Should You Still Be Using M1 Finance In 2023? - M1 Finance Review
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- Опубліковано 20 чер 2024
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M1 Finance has added a lot of new features, but are they keeping up with the competition and do I still recommend investing at M1 Finance in 2023?
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0:00 - Intro
0:32 - The Basics of M1 Finance
3:06 - Owners Rewards Credit Card
4:20 - M1 Spend
5:19 - M1 High Yield Savings
5:51 - M1 Crypto
7:48 - M1 Plus
9:12 - M1 Invest
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#m1finance #brokerage #investingapps
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UPDATED 2024 Review & Big Changes Explained Here! - ua-cam.com/video/TO2A_D3loV8/v-deo.html
M1 is closing their checking account line...
@@James-gs2dz They're closing down the checking account and rolling all of its features into the HYSA
It is definitely not good for trading. I don’t think it allows you take advantage of market orders and best prices. However, the app is so simple that you won’t feel the urge to constantly liquidate your portfolio like Robinhood. I use it for long term investment.
It’s better than trading.. lmao 1% of traders are successful
Glad to hear it is still good for casual long term use. I am always worried it is so hands off I will end up missing something important.
Generally the more hands off you are the better you'll do! Most "important" pieces of news are only so in the very short term anyway
Only problem I have with the m1 credit card is the statements are not updated on the app fast enough. They just announced that they will no longer offer the m1 checking acct. The high yield savings is so much better especially since banks offer better checking accounts
They’ve said their plan is to integrate most of the features from the checking account into the HYSA, we’ll see how quickly they can actually get that done…
I love M1 🤑
can you invest in m1 finance without interest?
Buying stocks using the high yield savings account is not feasible. You have to withdraw the money, transfer it to your bank account, transfer it back to your M1 account, then buy the stock.
Damn the no joint checking account was a dealbreaker for my currently looking to switch all in to a new brokerage/bank. Possibly getting married in a few months and I'm planning ahead with things. I hope they add that in future.
They've said they plan to add it, but I haven't seen them say anything about how soon
Wait, that's how you're supposed to use M1 Finance? I been doing individual trades with it. I just been using the pies as areas to categorize my stock. I was just using a trade algorithm that I came up with while playing trading sim game. Patrician 2. Started at 5% earnings. Then had to make some adjustments cause real world is a bit different from game world. Then it became 12% and now it's 22%. Now I'm just getting into borrowing. To think I been using this in a way it was not intended for. 🤣
what do you have vs binance?
May I use it if I’m outside US? Which app may I use instead?
US only for now. Not sure what the best apps for someone outside the US would be
Thanks for this review. I honestly just used your link and downloaded it and will be funding my new account! Switching over from Betterment 😅
Awesome! Hope you enjoy M1!
Does it make a difference which to use 9.30 or 3.30 window?
Long term, not at all
Would TradingView be good to use with M1 when it comes to trading
No, M1 isn’t built for active trading
My Roth is with VANGUARD and their customer support is top tier , been thinking of moving my Roth to M1 though but I’m not really sure if thats a good idea
If you’re happy with Vanguard there’s probably no reason to change. But I’d you’re unhappy then I do think M1 is a good platform for an investor who just wants to add money to their investments & won’t tinker too much
Do you have your own personal pie for the Roth segment?@@JayFairbrother
I tried setting up the savings account for my M1 Finance. The routing number provided doesn’t stick on Workday. I ended up using the checking routing number that I found on their website. Is this how everyone’s able to do direct deposit for M1 savings?
The M1 CEO just posted this on reddit regarding that problem: "We have a list of all banks and vendors that do not recognize our routing number and are reaching out to them to update their list. Any help we could have from our userbase would accelerate this effort. We are looking to shorten this as a problem as this routing number is active and in good standing with the Federal Reserve, and all payment processors should be honoring it."
I'd put in a support ticket and let them know who isn't recognizing that number so they can be aware of it if they aren't already
Do you have a list of banks?
I’ve been using M1 for a little over a year now and love all the features and M1 Spend. Glad to hear about the savings account. Only wish they would offer the 529. Hopefully that will rolling out soon.
