Would you like to save and invest money and get closer to accomplishing your financial goals every day, without even having to think about it?
Moka (previously Mylo) is here to help with that.
In this Moka review, I'll go over what Moka is, how the app works, the features, the fees, whether it's safe, whether it's worth the fees, and more.
Psst…If you're just here for the Moka $5 sign up promo, here's my link. We both get some free money if you use that link, so thanks!
Now, let's get into the review.
Table of Contents
Key Points 🔑
- What it is: An app for automated savings and investing.
- Who can join: Anyone 18 years or older in Canada or France.
- Cost/fees: $3/month (plus tax) for the basic account.
- Account options: Non-registered, TSFA, RRSP.
- Account minimum: $0.
- Investment options: ETFs.
- Sign up bonus: $5 here.
What is Moka?

Founded in 2017 (as Mylo), Moka is an app that was built to help you achieve your financial goals. With simple savings tools, automated investing, and zero account minimums, Moka is an accessible option for almost anyone looking to improve their finances.
Who Can Use Moka?
Moka is currently available in Canada and France. Anyone 18 years or older with a valid bank account can use the app.
Keep in mind, you'll need an Android or iPhone to download and use the Moka app. They don't currently offer a web version.
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How Does Moka Work?

Moka works by making saving and investing money as simple and hands-off as possible. Once you sign up, link your bank acount(s), create a savings goal, and choose a funding method, you can pretty much let the app do its magic from there on out.
Money will then be taken from your selected funding account and put into your Moka goal(s) automatically. From there, your account portfolio manager will invest your cash appropriately based on your preferences.
Of course, this isn't actually magic (yer not a wizard Moka).
Let's take a closer look at Moka's systems to see how they work, starting at the beginning, with Moka Goals:
Moka Goals
Before you can start saving and investing money, Moka will ask you to come up with a savings goal. This is great. Setting financial goals is something I'm a huge advocate for.
Moka keeps it simple too. All you need to think about is:
- What you're saving for
- How much you want to save
- What type of account you want to use (Moka offers unregistered, TSFA, and RRSP accounts)
- When you'd like to achieve your goal
You can create multiple goals too — and you can edit them at any time — so don't stress out over trying to make yours perfect.

Here are some goal ideas they suggest in the app:
- Donate to a charity (the Moka app actually lets you donate your spare change directly to over 86,000 Canadian charities if you'd like)
- Save for a home
- Build an emergency fund
- Go on a trip
- Create a custom goal
After setting up a goal (or multiple) you can start funding it right away.
Moka Funding Options
Moka offers 3 funding options:
- Roundups (e.g. spend $1.50 at a store and Moka will round it to $2 and invest the extra $0.50)
- One-time deposits (e.g. deposit $10 today)
- Recurring deposits (e.g. deposit $10 every week)
Let's take a closer look at how each of these funding methods work, and their pros and cons:
1. Roundups
If you enable Moka roundups on your goals, you'll be saving money automatically every time you make a purchase with one of your linked accounts, credit, or debit cards.
For example, let's say you buy a pack of gum at a gas station for $2.35. Moka would round that up to $3.00 and invest the extra $0.65.
It's as easy as that.
The idea here is that the small change adds up over time, and you'll rarely notice it missing.
Just be careful not to take this as an, “Ok, the more money I spend, the more money I save!” type of lesson. The goal here is NOT to increase your spending in order to save more.
Instead, think of roundups as little bonus savings that just happen as you spend money regularly.
Keep in mind, you can disable roundups at any time if you need to.
On the flip side, you can also get Moka to multiply your roundups, all the way up to 8x, if you want to speed up your savings.
Worried about overdraft? Pausing your roundups when your account balance is low is the best option, but by default, Mylo will never transfer money out of your account if your balance is below $25. You can override this rule in your settings if you'd like, but I'd recommend keeping it on.
2. One-Time Deposits
You know what they say when it comes to saving: pay yourself first.
Moka lets you do this easily with one-time deposits.
Simply go into the Moka app, tap your goal, then just hit the blue “+ Add funds” button, and you can add however much you'd like as a one-time deposit.
This feature allows you to save before you spend and build up your investment portfolio faster.
3. Recurring Deposits
This feature is pretty self-explanatory. With a recurring deposit set up, you'll be able to automatically deposit a certain amount into your Moka account/goal every week.
The process for activating recurring deposits is simple:
- Select the goal you want to enable recurring deposits on
- Tap the three dots in the top right corner
- Select funding rules, enable recurring deposits and put in the amount you want to deposit every week.
Moka Investing
When you first sign up for Moka, you'll be asked a few questions about your financial situation and preferred investment strategy. You'll then get a dedicated account manager from Tactex Asset Management to build your portfolio for you, based on your preferences.
In other words, you don't need any prior investment knowledge to get started.
Fun fact: Tactex Asset Management is a Moka company that manages over $200 million in client assets.
Moka has five main portfolios they use:
- Conservative – 100% Moka Money Market ETF fund
- Conservative – Moderate – 40% Moka Money Market ETF fund, 60% Moka Fixed Income ETF Fund
- Moderate – 60% Moka Fixed Income ETF Fund, 40% Moka Equity ETF Fund
- Moderate – Aggressive – 40% Moka Fixed Income ETF Fund, 60% Moka Equity ETF Fund
- Aggressive – 20% Moka Fixed Income ETF Fund, 80% Moka Equity ETF Fund
Moka also offers SRI (socially responsible investing) portfolios.
To determine YOUR portfolio, Moka looks at your financial situation (from the questions you answered during sign-up), and at your goal timelines.
The money in each of your goals will be invested differently, and the sooner you need your cash, the more conservatively it will be invested. On the other hand, if your goal end-date is years away, your money will be invested more aggressively for better long-term growth potential.
Just remember, you can update your preferences and goals at any time in the Moka app.
What is my money invested in?
Moka invests your money in Exchange-traded funds (ETFs), which are low fee funds that consist of hundreds — or even thousands — of different stocks or bonds. This means your portfolio will be well diversified, which helps reduce risk.
Can I lose money?
Yes. There's always a chance of losing money when you invest. Be sure to answer your portfolio questions honestly so that your portfolio manager can adjust your risk based on your current financial situation, and be sure to update your profile if things change.
How to Withdraw Your Money from Moka
Withdrawing your money from Moka is easy. You can do it at any time, and there are no fees or penalties.
If you withdraw before 1pm, Monday-Friday (no withdraws are processed on weekends), you should receive your money the same day. If you withdraw after 1pm, you'll receive it the next day.
The money you withdraw gets added to the account you have set as your funding source.
Other Moka App Features
Cash Back Perks
If you go to the Moka “Account” page in the app, under “Free Money > Perks” you can find a list of cashback offers.

