M1 Announces High-Yield Savings Account with 4.50% APY

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M1 High-Yield Savings Account, available in early 2023, will be an FDIC-insured savings account2.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, November 14, 2022
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Tags: 
Personal Finance, Finance, Banking, Professional Services, Fintech, Crypto, Spend, NA, Partnership, APY, FDIC, Savings account, Low-cost carrier, First National Bank, Bank, M1, Investopedia
Geotags: 
ILLINOIS, UNITED STATES, NORTH AMERICA
Organisation: 
M1
Summary
Key Points: 
  • M1 High-Yield Savings Account, available in early 2023, will be an FDIC-insured savings account2.
  • The base rate for the savings account will be 0.50% APY, and M1 clients with an active M1 Plus membership will earn 4.50% APY.
  • Current and prospective M1 clients can sign up for more information on the M1 High-Yield Savings Account directly on M1.com starting November 14, 2022.
  • The M1 High-Yield Savings Account is the latest addition to our automated, integrated and expanding offering, said Brian Barnes, M1 CEO and Founder.


M1, the finance app offering automated investing, borrowing, and banking products, today announced the newest addition to its suite of banking products, the M1 High-Yield Savings Account with 4.50% APY1.

M1 High-Yield Savings Account, available in early 2023, will be an FDIC-insured savings account2. The base rate for the savings account will be 0.50% APY, and M1 clients with an active M1 Plus membership will earn 4.50% APY. There will be no minimum balance requirements or maximum balance caps for the M1 High-Yield Savings Account.

Current and prospective M1 clients can sign up for more information on the M1 High-Yield Savings Account directly on M1.com starting November 14, 2022.

“At M1, we’ve built a suite of products that help people grow their assets, automate their finances, and manage their wealth. The M1 High-Yield Savings Account is the latest addition to our automated, integrated and expanding offering,” said Brian Barnes, M1 CEO and Founder. “Our mission is to support long-term investors, savers, and those who consistently practice smart financial habits. Ensuring that your uninvested cash is growing in a high-yield savings account is a critical part of any long-term financial plan, and we’re proud to put a stake in the ground today and ensure that M1 Plus members will have one of the best rates in the market in 2023.”

M1 High-Yield Savings Account is a direct result of the first partnership between M1 and B2 Bank National Association, Member FDIC, the bank formerly known as First National Bank of Buhl that Brian Barnes personally purchased in July 2021.

This announcement follows the launch of M1 Crypto earlier this year and is part of M1’s strategy of creating automated personal finance infrastructure to help people maximize their money, whether they are investing, borrowing, spending or saving.

About M1

M1 is a self-directed platform that helps people maximize their money through automated tools, services, and topflight rates. With more than $5.5 billion in assets under management, M1 helps hundreds of thousands of people invest for the long run, borrow for less, spend strategically, and save for their future. M1 was named 2022 Best for Low Costs and 2022 Best for Sophisticated Investors by Investopedia.

Learn more at www.m1.com.

1Obtaining stated APY (annual percentage yield) or opening an account does not require a minimum account balance. Stated APY is valid from date of account opening. Account fees may reduce earnings. Variable APY rate subject to paid M1 Plus subscription.

Stated APY (annual percentage yield) is subject to change prior to product launch due to changing federal funds rate.

2This offering, in partnership with B2 Bank National Association, Member FDIC, is available only through the M1 app.

M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 is not a bank. M1 Savings Accounts are furnished by B2 Bank, NA, Member FDIC.

M1 Plus is an 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.

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