I have my Roth IRA with M1 finance not sure if I should remove it or leave it there
If you’re unhappy with M1, move it. If you’re not unhappy there’s no reason to move it
so would fidelity or m1 be better for long term because I was going to open up an roth ira but not too sure on which one would be better
I think M1 is better if you’re going to be keeping the same investments and want to “set it and forget it”. Fidelity will be better if you want to be more active or be more deliberate about when and what you buy
Fidelity would be better. M1 finance you can only withdraw 1 time a week .
@@jeffsupersaiyan who withdraws from their investment account multiple times a week?!
@@jeffsupersaiyan how many times you trying to withdraw from an ira?
@@JayFairbrother 😂
Are there any apps where you can't lose any of your principle investment?
No, any investment carry’s the risk of loss. The app has nothing to do with that
I love M1! I've been using m1 since i saw one of your other videos on them. Couldn't be happier with how easy they make it
Awesome! Glad to hear it!
I had begun a transfer into M1 and I received an email about fractional shares on ?money market???" $1 = 1 share. I decided to call and the agent actually did not understand what a money market account is. I began to explain that all brokerages have these and then I thought, "What am I doing? The agent does not know the most basic information about brokerages.
I decided to keep my money in a brokerage where agents actually have knowledge
I love M1. I’ve invested sooooo much money because it’s so fun. I love the almost daily dividends I get from owning all the Dow Jones and the Dividend Aristocrats. It has changed my life and my future! I love how the dividends go back into the losers. My Dow Jones pie is buying all the Dogs now which is more than awesome. I really couldn’t be happier.
I didn’t like that at first, but I agree. My dividends being reinvested into the underperforming slices of my pie is one of my favorite features
Is the strategy there to re-invest dividends into underperforming stocks because when they correct you are receiving maximum gains? And If that is correct, I am assuming you would set some sort of max min buying guidelines? I am researching M1, sorry for my ignorance.
Is auto reinvest available on regular M1 or is M1 Plus required for that?
Auto reinvest is a free feature
For some reason they never let me open an account.
Are you outside of the US? I think it’s still only for people in the US
Hi Jay,
Happy New Year!
Thanks for the the update on M1. I agree the fee version is still the star but new features are very good as well especially the high yield savings. Not to sure about the $195 yearly fee…lol. Keep up the great videos for 2023!
Yeah the $125/yr is only really worth it if you want to use all the other products. No need if you just want to invest!
Curious see a video in reference to if m1 spend and plus is worth it
@@ShawnKnutson I dont use M1 Spend myself so I can't talk too much more about that. I have M1+ but only renewed it from last year because they had a black friday deal where it was 1/2 price for a year. If you use M1 for all the things I talked about here it's worth it (or for the borrow rates). Otherwise it's probably a pass IMO.
Fair, would be interesting to see honest review comparing liquid products offered by M1 plus vs traditional bank.
can you at least do csp and cc?
No. There's no options trading on M1
Do you have to have M1 plus for the high yeild savings?
Yes, the high yield savings will only be for M1+ members ...at least as they first launch it
Wealthfront is free for savings tho… I get 4.8% currently and will likely go up by another .25 after the next Fed meeting
Kraken is still in business
Nothing about what competitors are doing. Misleading opening.
I had to cut it out because it ruined the flow of the video. I didn't think that was the info anyone would be watching the video for anyway.
The checking account with the debit card is garbage. Constant issues with the card not working and declining, deposited funds take forever to settle, their customer service for the checking account literally could never seem to fix anything. I just very recently closed the checking account. I only use the investing account now. Never had any issues with the investing account at all. The stock market brokerage account is literally the 1 and only thing keeping me from leaving M1.
I have a significant amount in M1. I also have accounts with other brokerage but the pie structure of M1 is nice.
I use M1 for all my index funds and I play around with some stocks on other brokers
You won’t have problems until you try to withdraw your “significantly amount of money” out of it.
@@marichanx Why do you say that?
Your not down now lol
Wait I just read that the debit card atm fee is not reimbursed if you don't use a Chase ATM. So you are out of luck if your city does not have Chase ATMs.
On the M1 Website? No...they're comparing themselves to Chase. They're saying M1 reimburses 4 ATM transactions per month, where with Chase you're out of luck on ATM fees unless you use a Chase ATM.
It is confusing how they have it listed though, I had to do a double take the first time I read it
@@JayFairbrother ok thanks. So any ATM will work from any bank or independent ATMs?
