Skip to content
M1 Logo
  • SaveExpand
    • An FDIC-insured savings account with industry leading 5.00% APY1.

      Savings

      High-Yield Savings Account

      More about High-Yield Savings Accounts with M1

      Higher yields with M1 Plus

      Account safeguarding

      Savings FAQs

  • SpendExpand
    • Maximize everyday finances with tiered credit card rewards.

      Checking

      M1 Spend

      Credit

      Owner’s Rewards Card

      More about everyday finances with M1

      Automate your transfers

      Higher yields with M1 Plus

      What are Owner’s Rewards?

      Account safeguarding

      More about credit at M1

      What are Owner’s Rewards?

      Higher cash back with M1 Plus

  • InvestExpand
    • Flexible, customizable,
      and automated.
      Intelligently invest your way, commission-free.

      Brokerage accounts

      Individual

      Joint

      Custodial

      Retirement Accounts

      Traditional IRA

      Roth IRA

      SEP IRA

      Other accounts

      Crypto

      Trust

      More about investing at M1

      Transfer investments to M1

      How M1 Pies work

      Automate your investing

      Borrow against your account

      Account safeguarding

  • BorrowExpand
    • Borrow against your qualifying investments or from us with low rates for qualified borrowers.

      Portfolio lines of credit

      Margin Loans

      Loans

      Personal Loans

      More about Margin Loans at M1

      What’s a margin loan?

      What can you use one for?

      M1 Plus lowers your interest rate

      Maintenance calls

      Margin loans differ from personal loans

      More about Personal Loans at M1

      Personal loan eligibility

      Does applying for a personal loan affect my credit?

      When will I receive my funds?

      M1 Plus lowers your APR

  • PlusExpand
    • Membership
  • ResourcesExpand
    • Help Center
    • Contact Us
    • Blog
    • Referral Program
    • Knowledge Bank
  • AboutExpand
    • Our Mission
    • Our Team
    • M1 Milestones
    • Careers
    • Press
  • Log in
Get started

M1 Logo
Blog Home Team and Culture Investing Banking Planning Wellness Insights M1
Search
M1 Blog > Banking

M1 Launches High-Yield Savings Account

M1 Team May 9, 2023
Twitter logo  Reddit logo Linkedin logo Copy link icon
M1 High-Yield Savings Accoung

The wait is over.

As of today, we’re starting rollout of the M1 High-Yield Savings Account to existing M1 users.  

And we’re excited to announce that the M1 High-Yield Savings Account will have 5.00% APY1 for M1 Plus members and be FDIC-insured for up to $5 million* in coverage. 

5.00% APY1, an industry-leading rate

At 5.00% APY1, M1 Plus clients are getting an industry-leading rate. The M1 High-Yield Savings Account offers nearly 13 times the national average2, and it far exceeds rates at major financial institutions like Chase and Bank of America, where rates can be as low as 0.01%.3 

Use our savings calculator below to estimate how much you’ll earn with the M1 High-Yield Savings Account.

$5 million in FDIC insurance coverage

Your cash is protected at M1. The new M1 High-Yield Savings Account is insured for up to $5 million*. 

Here’s how it works: Our partner bank, B2 Bank NA, Member FDIC, provides FDIC coverage over $250,000 through its Insured Deposit Network Program involving other FDIC-insured depository institutions. You don’t need to do a thing and you’ll have FDIC coverage up to $5 million.  

The M1 High-Yield Savings Account could help you save more

At M1, we believe the best way to build and manage wealth is by thinking long-term and consistently practicing smart financial habits. By announcing a savings account with one of the highest interest rates on the market— a designation we hope to maintain even as rates fluctuate— we’re taking another step toward being the best place to save money.   

The M1 High-Yield Savings Account is designed to help you reach your savings goals, fast. 

Create an emergency fund

Many financial experts recommend having an emergency fund to cover unexpected expenses such as medical bills, car repairs, or job loss. The M1 High-Yield Savings Account can be a great place to stash your emergency fund, as it offers a high interest rate while keeping your money easily accessible. 

