M1 Finance IRA Promotion: $4,000 Cash Bonus

2021 M1 Finance IRA (ROTH, Sep, Simple, Rollover, Traditional) promotions, cash bonuses, special offers for opening new brokerage or IRA accounts.

M1 Finance IRA Promotion

Open M1 Finance Account

Overview of M1 Finance

If you have an account at M1 Finance, or are a beginner investor thinking about opening one, you definitely want to take advantage of all the resources that are available to you. The brokerage firm has several features you may not be aware of. Here are some of the highlights:

M1 Spend

On top of investments services, M1 Finance also offers some beneficial cash management tools. Called M1 Spend, the service comes with a free debit card (but no checks). Because this is essentially a checking account, FDIC insurance is a standard feature (through Lincoln Savings Bank).

M1 Finance IRA Promotion

There is no annual or monthly fee for the Spend account, although it pays no interest. The Spend account integrates with an M1 investment account, and the brokerage firm reimburses one ATM fee per month.

M1 Spend Plus

For $125 per annum, you can upgrade an M1 Spend account to an M1 Spend Plus account. In return, you get 1% cash back on all purchases with the debit card (the regular account has no cash back program). The Plus account also earns 1% APY. Another perk is four ATM fee rebates per month instead of just one.

M1 Borrow

On top of saving, it’s also possible to borrow money at M1 Finance. The broker automatically gives every taxable brokerage account with an invested balance above $10,000 a margin line of credit. Notice that we said invested balance. The ten grand can’t be sitting in cash. And notice that we also said taxable account. IRA’s aren’t eligible for the program.

M1 Review

Borrowed funds can be easily transferred to an external bank account or to an M1 Spend account. Funds can be used to pay for almost anything, including debt at a higher interest. This could be a really good idea because M1’s current interest rate is only 3.5%. Plus customers pay only 2%.

M1 Borrow has a maximum loan value of 35% of a portfolio’s value. That’s a little lower than the 50% we would normally expect from a margin account. On the flip side, there is no payment schedule for a loan through M1. To pay back a loan, you simply need to log into your M1 Finance account and make a one-time payment of any amount. It’s also possible to establish periodic payments.

The one exception is if you borrow the maximum amount and then your portfolio declines in value. In this situation, you’ll get a maintenance call.

Whole-Dollar Investing

Fractional-share trading is becoming more popular nowadays. M1 Finance was way ahead of the curve on this one, offering whole-dollar investing from the beginning of its existence. Here’s how it works:

M1 customers select from investments called Pies. These are assemblages of stocks and ETFs that have various themes, like income and hedge funds. To make a purchase, you just add a Pie to your portfolio with its target percentage, and then add a whole-dollar investment to the portfolio.

For example, let’s say you want to invest in four Pies. You add these to your M1 portfolio with target percentages of 25% each, which adds up to 100%. You could also have two Pies at 30% and two others at 20%. This would also add up to 100%. You can use whatever percentages you want as long as the total adds up to 100%. Then, just add money to your portfolio in whole-dollar amounts.

M1 Finance IRA Promotion

Open M1 Finance Account