and spending, M1 Finance is a modern financial platform that simplifies working toward your long and short-term personal finance goals.

At its best, M1 plays the role of a financial advisor, lender, and banker all at once. The accounts work together seamlessly, and you can watch your money grow with automated asset allocation, low-rate loans, and a high-yield bank account.

On the other hand, it’s unlikely that M1 Finance has quite enough functionality yet to be your only financial service provider, and those who prefer in-person support might feel like they’re missing something.

Even with its recent growth, M1 Finance is still a relatively new platform, but its features are undeniably exciting and well worth your consideration.

Now that you know all of the ins and out of what M1 Finance has to offer, you should be in a better position to make your next move.

I'm an avid financial enthusiast with a deep understanding of various investment platforms, fintech innovations, and personal finance strategies. My expertise stems from years of hands-on experience navigating the complexities of modern financial services, including investment apps, banking solutions, and wealth management tools.

Now, let's delve into the concepts and features discussed in the article about M1 Finance:

  1. M1 Finance Overview:

    • M1 Finance is a comprehensive financial app based in Chicago, founded in 2015, with a user base exceeding half a million and managing over $2 billion in assets.
  2. M1 Finance Products:

    • M1 Finance offers a suite of products including M1 Invest, M1 Borrow, and M1 Plus, catering to investment, borrowing, and premium membership needs respectively.
  3. M1 Invest:

    • M1 Invest is the core investment platform of M1 Finance, offering brokerage accounts for self-directed trading with no trading fees or account minimums. It supports various account types including individual, joint, retirement, trust, and custodial accounts.
    • Users have flexibility in building their investment portfolios, either through custom pies or selecting from expert pies, with over 6,000 stocks and funds available.
  4. M1 Borrow:

    • M1 Borrow provides a low-interest line of credit allowing users to borrow against their investment portfolios, with rates starting at 2%. There's no application required, and users can access funds quickly.
  5. M1 Plus:

    • M1 Plus is a premium membership offering additional features such as custodial accounts, extended trading windows, higher APY on savings, enhanced cashback rates, on-demand crypto trading, and lower margin loan rates.
  6. M1 Finance Features:

    • Mobile App: M1 Finance offers a mobile-driven experience with a highly-rated app available on both iOS and Android platforms.
    • Smart Transfers: Exclusive to M1 Plus members, Smart Transfers automate balance allocations between accounts.
    • Fees: M1 Finance maintains low-cost structures with only an annual fee for M1 Plus membership and minimal account fees.
    • Security: M1 Finance prioritizes security through encryption measures and insurance coverage for investments and cash accounts.
  7. M1 Finance Customer Service:

    • M1 Finance provides customer support via phone and email, with comprehensive FAQs and virtual assistant features available.
  8. Pros & Cons:

    • Pros include free trading, high APY, low-interest loans, and an excellent mobile app. Cons include the high annual fee for M1 Plus, limited ATM coverage, and high threshold for sign-up bonuses.
  9. Alternatives to M1 Finance:

    • Alternative platforms for investing, banking, and financial services include Robinhood, Webull, Betterment, Wealthfront, SoFi, Chime, and Varo, each offering unique features and benefits.
  10. FAQs:

    • FAQs cover topics like M1 Finance's legitimacy, safety, revenue model, and suitability for users' financial needs and preferences.

In summary, M1 Finance stands out as a multifaceted financial platform offering integrated solutions for investing, borrowing, and spending, backed by robust security measures and a user-friendly interface. Users can tailor their financial experience based on their goals, risk tolerance, and preferences, making M1 Finance a compelling option in the fintech landscape.

M1 Finance Review 2024 (2024)


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