M1 Launches High-Yield Savings Account

The wait is over.

As of today, we’re starting rollout of the M1 High-Yield Savings Account to existing M1 users.??

And we’re excited to announce that the M1 High-Yield Savings Account will have?5.00% APY1?for M1 Plus members and be FDIC-insured for up to?$5 million*?in coverage.?

5.00% APY1, an industry-leading rate

At 5.00% APY1, M1 Plus clients are getting an industry-leading rate. The M1 High-Yield Savings Account offers nearly 13 times the national average2, and it far exceeds rates at major financial institutions like Chase and Bank of America, where rates can be as low as 0.01%.3

Use our savings calculator to estimate?how much you’ll earn?with the M1 High-Yield Savings Account.

$5 million in FDIC insurance coverage:

Your cash is protected at M1. The new M1 High-Yield Savings Account is insured for up to $5 million*.?

Here’s how it works:?Our partner bank, B2 Bank NA, Member FDIC, provides FDIC coverage over $250,000 through its Insured Deposit Network Program involving other FDIC-insured depository institutions. You don’t need to do a thing and you’ll have FDIC coverage up to $5 million.?

With M1,????

• If you?save, your money will earn a market-leading interest rate;????
• If you?spend?using?our credit card?, you will earn rich cash back rewards—between 2.5% and 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.??

Learn more about the M1 High-Yield Savings Account.?

Disclosures:

M1 is not a bank. M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 High-Yield Savings Accounts are furnished by B2 Bank, NA, Member FDIC.?

*B2 Bank is a member FDIC institution and does not itself provide more than $250,000 of FDIC insurance per legal category of account ownership as described in FDIC regulations. Additional FDIC insurance coverage is provided through B2’s Insured Deposit Network Program involving other FDIC insured depository institutions. Deposits may be insured up to $5,000,000 through B2’s Insured Deposit Network Program. Full terms of the Program can be found at m1.com/legal/agreements/HYSA_Agreement and a complete list of participating banks in the program can be found at m1.com/legal/agreements/depositnetwork?

1Obtaining stated APY (annual percentage yield) or opening a savings account does not require a minimum account balance. Stated APY is valid from date of account opening. Account fees may reduce earnings. Higher APY rate subject to paid M1 Plus subscription. Rates are subject to change.?

2Based on a 0.39% interest rate obtained from the FDIC on May 5, 2023. (Source: https://www.fdic.gov/resources/bankers/national-rates/index.html)?

3Sources: Chase interest rate: https://www.chase.com/personal/savings/savings-account/interest-rates?

Bank of America interest rate: https://www.bankofamerica.com/deposits/savings/savings-accounts/?

?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 $125 annually).?