Updated. M1 is offering a $100 bonus if you open a new account with $10,000 and maintain it for 30 days. You’ll also get 6 months free of their M1 Plus premium service. Here are the referral bonus details. Here is my M1 referral link (thanks if you use it!) from which you must start opening your new account. M1 lets you easily create a portfolio of ETFs and buy them all at once with regular contributions and $0 trade commissions.
A bonus that amounts to 1% of your initial deposit with only a 30 day hold is pretty solid (technically a 12% annualized yield). This is better than their non-referral offer (where you’d only get $75 for a $10,000 deposit), and you can stack the ACAT transfer bonus on top (starting at an additional $250 for transfer $50,000 of existing assets from another broker).
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Looks like a good deal, but there are A LOT of complaints about m1.com holding money and zero customer service. There is also a $100 transfer fee to move any money OUT, immediately knocking the bonus down to $150 if you want to get out after 30 days. And of course, even if they pay some interest, you’ll probably lose another $40 or so during the transfers — bringing the net down even more.
You know I do a lot of your stuff, but this one isn’t for me.
If you don’t want to keep your funds there, you could just open with $10,000, buy and hold SGOV for a month, and walk away with the $250 bonus without paying any ACAT fees. Just liquidate and withdraw to your linked bank account, there are no fees for that. The $100 is for an ACAT transfer out.
M1 recently switched over to their own clearing firm, I am hoping this results in a better customer experience as they used to use Apex Clearning.
Opened w/ link! Thank you. This is a nice runner up to the Chase bonus, which I can’t signup for online, and the nearest branch is hours and hours away, so a no-go. I’m gonna do the fund & hold for the bonus, no ACAT this go-around.
Can’t tell if it worked, opened using the link, but when creating brokerage account for funding question their in-page link points to the original offer. I guess we’ll see? Worst case I hold BIL for 30 days & bail with nothing/smaller bonus.
Hi Jonathan,
I called M1 for some question and they asked me the email address for the person who referred me so we both get credit. Can you please email me your email address so that I can respond to the ticket they have opened?
Sent, hope you get your bonus soon.
This promo changed. Looks like you gotta fund it 5k, and then invest $250 now to get $250 for both parties, I think. I signed up before the change, but didn’t fund, so I don’t know which I even have now. Tempted to just let it go with the rug pull, not sure which terms to meet.
Looks the same to me? There are multiple bonuses out there, but this referral still shows fund with $10k minimum and hold for 30 calendar days. Hope you get your bonus soon.
Not sure if I blew this bonus or not; Money went in on 10 Jan. No bonus as of today yet. Supposedly I confirmed I’d signed up with the right code:
“We appreciate you confirming the email address of the person who referred you.
You will need to deposit $10,000+ into your M1 Invest Account within 30 days of signing up, so you will be eligible for the promotion and both parties will receive a $250 referral credit.”
Sent you an email.
I got my m1 bonus; thanks Jonathan!
BUT: today I received an email saying that M1+ is going away, to be replaced by $3 monthly fee unless you maintain a $10K or greater balance. Guess I’m closing my M1 account!
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We’ve decided to end our M1 Plus membership program. Our premium features will no longer require membership and will instead be available to everyone who builds and manages their wealth on M1.
Starting May 15, a $3 monthly platform fee will apply to clients with less than $10,000 in M1 assets or without an active Personal Loan. Each billing cycle will last 30 days—meeting platform requirements* at least one day during each cycle will ensure this fee is waived for you.
Based on your current M1 assets as of March 15, 2024, your account will be subject to the monthly platform fee.