M1 Finance was founded in 2015. Since, it has amassed over $5 Billion in assets! The platform currently has a 4.7 star rating in the app store with over 43,000 reviews. What is their secret?
M1 was created as a complete money management solution. Members have access to not only investments, but also a debit and credit card, personal loans, and more. Their expert designed investment portfolios, or "Pies" as they call them, are an easy way to start investing and a perfect way to invest without spending an inordinate amount of time researching stocks.
The platform also comes with a number of great features like automatic rebalancing, dividend reinvestment, and more.
In this article, we will cover the steps to link a bank account and fund your investments. Specifically, we will highlight the process to transfer from PayPal to M1 Finance. Let's dive in!
Funding your M1 Finance account is most commonly done through an ACH transfer from your bank. If you have funds in your PayPal account that you want to move into your M1 Finance account, then this article will help. While you cannot directly transfer your funds from PayPal to M1, you can make the transfer happen indirectly.
You will need to follow the steps below:
Let's take a closer look at each of these steps!
The first step to execute this account transfer is to open a brokerage account with M1 Finance. If you already have an account, you can skip to the next step!
You will have the option between opening a taxable brokerage account or a retirement account. The minimum to open a taxable account is $100 whereas the minimum is $500 for a retirement account.
The process is relatively straightforward and everything is handled within the app. M1 Finance will ask you for information such as your name, address, employer and social security number.
The whole process can be completed in a matter of minutes, though verifying your account can take up to 48 hours.
M1 Finance comes with a complete array of perks. Members have access to cash management with both a debit and credit card, personal loan, and a unique investment platform. If M1 Finance sounds like a match for you, then be sure to check out our complete M1 Finance review.
Now that you have created an account with M1 Finance, you are ready to get started. You will need to move your PayPal funds to your bank. Transferring from PayPal to your bank is very simple. Follow the steps below:
This transfer can take between 1 and 3 business days.
If you need to link a bank account to PayPal, you can do so by clicking on the wallet icon in the bottom navigation menu in the app. In the "Banks and cards" section, you will see a + icon. Tap the icon to add a new account. You will simply search for your bank and login to select an account to link.
With your cash now in the bank, you will just need to link your bank account to M1 Finance and then start a deposit. To add a bank account to M1 Finance, you will follow the steps below:
If you select the manual option, then M1 Finance will send two micro deposits to your bank account.
Micro-deposits are small amounts of money that are placed in your bank account to verify a secure connection with M1.
Two micro-deposits will show on your bank statement within three business days from the date you requested them.
After receiving the two amounts, click the 'verify' button on the bank connection page to approve the bank relationship.
Unfortunately at this time, PayPal is not supported by M1 Finance. Perhaps in the future it will be, but for now, in order to fund your account with PayPal, you will need to first transfer to your bank.
Once your bank account is connected, transferring the funds is easy. You will repeat steps 1-4 above as you did to establish a new bank connection. After clicking on "Bank Connection," you will tap the "Deposit" option. From there, you will simply enter in the amount you would like to transfer and tap "Transfer."
This transfer typically is completed within 1 business day.
Moving your funds from PayPal to M1 Finance does require sending your funds to your bank account first. Once you have sent the funds to your bank account, you are ready to link your bank to M1 and deposit the funds.
Be sure to check out our full M1 Finance review to learn more about the platform.
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