M1 Finance, the free, automated banking and investing platform, today announced M1 Spend, the checking account and debit card that enables customers to fully experience the best of digital money management. The new checking account and card will launch later this year.
The new functionality integrates seamlessly with the M1 app’s intuitive and fully customizable investment portfolios and flexible, low-cost line of credit to provide a convenient, all-in-one financial solution for everyone from beginners to more sophisticated investors.
“We continue to reevaluate and redefine the blueprint for modern day personal finance. Our innovative M1 app enables customers to invest and borrow and now, with M1 Spend, we are adding another essential component to seamless money management,” said M1 Finance CEO and founder Brian Barnes. “Based on customer feedback, what we are rolling out is one finance solution to empower customers to move money in and out of their various accounts without friction — something that, to date, has not been readily accessible in the marketplace. We believe that making money is the hard part. Managing it shouldn’t be.”
The average checking account balance has risen steadily, as noted by Marketwatch, over the past several years; however, idle cash could cause problems for consumers — losing value if not put to work. To combat this, M1 Spend allows consumers to more easily move cash to their investment portfolio. Even if they don't, they'll earn 1.5 percent APY compared to the national average of 0.06 percent for a checking account, according to Bankrate.
On top of direct deposit, automatic bill pay, and portfolio integration, customers can also upgrade to M1 Plus membership to unlock exclusive features and rewards. With M1 Plus, customers will gain early access to a premium tungsten debit card, earn 1.5 percent APY on the M1 Spend checking account, and get 1 percent cash back on all purchases made with the card. Customers, both existing and new, can pre-register for early access to the M1 Plus account starting today.
These rewards make it difficult for traditional U.S. checking accounts to compete with M1 Spend, which offers 25 times the national average APY and no requires minimum balance. Even compared to traditional savings accounts, M1 Spend checking boasts 17x the average APY.
Barnes added, “With M1 Spend, bona fide digital money management has finally arrived. What we are offering is an intuitive financial solution that provides comfort and ease of use to customers engaging with their personal finances. We are looking forward to working with our existing client base and welcoming new customers to our platform.”
M1 Finance has partnered with Iowa-based Lincoln Savings Bank*, Member FDIC, to offer M1 Spend. Visit www.m1finance.com/spend to learn more about the Spend program and early enrollment in M1 Plus.
*Banking funds are held by Lincoln Savings Bank, Member FDIC. Deposits may be insured up to $250,000.
**Regular price for M1 Plus membership is $125 per year. M1 Plus rate is discounted to $50 for early enrollment period. Billed annually.
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