M1 Finance Review
M1 Finance is a free automated investing platform. M1 Finance offers a combination of automated investing, but with a high level of customization that allows clients to create a portfolio tailored to their specifications.Their low cost investing platform allows you to set up your ideal portfolio, and automate contributions to the portfolio. Once your defaults are set, you don’t have to think about it much. You can create portfolios containing low-cost ETFs or use individual stocks, or both. Unlike some other free apps, M1 Financial is geared towards more experienced investors, but it is also an option for beginners.
M1 Finance has no trading fees or asset management fees. But, accounts with less than $20 and no trading activity for 90 days are charged a monthly fee. Portfolios with ETFs can incur management fees on the underlying funds that range from 0.06% to 0.20%. You can also earn 1.5% APY and 1% cash back when you enroll in M1 Plus. Not really a good deal since you need to pay for that membership and there is better interest rates out there.
M1 Finance usually has a $10 signup bonus. But now for the month of January they are offering double that amount. Here’s how to get you $20 bonus:
- Create an account through a referral link by 1/31/2020
- Fund your account within 90 days of signing up
You can also invite friends and earn $20 per referral. If you invite 10 people, you get an extra $1,000.
In January 2020, transfer from any brokerage account or IRA and earn up to $2500! Here’s how to get started:
- Submit a transfer from another brokerage between 1/1/2020 through 1/31/2020.
- Payments for all eligible transfers will be made on 2/15/2020. Below is the credit you will receive based on the current market value of the account transferred:
Looks like a good app for automated investing, but I have only used it for a couple of weeks now. You can sign up just for the bonuses, even if you’re not interested in using it much.