M1: who holds your money
M1 is not a bank. M1 says customer money is held at B2 Bank National Association, with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
As of September 5, 2026, M1 was not itself a chartered bank. Customer money sits at B2 Bank National Association, which carries letter D compared with banks of similar size on this site. Federal deposit insurance reaches customers through that partner bank, provided M1 records identify each customer. Coverage is $250,000 per depositor, per insured bank, for each account ownership category.
Partner banks
- B2 Bank National AssociationFDIC #5105 · program bank10.1%above the insured limitD17.8
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
M1 is not a bank. M1 High-Yield Savings Accounts and Personal Loans are furnished by B2 Bank NA, Member FDIC and Equal Opportunity Lender, and serviced by M1 Spend LLC, a wholly-owned operating subsidiary of M1 Holdings, Inc.
m1.com · as of September 5, 2026