M1 Launches High-Yield Savings Account with 5.00% APY
M1, the finance app offering automated investing, borrowing, and banking products, has launched the M1 High-Yield Savings Account with 5.00% APY. M1’s new account immediately becomes one of the highest-yielding savings accounts available, but it also comes with a fee.
The M1 High-Yield Savings Account is insured up to $5 million, providing a materially higher level of protection than most competing financial institutions that only meet the standard level of FDIC insurance of $250,000. The savings account has no minimum deposit requirement and no cap on a user’s interest-generating account balance.
With the launch of the M1 High-Yield Savings Account, M1 is offering three free months of M1 Plus for all users. Current M1 Plus members will see three free months added to the end of their subscription. When it’s time to renew, membership pricing will resume at the regular rate of $10/month or $95 per year.
If you are not a M1 Plus member, then you will earn an interest rate of 1.50% APY. You can check out this list of the best interest rates available this month, and earn up to 5.07% APY with savings accounts and 5.65% APY with CDs.
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