[No Longer Accepting New Accounts] M1 Finance High-Yield Savings Account Earns 5.00% APY For M1 Plus Members

The M1 High-Yield Savings Account is now available, and you can expect an invitation to open your account. M1 Plus members will receive the highest rate available, with all other clients receiving a lower rate. See the rates below.

• Update 8/3/2023: M1 is no longer accepting applications to open their Savings accounts while they focus on their other products. See promos for their other products here.
• Update 7/12/2023: The M1 High-Yield Savings account earning 5.00% APY is now available.
• Update 5/10/2023: The M1 High-Yield Savings Account is now being rolled out.

The FDIC insures the M1 High-Yield Savings Account, which is offered by a partner bank. You can find out more and sign up to be kept up to date in your M1 account if you’re already a member.

READ MORE: SEE ALL THE BEST M1 FINANCE PROMOTIONS

More About The M1 Savings Account

• Rate for M1 Plus members: 5.00% APY
• Rate for all other clients: 1.50% APY

By announcing a savings account with one of the highest interest rates on the market, which they hope to keep even if rates change, they want to become one of the best places to save money.

From M1:

• If you save, your money will earn a market-leading interest rate;   
• If you spend our their credit card, you will earn rich cash back rewards—between 2.5-10% at over 70 of the most popular retailers and brands and 1.5% on everything else;
• If you invest, all your deposits will go to work in a diversified portfolio of your choosing for free, and  
• If you borrow, you will get low rates and flexible terms.  
• M1 lets you maximize your money no matter how you prefer to go about it. 

Terms

• M1 Plus is a paid annual membership that confers benefits for products and services offered by M1 Finance LLC, M1 Spend LLC and M1 Digital LLC, each a separate, affiliated, and wholly-owned operating subsidiary of M1 Holdings Inc. “M1” refers to M1 Holdings Inc., and its affiliates.
• Obtaining stated APY (annual percentage yield) or opening an account does not require a minimum account balance. Stated APY is valid from date of account opening. Account fees may reduce earnings. Variable APY rate subject to paid M1 Plus subscription.
• Stated APY (annual percentage yield) is subject to change prior to product launch due to changing federal funds rate.
• M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 is not a bank. M1 Savings Accounts are furnished by B2 Bank, NA, Member FDIC.
• 1.5% – 10% Owner’s Rewards cash back earned on eligible purchases subject to a maximum of $200 cash back per calendar month. Cash back rates of 2.5% – 10% require an active M1 Plus subscription (billed at $95 annually).

Bottom Line

The rate on this savings account definitely is competitive with other online savings options. But, the highest rate is only available for M1 Plus members, which carries an annual cost.

The M1 Plus membership that qualifies for the highest rate currently costs $95 annually ($0 for first 3 months). So, you’ll have to see if all of the other M1 Plus features are worth it for yourself. You can try out M1 Plus free for 3 months.

More from M1 Finance:

• Best M1 Finance Bonuses: $250 to $20,000 Offers 2024
• M1 Finance Owner’s Rewards Card: Get Up To 10% Cash Back
• M1 Finance Checking Account Earns 3.30% APY – Ended
• M1 Finance Crypto Up To $200 Bonus Offer – Ended
• M1 Finance: Investment Account Up To $1,500 Bonus For Recurring Deposits – Ended
• M1 Finance Offer: Get $75 off M1 Plus, Pay $50 For 1 Year – Ended

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.