M1 Spend Review 2022 | 10% Cash Back Rewards Card

The M1 spend feature from M1 finance 
is a fully mobile checking account  
that blends two of my favorite things in 
the world which would be digital banking  
and automated investing. So today let’s look 
at everything that M1 spend has to offer  
and help you decide if this is a good financial 
tool for you. Alright, let’s jump right into it.  
What is going on everyone I hope you are all 
having a fantastic day. So I’ve briefly talked  
about M1 finance and specifically their 
investing platforms in the past but more  
recently they launched their M1 spend feature 
that, as I just mentioned, blends their already  
robust investing tools with a checking account. 
This product has a ton of amazing features but  
before we get to those I do want to clarify 
that this video is not sponsored by M1 finance  
however there is an affiliate link down in 
the description if you do decide to sign up  
and you’ll help support my channel which I 
really appreciate! There will also be some  
legal clarifications throughout the video just 
so I don’t have to bore you to death reading that  
but as always this will be the open and honest 
review you’ve come to expect. But enough about  
all of that let’s

get into the features. So, this 
product is broken down into two major categories  
which would be M1 spend checking as well as M1 
spend credit. Both are easily accessible under  
the M1 spend menu and offer different benefits 
which we’ll compare in the second but let’s  
start off with the M1 spend checking feature. So 
obviously this is going to work in a similar way  
to any other checking account where you’re going 
to have a visa debit card that you can use to  
make purchases anywhere that Visa is accepted. But 
despite the fact that this is a checking account  
that traditionally offers no interest rate at all, 
M1 plus members are going to earn 1% APY on their  
M1 Spend Plus checking account as well as 1% cash 
back on purchases made with your visa debit card.  
I’ll get more into what exactly M1 plus is later 
on in the video but I will just mention now that  
this usually has an annual fee of $125 but right 
now M1 one finance is actually waiving that fee  
for the first year meaning you can try out all 
of those premium benefits for an entire year for  
completely free plus the $95 annual fee for the 
M1 spend credit card is also waived for the first  
year if you are in M1 plus member so needless to 
say if you’re going to give this platform a shot  
then you’ll definitely want to sign up for M1 
plus. Again more on that in a second but going  
back to the checking account you also have the 
ability to send checks and schedule one time  
or recurring paper checks from the M1 app and as 
we’ve all come to love, you can get your paycheck  
up to two days early with early direct deposit 
which I will mention does come with the standard  
checking account if you do not opt for the M1 
plus membership. This account also has no minimum  
balance requirements, gives you one ATM fee 
reimbursement each month or four reimbursements  
each month with M1 plus, and is FDIC insured up 
to $250,000. Now I will mention that there is  
an international fee of 0.8 to 1% depending on 
where you’re at but this fee is reimbursed if  
you have M1 plus so as you’re probably picking 
up on, M1 plus is definitely worth it. Alright  
but moving on to the Owner’s Rewards Card by M1 
which is powered by Deserve, this product allows  
you to earn between 1.5%-10% cash back up to $200 
back per month on a number of different popular  
brands. Obviously, you’re not going to earn 10% 
back at all of those brands as nice as that would  
be but there are over 70 popular brands where you 
will earn 2.5%, 5%, or 10% cash back plus you get  
1.5% cash back on all other purchases which is 
fairly competitive. But perhaps the biggest and  
most unique advantage of the M1 spent credit card 
is the ability to automatically reinvest your cash  
back into your portfolio using M1 automation. 
You all know that I am a huge fan of automating  
your finances, especially on the investing side of 
things and M1 finance has had this feature locked  
down for a long time so the fact that they are so 
seamlessly integrating their different financial  
tools is really cool in my opinion. And the card 
looks really cool in my opinion and comes with the  
visa zero liability protection and the many 
benefits that come with visa signature.  
Again the M1 spend credit card usually has a 
$95 annual fee but if you are an M1 plus member  
that fee is waived for the first year giving you 
a full year to try it out which should be plenty  
of time to figure out whether or not it is a good 
financial tool for you. Alright, so we’ll circle  
back to the checking and credit products in a 
second but I’ve mentioned it a million times  
so I feel like I should clarify what exactly your 
