Learn how to open a Joint High-Yield Cash Account at M1, how joint account ownership and permissions work, and how to manage your account, deposits, withdrawals, and statements. This guide also explains legal considerations, FDIC insurance, closure procedures, and what both account holders need to know.
What is a Joint High-Yield Cash Account?
An M1 Joint High-Yield Cash Account allows two eligible individuals to share ownership of a single interest-bearing cash account. Joint accounts can help couples, partners, or family members manage shared savings and finances efficiently within M1.
Ownership structure
M1 Joint Cash Accounts are typically opened as “Joint Tenants with Right of Survivorship” (JTWROS). This means both account holders share equal ownership. If one account holder passes away, their share passes automatically to the remaining account holder.
How to open a Joint High-Yield Cash Account
In your M1 app or on M1.com, go to the Earn tab.
Select Add an account.
Choose Joint Cash Account.
Enter the requested information for yourself and the person you wish to invite.
Once you finish, M1 will send an invitation to the second individual’s email address.
How the invitation process works
The invited individual receives instructions by email and on their M1 Home screen or in their Earn tab.
They must complete identity verification and accept the invitation to activate the joint account.
Invitations expire after 30 days if not accepted. Either party can cancel the invitation before acceptance by contacting M1 Client Success.
Note: The invited person does NOT need to have existing access to open a Cash Account directly in their own M1 profile—they can still be invited and accept.
How do joint accounts function after creation?
Access and permissions
After setup, both account holders have equal access and full account privileges. Each person can:
View account balance and transactions
Initiate deposits and withdrawals (subject to M1’s security protocols)
View and download statements and tax documents
Change account settings (such as linked bank information)
Close the account (usually requires consent of both parties)
Account statements and tax reporting
Both account holders will have access to monthly statements and, at year-end, proper tax documents (1099-INT for interest earned). Taxpayer information for the primary account holder may be reported to the IRS.
Deposits and withdrawals
Either co-owner may:
Initiate transfers into the account from their own linked external bank
Withdraw funds to a linked bank
All transactions are visible to both owners, and both are responsible for all account activity
FDIC Insurance
M1 Cash Accounts offer up to $4.75 million in FDIC** insurance through a deposit network. See all participating banks here.
Managing and using a Joint Cash Account
Account management
Both owners can access and manage the joint account online or on mobile, making it easy to share saving or spending responsibilities.
Notifications
Both parties receive account alerts and updates through the M1 platform.
How to close a Joint High-Yield Cash Account or remove an owner
Closure
To close a joint account, typically both account holders must request the closure. Contact M1 Client Success to initiate the process.
Removing an owner
Removing one owner requires closing the current account and opening a new single or joint account if desired.
Legal considerations
Both account holders have full rights to all funds in the account.
Either party can access, deposit, or withdraw the full account balance at any time.
In the event of the death of one owner, the surviving account holder assumes sole ownership of the account and its funds per the right of survivorship.
Ownership details may affect how interest income and withdrawals are reported for tax purposes.
Frequently asked questions
Can I convert an individual account to a joint account?
No; you must open a new Joint High-Yield Cash Account and invite the co-owner.
What happens if the invitation isn’t accepted?
If not accepted within 30 days, the invitation expires. Either party may cancel before acceptance.
Can both owners add and withdraw money?
Yes—both owners have full access to deposit and withdraw funds, subject to account security.
Where do I find statements and tax information?
Both owners access statements and tax forms in the Documents section of their M1 account.
What happens if the relationship between owners changes?
Either party can request the account be closed. Funds are distributed based on the final balance and both parties’ agreement.
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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