Learn how to open an M1 High-Yield Cash Account (individual or joint), including step-by-step instructions for web and mobile, what to expect after you apply, initial funding information, and troubleshooting help.
How to open a High-Yield Cash Account
Web
Log in at M1.com.
Go to the Earn tab.
Click Add an account.
Choose Individual Cash Account or Joint Cash Account.
Complete the application form, including your personal details and verification information.
If opening a joint account, enter the email address of the person you’re inviting.
Review and agree to the terms, then submit your application.
Mobile
Open the M1 app and log in.
Tap the Earn tab at the bottom.
Tap Add an account.
Select either an Individual Cash Account or a Joint Cash Account.
Follow the prompts to enter your details, attach any required documents, and complete identity verification.
For joint accounts, enter the invitee’s email address.
Submit your application after review.
Note: If you do not already have an M1 Investment Account, a basic investment account will be created for you during the Cash Account setup. You do not need to fund or use this investment account if you only want the Cash Account.
Joint Cash Account invitations
If you select a Joint Cash Account, an invitation will be sent to your co-owner’s email and will also appear on their Home screen and Earn tab.
The invited individual must follow prompts to verify their identity and accept the invitation.
If the invitation is not accepted within 30 days, it is automatically cancelled. Either party can cancel a pending invitation by contacting M1 Client Success.
Initial funding requirements
There is no minimum opening deposit required for M1 High-Yield Cash Accounts.
Once your account is open and verified, you may add funds by linking an external bank and making a transfer.
What happens after submission?
You’ll receive a confirmation email once your application is approved.
Your new Cash Account will appear in your Earn tab and dashboard where you can begin managing deposits, withdrawals, and earn high-yield interest.
For joint accounts, full access is granted once the co-owner accepts the invitation and passes verification.
Frequently asked questions
Do I need to fund my investment account to open a Cash Account?
No, but you do need to have an M1 Investment Account (which will be automatically created if you don’t have one).
What if I want to remove or change my co-owner?
You will need to close the joint account and open a new one with the desired co-owner.
Are Cash Accounts FDIC insured?
Yes, M1 Cash Accounts offer up to $4.75 million in FDIC** insurance through a deposit network. See all participating banks here.
M1 High-Yield Cash Account(s) is an investment product offered by M1 Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. The purpose of this account is to invest in securities, and an open M1 Investment account is required to participate in the M1 High-Yield Cash Account. All investing involves risk, including the risk of losing the money you invest.
This content was generated using artificial intelligence and is intended for informational and educational purposes only. While reasonable efforts are made to ensure accuracy, AI-generated outputs may omit key context; and should not be construed as financial, investment, legal, or tax advice. Users should independently verify all information and consult a qualified professional before making any financial decisions.
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