Why is M1 offering High-Yield Cash Accounts?
M1 High-Yield Cash Accounts help broaden access to 3.10% APY* on cash deposits, with FDIC* coverage up to $4.75 million through a network of participating banks. While High-Yield Savings Accounts remain part of M1’s offering, the Cash Account gives more clients an opportunity to benefit from these features.
Why can’t I open a new M1 High-Yield Savings Account right now?
At this time, M1 has paused the opening of new High-Yield Savings Accounts. We’re continuing to support existing accounts.
The M1 High-Yield Cash Account offers another way to earn 3.10% APY** on your uninvested cash.
Is M1 planning to close Savings Accounts?
No, M1 High-Yield Savings Accounts aren’t going anywhere.
What is B2 Bank and how does it relate to M1?
B2 Bank National Association (B2), Member FDIC, formerly known as The First National Bank of Buhl, is a nationally chartered bank purchased by our CEO in the fall of 2021.
B2 Bank is M1’s national banking partner supporting the M1 Cash Sweep Program. M1 partners with B2 to transfer your Program Deposits from your Cash Account to FDIC-insured accounts at participating banks.
Is my money safe in an M1 High-Yield Cash Account?
M1 Cash Accounts offer FDIC insurance coverage up to $4.75 million through a network of participating banks.
For a current list of participating banks, visit Cash Account Deposit Network.
Does the cash in my M1 investment account earn interest?
No. Cash balances in M1 Individual Accounts, Joint Accounts, IRAs, Trusts, and Custodial Accounts do not earn interest.
How is interest calculated for the M1 High-Yield Cash Account?
Interest is calculated using the daily balance method. A daily periodic rate is applied to the principal in your account each day. Interest is compounded and credited monthly.
The M1 High-Yield Cash Account interest rate and annual percentage yield may change at any time.
Note: Interest accrual begins on the business day your deposit has been successfully completed, and the deposited funds are available for your use, transfer or withdrawal.
How many accounts can I open?
You may open up to 4 Individual Cash Accounts and 1 Joint Cash Account per user.
What happens if I close my M1 High-Yield Cash Account before receiving an interest credit?
If your Cash Account is closed before your monthly interest credit date, any accrued interest will be credited to your linked external bank account at the end of the month your account was closed.
Interest is compounded and credited to your account monthly. The M1 High-Yield Cash Account interest rate and annual percentage yield are subject to change.
What are the transfer limits for the M1 High-Yield Cash Account?
There are no limits on the number of transfers.
The daily ACH transfer limit is $120,000.
To transfer more than $120,000 in a single day, you may create a wire transfer.
How do I complete a wire transfer into my M1 High-Yield Cash Account?
Use the following details to send a wire transfer into your Cash Account:
Receiving bank: United Banker’s Bank
Bank address: 1650 W 82nd Street, Suite 1500, Bloomington, MN 55431
ABA: 091001322
Beneficiary name: B2 Bank
Beneficiary address: PO Box 706, Buhl, MN 55713
Beneficiary account: 2501864
Memo: “Customer Full Name” - “Cash Account Number” - “Address”
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.
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.
*Stated APY (annual percentage yield) with the M1 High-Yield Cash Account is accrued on account balance. Obtaining stated APY requires a minimum initial deposit of $100. APY is solely determined by M1 Finance LLC and its partner banks, and will include administrative and account fees that may reduce earnings. Rates are subject to change without notice. M1 High-Yield Cash Account is a separate offering from, and not linked to, the M1 High Yield Savings Accounts offered by M1 Spend LLC’s banking partner. M1 is not a bank.
**The cash balance in your Cash Account is eligible for FDIC Insurance once it is swept to our partner banks and out of your brokerage account. Until the cash balance is swept to partner banks, the funds are held in a brokerage account and protected by SIPC insurance. Once funds are swept to a partner bank, they are no longer held in your brokerage account and are not protected by SIPC insurance. FDIC insurance is not provided until the funds participating in the sweep program leave your brokerage account and into the sweep program. FDIC insurance is applied at the customer profile level. Customers are responsible for monitoring their total assets at each of the sweep program banks. A complete list of participating program banks can be found here.
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