M1 Adding Monthly Fee
M1 Finance announced today that will start charging some users a monthly fee. The announcement was made through an email sent today to customers. M1 is also getting rid of its M1 Plus membership program, and making some of those premium features available for everyone.
“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.
You will be charged the $3 Monthly Platform Fee if at any point during the 30 days prior to program launch your total aggregate M1 Earn and Invest balances do not equal or exceed $10,000 or you do not have an active M1 Personal Loan.”
In exchange for the additional fee, M1 says that some features previously locked behind their premium program will be available to all users. That includes:
- Built-in margin access at 7.25%
- Ability to use Smart Transfers rules
- Morning and afternoon trade windows¤
- Up to 10% cash back** with the Owner’s Rewards Card
- 5.00% APY1 on existing High-Yield Savings Accounts
DDG
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