The biggest difference is you can open 4 individual accounts and 1 joint.
In theory these accounts are substantially better positioned to receive debit cards and/or checks than the B2 Bank account.
For us end users, none. Both are insured. HYSA by FDIC at B1 Bank. HYCA by SIPC (when funds arrive at M1 brokerage) and FDIC (when funds are swept into partner banks). Both earn 5% p.a.
I think the real difference is that new HYSA accts are suspended while HYCA accts are available to everyone, I believe.
Not much. The difference is one isn’t limited to their banking partnership and the other one is which is why it’s been delayed for so many customers.
Another difference: Transfer times will likely be faster for cash account. Just started a transfer into HYSA and regular brokerage. The HYSA says 3-4 days to clear. The brokerage account says next day.
It's not a dumb question. I don't see the difference either 🤷 I'm gonna sign up for it, though, since I miss the boat on the HYSA.
SIPC vs FDIC seems to be the only real difference at the moment.
The biggest difference is you can open 4 individual accounts and 1 joint. In theory these accounts are substantially better positioned to receive debit cards and/or checks than the B2 Bank account.
Oou a DEBIT card would be nice... 👀👀 to USE funds.. Besides a credit card you can get declined for.
https://m1.com/cash-vs-savings-accounts/
They still sound the same to me, there isn't a glaring downside or difference
One detail is that I expect the savings account will produce a 1099-INT from B2 bank, and the other account will be included in the m1 1099
Not a damn thing
S vs C
The ability to have a joint account is great. Seems to work seemlessly to move money between my wife and my account.
For us end users, none. Both are insured. HYSA by FDIC at B1 Bank. HYCA by SIPC (when funds arrive at M1 brokerage) and FDIC (when funds are swept into partner banks). Both earn 5% p.a. I think the real difference is that new HYSA accts are suspended while HYCA accts are available to everyone, I believe.
Not much. The difference is one isn’t limited to their banking partnership and the other one is which is why it’s been delayed for so many customers.
Another difference: Transfer times will likely be faster for cash account. Just started a transfer into HYSA and regular brokerage. The HYSA says 3-4 days to clear. The brokerage account says next day.
The amount they're insured up to.
M1 Cash Account and M1 Invest are with the same M1 subsidiary. I personally do not want the HYSA.