M1 Spend Review 💸 1.5% APY + 1% CASH BACK!
TL;DR
M1 Finance is launching a new checking account that integrates with their investing and borrowing platforms, offering FDIC insurance and potentially better perks than Robinhood's failed checking account.
Transcript
- [Host] How's it going today guys? Welcome back to the channel. Hope you're having a great day so far. So, in this video we're gonna be talking about a brand new checking account that is being offered by one of these brokerage companies out there called M1 Finance and it is really quite interesting what they are putting together here. And I'm gonn... Read More
Key Insights
- 🥶 M1 Finance's new checking account, M1 Spend, offers a free basic version and a premium version called M1 Plus.
- ➕ M1 Plus offers a 1.5% APY on checking accounts, which is unusual for such accounts.
- 🏧 M1 Plus also provides unlimited 1% cash back on purchases and four ATM reimbursements per month.
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Questions & Answers
Q: How does M1 Spend integrate with the M1 Finance platform?
M1 Spend directly integrates with the M1 Finance platform, allowing users to invest without the three-day transfer hold from their bank accounts.
Q: How does M1 Plus justify its annual fee?
M1 Plus offers a 1.5% APY and unlimited 1% cash back on purchases, which can offset the annual fee. A cost-benefit analysis can help determine if it's worth it based on individual spending patterns.
Q: How does M1 Spend compare to cash back from credit cards?
While credit cards may offer better cash back rates, M1 Spend is a good option for those who want cash back without the risk of credit card debt.
Q: How does M1 Spend compare to Ally Bank's accounts?
M1 Spend offers a better APY than Ally Bank's checking account, making it a viable option for people with larger balances or those who want to earn cash back.
Summary & Key Takeaways
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M1 Finance is a popular brokerage platform that helps beginners build a diversified portfolio.
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The new checking account, M1 Spend, is free, FDIC insured, and comes with a debit card and no minimum balance or maintenance fees.
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M1 Plus, the premium version, has an annual fee but offers perks like a 1.5% APY, unlimited 1% cash back, and four ATM reimbursements per month.
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