Meet your short-term savings goals

If you have a specific savings goal in mind that you’d like to achieve within a year or two, the M1 High-Yield Savings Account can help you get there. Because it grows faster than a traditional savings account, the M1 High-Yield Savings Account can bring your goals that much closer to reality. 

Save for a large purchase

Whether you’re saving for a dream vacation or a down payment on a house, the M1 High-Yield Savings Account’s industry-leading rate means you’ll be able to afford more of what you need when the time comes. You deserve the best, so why not save with one of the best rates? 

Build long-term wealth

If you’re looking to build long-term wealth, the M1 High-Yield Savings Account can be a good place to start. Because bank accounts aren’t affected by volatility the way brokerage accounts are, the M1 High-Yield Savings Account offers a low-risk way to earn a guaranteed return on your money. In some quarters, the 5.00% APY1 might even beat the market. 

Use the M1 High-Yield Savings calculator below to see how much you’ll earn. 

The M1 bottom line

With M1,    

  • If you save, your money will earn a market-leading interest rate;    
  • If you spend using our credit card4, you will earn rich cash back rewards—between 2.5% and 10% at over 70 of the most popular retailers and brands and 1.5% on everything else;  
  • If you invest, all your deposits will go to work in a diversified portfolio of your choosing for free, and   
  • If you borrow, you will get low rates and flexible terms.   

M1 lets you maximize your money no matter how you prefer to go about it.  

Learn more about the M1 High-Yield Savings Account. 


Disclosures:

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. 

*B2 Bank is a member FDIC institution and does not itself provide more than $250,000 of FDIC insurance per legal category of account ownership as described in FDIC regulations. Additional FDIC insurance coverage is provided through B2’s Insured Deposit Network Program involving other FDIC insured depository institutions. Deposits may be insured up to $5,000,000 through B2’s Insured Deposit Network Program. Full terms of the Program can be found at m1.com/legal/agreements/HYSA_Agreement and a complete list of participating banks in the program can be found at m1.com/legal/agreements/depositnetwork 

1Obtaining 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. 

2Based on a 0.39% interest rate obtained from the FDIC on May 5, 2023. (Source: https://www.fdic.gov/resources/bankers/national-rates/index.html) 

3Sources: Chase interest rate: https://www.chase.com/personal/savings/savings-account/interest-rates 

Bank of America interest rate: https://www.bankofamerica.com/deposits/savings/savings-accounts/ 

41.5% – 10% Owner’s Rewards cash back earned on eligible purchases subject to a maximum of $200 cash back per calendar month. Cash back rates of 2.5% – 10% require an active M1 Plus subscription (billed at $95 annually or at $10 monthly).

20230508-2883892-9179217

  • Categories
  • Banking
  • Tags
  • high yield savings account

Please provide a valid email address.

More from Banking

  • HSAs

    HSAs: The hidden gem for retirement planning and potential wealth accumulation

    Jun 9, 2023

    If you have a high deductible health plan, consider saving and investing in a HSA.

  • cfpb complaints

    CFPB complaints are skyrocketing. Credit bureaus are to blame.

    May 19, 2023

    CFPB complaints are rising as consumers grow frustrated with the three major credit bureaus.

  • rate chasing

    Why rate chasing isn’t worth it

    Apr 19, 2023

    Rate chasing between high yield savings accounts several times may not be worth it. It may be worth it to simply pick one and move forward with it.

Check the background of M1 Finance LLC on FINRA's BrokerCheck


M1 logo
About
Careers Newsroom
Legal
Terms of Use Privacy Policy Agreements Disclosures Accessibility
Contact
Help Center Service Status Affiliates Press Inquiries
Twitter logo
LinkedIn logo
Instagram logo
Facebook logo
Download on the App Store
Get it on Google Play

By using this website, you accept our Terms of Use and Privacy Policy and acknowledge receipt of all disclosures in our Disclosure Library. All agreements are available in our Agreement Library. M1 relies on information from various sources believed to be reliable, including clients and third parties, but cannot guarantee the accuracy and completeness of that information.