M1 plus membership is. Essentially this is just  
the premium version of the M1 finance platform 
and I’ll say from the start that in my opinion  
if you are going to use M1 finance and the various 
financial tools that they offer then becoming an  
M1 plus member is kind of a no brainer and 
will probably save you money in the long term.  
The reason I say that is because of the many 
advantages that it offers such as extended  
trading windows, smart transfers and custodial 
accounts on the investing side of things, reduced  
interest rates on M1 borrow products, increased 
APY and cash back on the checking products as we  
talked about earlier as well as the elimination of 
international transaction fees, and four monthly  
ATM fee reimbursements, plus the substantial 
increase in cash back on your M1 spend credit  
card, the ability to reinvest your rewards, and 
the many benefits that come with visa signature.  
I know that that was a lot to take in at once but 
remember that currently you can become an M1 plus  
member and have your first-year fee of $125 waived 
plus they will waive the $95 fee for the M1 spend  
credit card which basically means that you’re 
getting an over $200 value right from the start by  
joining M1 plus. Alright so with all of that stuff 
in mind what do I think of the M1 spend account  
and how does it stack up against similar options 
on the market. Well for starters I’ll say that  
as I mentioned earlier if you’re going to use M1 
finance as a whole then I highly recommend that  
you sign up for M1 plus for all the reasons that 
I just mentioned and looking at it through that  
lens, this account offers some really competitive 
features. 1% APY isn’t anything mind-blowing but  
the fact that this is on a checking account is 
very competitive plus unlimited 1% cash back on  
a debit card is also incredibly rare on the market 
today. We’ve all become accustomed to the features  
of early direct deposit and no minimum balance 
requirements and all of that good stuff but you  
all know that I am always a fan of a financial 
platform that blends different financial tools  
from banking to investing to borrowing all under 
1 app and I think that M1 spend really fills the  
final void that was existing within the M1 finance 
platform. The credit card really takes that to the  
next level and the fact that you were able to 
easily have your investing, borrowing, banking,  
and credit card all linked together gets a huge 
thumbs up from me and will probably save you a ton  
of time and headaches if you decide to make this 
your main financial tool. I would like to see them  
add a more robust ATM network like Allpoint or 
MoneyPass, but to be completely honest, I couldn’t  
tell you the last time that I personally used an 
ATM or used cash for anything so the fact that you  
do get those ATM reimbursements each month is at 
least enough for me in the off chance that I do  
need to withdraw cash. I have got nothing but good 
things to say when it comes to the M1 finance app  
and considering how popular this platform is 
it’s no surprise that the app is incredibly well  
designed, easy to learn, but still gives you a 
robust and in-depth understanding of your various  
financial metrics. And I feel like it’s worth 
mentioning here that the M1 finance investing  
platform has been an industry leader for a long 
time with commission-free investing on over 6000  
stocks and ETF’s including the ability to invest 
in fractional shares plus fully customizable,  
pre-made, and automated portfolios to meet the 
needs of every investor across the board so  
the fact that they have such a robust investing 
tool and are now adding in features from other  
aspects of personal finance is really nice since 
similar companies who have multiple financial  
tools under one app typically excel in one area 
but other aspects like investing may feel like  
an afterthought. So this probably doesn’t come as 
a surprise considering I am a huge fan of having  
all of my finances under one platform but the M1 
spend account definitely gets a thumbs up from me  
but as always that’s just my opinion and I’d love 
to know what you think of this platform down in  
the comment section below. Remember if you do 
want to sign up for M1 spend I will leave a link  
in the description below where you can sign up and 
help support my channel which I really appreciate.  
If you did get value out of this content and 
you want to help support me the easiest way  
to do that is by checking out M1 finance 
and letting me know what you think of it  
down in the comments section and of course 
by hitting the like button and subscribing  
to the channel for more content like this 
in the future. As always thank you so much  
for your time I really do appreciate it so much 
take it easy and I’ll see you in the next one!

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