M1 Finance has announced that in early 2023 they will launch the M1 High-Yield Savings Account, it will offer the following:
- 4.50% for M1 Plus members (0.5% for non plus members)
- FDIC-insured account (up to $250,000)
- No minimum deposit
- No minimum balance
M1 Plus costs $125 a year. Given that other basic savings accounts are already offering 4%+ APY, I’m not sure this will be competitive with the annual fee by the time it actually launches.