M1 is a technology company offering a range of financial products and services. "M1" refers to M1 Holdings Inc., and its wholly-owned, separate affiliates M1 Finance LLC, M1 Spend LLC, and M1 Digital LLC. 

M1 Plus is a paid annual membership that confers benefits for products and services offered by M1 Finance LLC, M1 Spend LLC and M1 Digital LLC, each a separate, affiliated, and wholly-owned operating subsidiary of M1 Holdings Inc. "M1" refers to M1 Holdings Inc., and its affiliates.

All investing involves risk, including the risk of losing the money you invest. Past performance does not guarantee future performance. Using M1 Borrow’s margin account can add to these risks, and you should review our margin account risk disclosure before borrowing. Nothing in this informational site is an offer, solicitation of an offer, or advice to buy or sell any security and you are encouraged to consult your personal investment, legal, or tax advisors.

Brokerage products and services are not FDIC insured, no bank guarantee, and may lose value. Brokerage products and services are offered by M1 Finance LLC, an SEC registered broker-dealer, Member FINRA / SIPC.

Commission-free trading of stocks and ETFs refers to $0 commissions charged by M1 Finance LLC for self-directed brokerage accounts. Other fees may apply such as regulatory, M1 Plus membership, account closures and ADR fees. For complete list of fees, visit M1 Fee Schedule.


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 Personal Loans are furnished by B2 Bank NA, Member FDIC and Equal Opportunity Lender.


Credit Card not available for US Territory Residents. Review Cardholder Agreement and Rewards Terms for important information about the Owner’s Rewards Card by M1. The Owner’s Rewards Card by M1 is Powered by Deserve and issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.


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/.


M1 Digital LLC is a wholly separate affiliate of M1 Finance LLC, and neither are involved with the execution or custody of cryptocurrencies. Cryptocurrencies are not FDIC or SIPC insured. For relevant crypto disclosures and risks, visit Crypto Disclosures.


All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.

200 N LaSalle St., Ste. 800 Chicago, IL 60601

© Copyright 2023 M1 Holdings Inc.

  • Home
  • Save
    • An FDIC-insured savings account with industry leading 5.00% APY1.

      Savings

      High-Yield Savings Account

      More about High-Yield Savings Accounts with M1

      Higher yields with M1 Plus

      Account safeguarding

      Savings FAQs

  • Spend
    • Maximize everyday finances with tiered credit card rewards.

      Checking

      M1 Spend

      Credit

      Owner’s Rewards Card

      More about everyday finances with M1

      Automate your transfers

      Higher yields with M1 Plus

      What are Owner’s Rewards?

      Account safeguarding

      More about credit at M1

      What are Owner’s Rewards?

      Higher cash back with M1 Plus

  • Invest
    • Flexible, customizable,
      and automated.
      Intelligently invest your way, commission-free.

      Brokerage accounts

      Individual

      Joint

      Custodial

      Retirement Accounts

      Traditional IRA

      Roth IRA

      SEP IRA

      Other accounts

      Crypto

      Trust

      More about investing at M1

      Transfer investments to M1

      How M1 Pies work

      Automate your investing

      Borrow against your account

      Account safeguarding

  • Borrow
    • Borrow against your qualifying investments or from us with low rates for qualified borrowers.

      Portfolio lines of credit

      Margin Loans

      Loans

      Personal Loans

      More about Margin Loans at M1

      What’s a margin loan?

      What can you use one for?

      M1 Plus lowers your interest rate

      Maintenance calls

      Margin loans differ from personal loans

      More about Personal Loans at M1

      Personal loan eligibility

      Does applying for a personal loan affect my credit?

      When will I receive my funds?

      M1 Plus lowers your APR

  • Plus
    • Membership
  • Resources
    • Help Center
    • Contact Us
    • Blog
    • Referral Program
    • Knowledge Bank
  • About
    • Our Mission
    • Our Team
    • M1 Milestones
    • Careers
    • Press
Get Started
Login

Search