Would you like to learn about all the features of the M1savings account? Responsible Economy has analyzed the fees, requirements, yields, and conditions offered by M1 in their savings account. We have also included a comparison with the top savings accounts available in the United States, along with an explanatory video.
Explanatory video
We’ve created a video that provides a simple summary of all the features of the M1 savings account. If you enjoy our content, please consider supporting us by subscribing to receive daily videos:
Features
In this section, you will find a comprehensive overview of the features of the Ally savings account.
Interest rate
The interest rate is a crucial aspect of any savings account. M1offers an impressive APY (Annual Percentage Yield) of 5.00%, which is one of the highest rates available for savings accounts in the United States.
Fees
Understanding the fees is essential, as they can impact your overall returns. M1 offers an online savings account with no opening fees and no monthly maintenance fees.
Minimum deposit
There is no minimum deposit required to open the savings account.
ATMs
M1 does not have ATMs or branches in the United States.
Deposit funds
You can deposit funds into the M1 savings account by making bank transfers or you can also mail a check.
Summary table
We have created a summary table with all the features of the M1 savings account.
| Features | Description |
|---|---|
| Interest Rate | 5% APY |
| Fees | 0$ |
| Minimum Deposit | 0$ |
| ATMs | None |
Best savings accounts 2023
We have compared the M1 savings account with the best savings accounts available in the United States. We highlight the key characteristics of each savings account.
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Video with the best savings accounts
We also have made a video with the best savings accounts:
Pros and cons
Now that we’ve covered all the features of the M1 savings account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing the advantages and disadvantages:
| Pros | Cons |
|---|---|
| High yields (5% APY) | No branches in the United States |
| No fees | |
| No minimum balance |
Requirements
Opening a savings account is simple, as long as you meet the following requirements:
- Must be over 18 years old
- Live in the United States
- Have an American phone
Documentation
You may also be asked to provide the following documentation:
- Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
- Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
- Your signed Client Agreement.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
Based on our thorough review, we have concluded that M1 offers one of the top savings accounts available in the United States. With its competitive interest rate, absence of fees, and no minimum deposit requirement, M1 provides exceptional advantages for savers. However, it is important to mention that M1 does not have physical branches or ATMs.
More information about M1
Here you have interest information about M1:
| Information | Description |
|---|---|
| Website | https://m1.com/save/high-yield-savings-accounts/ |
| https://www.facebook.com/m1finance/ | |
| https://twitter.com/M1Finance | |
| https://www.linkedin.com/company/m1-finance/ |
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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