Account types that M1 supports

We support: 

  

Brokerage accounts 

  • Individual brokerage accounts - An account used to buy and sell stocks, bonds, exchange traded funds, and other types of investments. 
  • Joint brokerage accounts - An account used to establish equal ownership. Joint accounts are used by couples, parents and their children (over 18 years old), and adults caring for aging parents.   

 

Retirement accounts 

  • Individual retirement account (IRA) - A retirement savings account that allows for tax benefits in saving for your retirement. At M1 Finance you can open a Traditional, Roth, or SEP IRA. Learn more about M1's IRAs.  
  • Traditional IRA - A tax-advantaged account designed to help people save for retirement. Contributions are generally made with after-tax money but may be tax-deductible if you meet income eligibility. Any potential earnings grow tax-deferred and are not taxed until you withdraw them after age 59½. Read more about Traditional IRAs on the IRS website
  • Roth IRA - A tax-advantaged savings account that provides federally tax-free growth and distributions once it has been open for 5 years and you are at least 59½ years of age. Contributions are made with after-tax income. Read more about Roth IRAs on the IRS website.  
  • Simplified employee pension (SEP) IRA - A retirement savings account for self-employed individuals or small business owners. A SEP IRA has a higher contribution limit than a Traditional or Roth IRA. M1 currently only support SEP IRAs for self-employed individuals. 

Learn more about opening an account: 

You will gain access to opening an IRA account after you complete opening your first Individual account. This can take up to 24 hours to process. 

 

Trust accounts 

  • Trust accounts can be set up in M1 through our paper account opening process.  When you select "trust" as your account type in the sign-up process, we’ll send you forms that to fill out and return to us.   
  • As soon as the trust account application is processed, you will be able to manage your account on the platform the same way you would a M1 taxable brokerage account. 

 

Custodial accounts 

  • A Custodial account is an account that a custodian sets up for the benefit of a minor. The funds in the account are considered an irrevocable gift until the minor reaches the age of majority. 

Custodial accounts are only available for M1 Plus users.  

 

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