@@casrogue Any ATM is eligible as far as I understand it
Platform for buy and hold investors? Pssshhh I'm heading back over to Robinhood and Webull to yolo on some OTM GME calls
Robinhood horrible customer service
I didn’t know checking was giving over 3% interest
What about Chase investing?
Never used it, couldn’t say much about it
Horrible customer service, not worth it. He literally talked about things that might be coming in the near future. All major banks already have those features.
What major bank has all the same features as M1? And the HYSA is the only thing talked about that's coming in the future... actually surprised it isn't released yet tbh.
@@JayFairbrother savings account coming in future but it’s not there, I’m sure all major banks have a savings account. Joint account, I’m sure all major banks have a joint account. M1 doesn’t have a physical location, they charge you over 100 dollars just to get cash back or interest on accounts. Their accounts don’t pair with a lot of accounts, for example Robinhood. Let’s be honest, M1 has a cool concept but they are horrible as a true banking and investment platform.
@@grownboy9 M1's investing product is still the best for who it's aimed at IMO.
They're adding the banking products to diversify their business and make M1+ as attractive as they can to their customers.
None of us have to use all the services any one company offers. I've got money at several banks and several investment platforms because different places are better than others at different things
@JayFairbrother BS. Atleast research about the platform before advertising. You yourself don't trust M1finance that's why you have kept your money in different places.
@@kumar.193 I've been using M1 for 2 years now. I'd qualify that as research. And I have money at more than one place because I started investing long before M1 existed, and still use those accounts too. But, yeah, cool...you got me!
I heard that M1 Finance is going out of business and clients are to take money out.
Customer service sucks, they need to learn from fidelity. Also their fees to liquidate accounts are horrible. Never use this platform.
M1 support at M1 is not on the same level as other brokers. They don't value your time, money, or business. Find another broker.
I've had to use M1 support 2 or 3 times over the years, never had an issue. Obviously YMMV
I really hate M1. Weird rules. No drip, etc. Their clearing house Apex is terrible
They're actually in the process of transitioning to their own in-house clearing, but I think keeping Apex for their crypto stuff
@@JayFairbrother Yes. That is what I am told
I absolutely hate M1 and moved to Fidelity instead. No DRIP, very slow to release dividends, aggravating and constant 2FA codes and capatcha challenges, quick website time out. I've even had two instances where I manually selected a stock to buy and they bought some dogshit I didn't want despite auto invested being turned off. I can't even leave M1 without paying $600 in exit fees over 4 accounts between wife and I. Beware of M1. Terrible experience.
How was your transition from M1 to fidelity? I was thinking the same to move to fidelity?
Excellent. We now very happy. Lucky timing as M1 changed their terms again and sent a notice saying if we didn't agree they would waive exit fees for 30 days. Jumped right on it and paid zero to move 4 accounts. Now I control dividends and am free to buy all manner of CDs, treasuries, munis ...everything. Picked up $250 in Fidelity offer bonuses too and got their 2% cash back CC.@@imo88-lh3kp
!!!!!!!!!Be extremely cautious:!!!!!!
M1 took a deposit as a "fee" & said my account was under the $50, then they lied & said my account was extended by 90 days then they sold my stock & kept the $ & liquidated my account over a fee they said was "up to $50" I have been emailing back & forth for a month & they won't tell me why they sold my stock & kept the $.
I opened similar accounts with their competitors at the same time & they haven't done this. I would definitely choose Webull or MooMoo over them because of this.
Let me tell you problems of M1 that these UA-camrs won’t be able to reveal: the real problem of M1 is its liquidity. It’s easy to deposit money in, but hard to get it out. The maximum limit of withdrawal is $50K ACH each transaction and it takes 2-5 days to settle. It means if you need to withdraw, say, $150K for emergency, you’ll be screwed. If you decide to withdraw your money $50k by $50k, your account will be locked😂. Stay away from it if this is an issue to you.
You realize EVERY ACH transaction takes a few days to settle, yea? That's how ACH works. Also, if you need to withdraw $150k from your investment account for an emergency...it kind of sounds like you're screwed no matter what. Every broker puts limits on withdrawals. Fidelity its $100k, TD Ameritrade its $250k. I've never heard of anyone having their account locked for withdrawing their own money either.
M1 is by far worst platform.
Why?
Why?
why?