Brokerage investing firm debit card interest rate, awards, bill paying, check-writing, free ATM withdrawals, annual fee, and 10% bonus.

Brokerage with Debit Card

If you’re currently using a brokerage account for investing and a traditional bank account for a debit card, it’s time to wake up to the 21st century. You can now attach a debit card to a brokerage account and use the single account for both investing and cash management. M1 Finance (read review) is one such brokerage firm that provides both services. Here are the details:

Debit Card from M1 Finance

M1 Finance offers a Visa debit card that can be linked to a brokerage account with the firm. Technically, this card is part of an M1 Spend account, which is a checking account. Both accounts are easily accessed with a single M1 login, and it’s very easy to manage both investing and checking accounts on the M1 website and mobile app.

The Visa debit card comes with one free ATM fee refund every month. The card can be used internationally (anywhere Visa is accepted) with forex fees ranging from 0.8% to 1.0%.

There is no annual fee for the card, and free cash balances are FDIC insured up to $250,000. M1 Finance does not require a minimum balance. An account can be opened with no deposit at all.

More benefits are available with a Plus membership. There is a $125 annual fee for this, but many perks can be had, such as zero forex fees and 4 ATM fee refunds per month.

Open M1 Account

Open M1 Finance Account


Another really nice service that comes with a Plus membership is the ability to mail paper checks. On the M1 website, it’s easy to fill out a user-friendly form that will send a paper check to either a business or individual. Just fill in a name and address, specify the amount, and M1 will send out the check. It takes about 5 to 7 business days for the check to arrive.

M1 Checking accounts

M1 Finance does require an M1 Spend account to be open for at least 90 days before this service is available. There is a $5,000 daily limit and a $25,000 monthly limit.

Other Banking Services

Besides the perks already mentioned, M1 Finance offers other cash management features that could come in handy in various situations. For example, a Plus membership comes with a 1% cash back program. Earn 1% cash back whenever you use the M1 debit card. Moreover, free cash balances earn an interest rate, currently at 1%.

With or without a Plus membership, M1 Spend customers can receive their paychecks two days early, thanks to a new direct deposit program. Simply enroll for direct deposit with your employer and have your paycheck sent to your M1 account. You’ll be able to withdraw funds two days earlier than you would with a traditional bank account.

Routing and account numbers are displayed inside an M1 Spend account. With these numbers, it’s possible to use a Spend account like any other bank account. You can pay bills online and make other transactions.

M1 Review

Also on the website are tools to lock and unlock a card, change a card’s PIN, and request a replacement card.

But wait, there’s more. Just in case you prefer to use a credit card rather than a debit card, M1 Finance has you covered. It has a Visa Signature card called the Owner’s Rewards card. As the title suggests, the card comes with rewards for shopping at various merchants. The pay off ranges from 1.5% to 10%. The cash back is deposited into a linked investment account.

Open M1 Account

Open M1 Finance Account

M1 Finance

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