We are no longer opening new M1 Checking Accounts. All existing M1 Checking accounts will be closed on October 31st, 2023. Please view our account closure checklist for details on the steps to take for a seamless account closure process.
Why aren’t you accepting M1 Checking applications anymore?
M1 is shifting focus to delivering the M1 High-Yield Savings Account and its upcoming features. We look forward to providing your banking needs through our partner B2 Bank NA, Member FDIC.
When will I be able to open an M1 High-Yield Savings Account?
We are temporarily pausing new M1 High-Yield Savings Accounts from being opened at this time. Additional availability is coming soon, we’ll email you when you can get started.
How do I transfer my funds from my M1 Checking Account to an M1 High-Yield Savings Account?
Once you open your M1 Savings Account, you can initiate a transfer from the app or web.
- Navigate to the “Move Money” button and select “One-time cash transfer”
- In the “From” dropdown select your Checking Account
- In the “To” dropdown select your Savings Account
- Choose your transfer amount and confirm.
Your transfer will complete in minutes!
What’s happening to my M1 Spend Checking Account?
Your Checking Account and debit card are still fully functional. However, starting July 1st, 2023, your M1 Spend Checking Account will no longer earn interest.
M1 Plus members will continue to earn 1% cash back on qualifying debit card purchases, 4 ATM fee
reimbursements, and international fee reimbursements on their card until October 15th, 2023.
All accounts will be closed on October 31st, 2023.
Why are you closing the M1 Spend Checking Account?
There are two primary reasons for this change:
1. M1 is moving the foundations of our platform onto our permanent infrastructure to build better, more integrated products for you.
For the Invest business, this means moving to self-clearing, which many of you have received communications about recently. For the banking side of house, this means consolidating our sponsor bank relationships with B2 Bank, NA**, Member FDIC** (formerly First National Bank of Buhl, NA), the bank underlying our recently released High-Yield Savings Account. Making these moves puts M1 on solid long-term footing and unlocks our ability to make faster improvements to financial products for you.
2. We aim to simplify your financial lives
With the suspension of savings account withdrawal limits in Regulation D in 2020, there are fewer differences between checking and savings accounts and the legacy need for a modern digital banking customer to manage separate account types has begun to fade. While the newly released M1 High-Yield Savings Account does not offer many checking-like features today, we plan to add the features to our HYSA which are most important to you over the coming months. We’ll aim to have as many available on the HYSA as we can by the time the Checking Account sunsets.
As a reminder – M1 Checking Accounts and the associated debit cards will continue to function as they do now until late October, and you will receive additional communications on exact timing and what to expect as it gets closer.
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.
*Obtaining 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.
M1 is not a bank. M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 Checking Accounts furnished by Lincoln Savings Bank, Member FDIC. M1 Visa® Debit Card is issued by Lincoln Savings Bank, Member FDIC.
Lincoln Savings Bank utilizes a deposit network service, which means that at any given time, all, none, or a portion of the funds in your M1 Checking accounts may be placed into and held beneficially in your name at other depository institutions which are insured by the Federal Deposit Insurance Corporation (FDIC). For a complete list of other depository institutions where funds may be placed, please visit https://www.cambr.com/bank-list. Balances moved to network banks are eligible for FDIC insurance once the funds arrive at a network bank. To learn more about pass-through deposit insurance applicable to your account, please see the Account Documentation. Additional information on FDIC insurance can be found at https://www.fdic.gov/resources/deposit-insurance/.
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