What you need to open an M1 checking account

M1 Finance is an investment platform that also offers a checking account called M1 Spend. To open one, you need to be at least 18 years old, a U.S. citizen or permanent resident, and have a valid government-issued ID. You'll also need a Social Security number and a way to verify your identity online — either through your phone or computer.

The account itself is free to open and has no monthly fees. You don't need a minimum balance to keep it open, and there's no charge for basic services like transfers or bill pay. M1 Spend is designed to work alongside M1's investment accounts, though you can use it as a standalone checking account if you want.

Key Takeaways

  • M1 Spend checking accounts are free to open and maintain, with no minimum balance requirement.
  • You'll need a government ID, Social Security number, and a way to verify your identity online during signup.
  • The entire signup process takes about 10 to 15 minutes and happens on the M1 Finance website or mobile app.
  • Once approved, you can receive a debit card in the mail within 7 to 10 business days and start using your account when ready.
  • M1 Spend accounts come with a debit card, online bill pay, and the ability to link external bank accounts for transfers.

Step-by-step: Opening your M1 Spend account

Start by going to the M1 Finance website or downloading the M1 app on your phone. Click the button to create a new account. You'll enter your email address and create a password — make this password strong and something you can remember, since you'll use it every time you log in.

Next, you'll provide your personal information: full name, date of birth, address, and phone number. M1 will ask for your Social Security number at this stage. This is standard for any bank account in the United States — the bank uses it to check your identity and to report your account activity to the IRS.

After that, M1 will ask you to verify your identity. You'll take a photo of your government ID (driver's license, passport, or state ID card) using your phone or computer camera. The system reads the ID automatically. You may also need to take a selfie so M1 can confirm the ID matches your face. This usually takes less than a minute.

Once your identity is verified, you'll choose your account settings. M1 will ask if you want to link an external bank account — this is optional but useful if you want to move money in and out easily. If you do, you'll provide the routing number and account number from your other bank. You can also skip this step and add it later.

Review the account agreement and confirm that you agree to M1's terms. Then submit your process. Most people are approved within minutes, though some applications take a few hours if M1 needs to verify additional information.

What happens after you're approved

Once you're approved, you can log into your M1 account right away and start using it. Your account number and routing number will be visible in the app — you can use these to set up direct deposit from your employer or to receive payments from other sources.

M1 will mail you a debit card within 7 to 10 business days. Until it arrives, you can still use your account to receive money, pay bills online, or transfer funds to other accounts. Some people set up direct deposit before the card arrives so they can start using the account when ready.

When your debit card arrives, you'll need to set up it. M1 sends instructions with the card, and set up usually takes just a few seconds in the app. After that, you can use the card to withdraw cash from ATMs, make purchases at stores, and pay for things online.

Linking an external bank account

If you want to move money between M1 and another bank, you'll need to link that bank account. You can do this during signup or anytime after by going to the settings in your M1 app.

To link an account, you'll provide the routing number and account number from your other bank. M1 will make two small test deposits (usually less than $1 each) to that account. You'll then confirm the amounts of those deposits in the M1 app to prove you own the account. This process takes 1 to 2 business days.

Once linked, you can transfer money between M1 and your other bank. Transfers usually take 1 to 3 business days, depending on your other bank. There's no fee for transfers, and you can move money as often as you want.

Using your M1 Spend account

Once your account is open and your debit card arrives, you can use M1 Spend like any other checking account. You can deposit checks by taking a photo in the app, receive direct deposit from your employer, pay bills online, and transfer money to other people or accounts.

M1 Spend doesn't pay interest on your checking balance, so money sitting in the account earns nothing. If you want your money to earn interest, you would need to move it to a savings account at another bank or into one of M1's investment accounts.

The debit card works at any store or ATM that accepts Mastercard. You can withdraw cash from ATMs for free if you use the Allpoint network, which includes thousands of ATMs across the U.S. and internationally. If you use an ATM outside the Allpoint network, you may be charged a fee by that ATM's owner.

Fees and limits to know about

M1 Spend has no monthly maintenance fee, no minimum balance, and no overdraft fees. You won't be charged for basic services like transfers, bill pay, or debit card use.

However, there are a few limits. You can make up to 6 transfers per month from your M1 Spend account to external accounts — this is a federal rule that applies to most checking accounts. After 6 transfers, M1 may charge a fee for additional transfers that month. Transfers within M1 (between your own M1 accounts) don't count toward this limit.

If you use an ATM outside the Allpoint network, the ATM owner may charge you a fee of $2 to $3 per withdrawal. M1 doesn't charge you for this, but you'll see the fee on your statement.

Frequently Asked Questions

Can I open an M1 Spend account if I don't have a Social Security number?

No. U.S. banks are required by law to collect a Social Security number or Individual Taxpayer Identification Number (ITIN) when you open an account. If you have an ITIN instead of a Social Security number, you may be able to use that, but you should contact M1 directly to confirm.

What if my identity verification fails?

If the photo of your ID doesn't read clearly or if M1 can't match your selfie to your ID, the system will ask you to try again. Make sure your ID is well-lit, fully visible, and not blurry. If you keep having trouble, you can contact M1's support team and they can verify you manually.

Can I use M1 Spend without linking it to an investment account?

Yes. M1 Spend is a standalone checking account. You don't have to use M1's investment services to have a checking account with them. Many people use M1 Spend just for checking and banking.

How long does it take to receive my debit card?

M1 mails debit cards within 7 to 10 business days of account approval. Delivery time depends on where you live and your mail service. You can use your account before the card arrives by setting up direct deposit or transferring money from another bank.

What should I do if I lose my debit card?

Log into your M1 app and report the card lost or stolen when ready. M1 will deactivate it right away so no one else can use it. You can request a replacement card in the app, and M1 will mail you a new one. In the meantime, you can still use your account for online transfers and bill pay.