M1 is a commission-free* platform.
Beginning May 15, 2024, clients without an active M1 Personal Loan or clients with M1 assets that do not reach a minimum value of $10,000 at least one day during each billing cycle incur a monthly $3 platform fee.
Your total M1 assets include the aggregated settled value of all M1 Investment and Earn Accounts. This includes Individual Accounts, Joint Accounts, Traditional IRAs, Roth IRAs, Trust Accounts, Custodial Accounts, Crypto Accounts, High-Yield Savings Accounts, and High-Yield Cash Accounts.
If you have $10,000 or more in M1 assets at least one day during each billing cycle or an active Personal Loan, the monthly platform fee does not apply to you.
Beginning September 1, 2024, clients with an IRA, who are not exempt or are already
charged the platform fee, will incur a monthly $3 IRA Fee.
The IRA fee will be waived if you have more than $10,000 in assets on M1, have an active Personal Loan, or already pay a $3 platform fee.
Each IRA fee billing cycle lasts 30 days. If you meet the criteria listed above at least one day during each cycle, the IRA fee will be waived. If you are already paying the platform fee, the IRA fee will be waived.
As a reminder, we implemented a $3 platform fee earlier this year that did not apply to clients who only have an IRA.
The fee page is in your account settings.
Select “Fees”
Your first platform fee billing date will vary depending on when you create your M1 login. After your first billing cycle, your second billing date and all the billing dates that follow will be on the same day each month.
The first billing date for clients who created an M1 login before February 15, 2024, will be May 15, 2024. Their billing date will be the 15th each month that follows.
For example:
You created your M1 login on August 19, 2022. Your first platform fee billing date will be May 15, 2024 and your future billing dates going forward will be on the 15th each month.
The first billing date for clients who create an M1 login after February 15, 2024, will be 90 days after signup. If your first billing date falls on the 29th, 30th, or 31st of the month, all your monthly billing dates that follow will be the 1st each month.
For example:
You created your M1 login on May 1, 2024. Your first platform fee billing date would've been July 29, 2024 and your future billing dates going forward are on the 1st each month.
You can view your platform fee billing date on the fee page.
You will not be charged the platform fee due to your M1 assets temporarily dropping below $10,000. Meeting the $10,000 asset threshold at least one day during each billing cycle will ensure the platform fee is waived.
You can view your current platform fee status and billing history on the fee page. From there you can see if your platform fee was waived, will be waived next billing cycle, or if you’re currently paying $3 a month to access M1.
You can select a default payment account on the fee page for future platform fee charges.
M1 accounts that can be selected for default platform fee payment include Individual Brokerage, Joint Brokerage, Savings Accounts, or Cash Accounts.
Custodial, Trust, IRA, Crypto Accounts, and credit cards including the Owner’s Rewards Card are not eligible for platform fee payment.
If your default payment fee does not process, we’ll attempt to bill other applicable accounts in the following order:
An Individual or Joint Brokerage Account with $3 or more in cash
A Savings Account or Cash Account
In the event of both a Savings Account and Cash Account being open, the fee will be charged to the account with the higher balance.
Any Individual or Joint Brokerage Account
If the platform fee is charged to an Investment Account with less than $3 available in cash, securities may be sold to cover the fee.
M1 assets or Personal Loan status for clients with M1 Joint Cash Accounts will be evaluated individually.
If either client qualifies for the platform fee to be waived, neither will be charged a platform fee. If neither client qualifies for the platform fee to be waived, both clients will be charged the platform fee.
Clients with only the Owner’s Rewards Card open are not charged the platform fee at this time.
Clients who meet the requirements to have their platform fee waived will also have their IRA fee waived.
Clients who are successfully charged the M1 platform fee for a given monthly billing cycle will not be charged an IRA fee.
You will only be charged a single IRA fee in a given month regardless of the number of retirement accounts you have open.
M1 investment accounts with a value of $50 or less without trading or deposit activity for 90+ days will be closed. Remaining balances up to $50 will be charged as a Minimum Balance Fee.
M1 High-Yield Savings Accounts that have not initiated a transaction in 90+ days and have a balance of $5 or less will be considered inactive.
Please see the M1 Fee Schedule for additional services we offer for a fee.
*M1 Finance, LLC does not charge commission, trading, or management fees for self-directed brokerage accounts. You may still be charged other fees such as M1’s platform fee, regulatory fees, account closure fees, or ADR fees. For a complete list of fees M1 may charge visit M1’s Fee Schedule.
M1 High-Yield Cash Account(s) is an investment product offered by M1 Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. The purpose of this account is to invest in securities, and an open M1 Investment account is required to participate in the M1 High-Yield Cash Account. All investing involves risk, including the risk of losing the money you invest.
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