These change every month, and they're basically just sponsorships.
You can usually find similar (or better) offers on other cashback sites and apps like Rakuten or Drop.
For example, right now I can get up to 2.5% cashback from Indigo.ca through the Moka app, but with Rakuten, I can get up to 5% (double). This is extra interesting because Moka 360 supposedly offers double cashback perks, which actually seem to just be normal levels.
Still, if you see something you like, just shop through the Moka app to ensure that you'll receive the cash back.
Moka Referral Program
One of my favorite things about Moka is their referral program. If you get someone to sign up with your promo code/link (here's mine) and fund their account, you BOTH get $5 for FREE. It's that simple and everyone wins.
Is Moka Safe to Use?
Before I enter any sensitive information anywhere, I always check the security information.
Moka protects your information in the same way any major bank would. Here's a quote from the Moka site about their security:
256-bit encryption, SSL connections and strict internal security policies based on ISO standards to ensure your information is never at risk.
They also mention in their privacy section that they'll never sell your data.
Now, keep in mind, as mentioned above, when it comes to investing, there's always some risk. You can lose money. That's just a part of playing the game.
As far as insurance goes, your Moka account isn't CIPF insured, but the funds in your account are. Moka uses Fidelity Canada Clearing as their custodian (they hold the funds and keep them safe), and TMX Trust as their trustee (they manage the funds).
What this all means is that if Moka were to (theoretically) go under, your funds would be safe and returned to you.
How Much Does Moka Cost?
- A basic Mylo account costs $3/month + tax and includes:
- Automated saving
- Unlimited accounts (unregistered, TSFA, or RRSP)
- Socially reponsible investing
- Round up to charity
- Cashback perks
- A Mylo 360 account costs $15/month + tax and includes:
- All basic features
- Bill negotiation (for phone, internet, or cable service)
- Personalized financial advice from a financial advisor
- Customized debt payoff plan
- Double cashback from perks
They say there are no hidden fees on top of these costs, but be aware that there are taxes on top of them. I found that surprising as they don't make it super clear. So instead of paying $3/month, you'll actually pay $3.15.
Still, you could have $1 million in your Mylo account and you'll still pay the same price as you did when you had $100. That's the benefit of a flat-fee.
A Closer Look at Moka's Fees
Let's do some math.
At $3/month, you're spending $36/year on Moka. Since this is a beginner investing app with $0 account minimums, most users will be investing with smaller amounts of cash.
Lets say you invest $100 in your first year. Spending $36 to have a $100 investment managed for you equals out to a yearly management fee of 36%!!!
That's outrageous compared to other robo-advisors (Wealthsimple has a 0.5% management fee).
To get a 0.5% management fee from Moka you'll need to have $7,200 actively managed for the entire year.
In other words, the flat fee model can be good if you're holding a lot of cash in your Moka account, but it hurts you when you only have a small sum.
Moka Review and Rating Breakdown
- Usability
- Pricing & Fees
- Account Options
- Account Minimum
- Withdrawals
- Investment Options
- Support
Overall
Summary
The Moka app is a viable option for beginners looking to build good money-saving habits and learn about investing, but with its high flat monthly fee of $3/month, it can end up costing more than it's worth if you're not holding enough money in your account.
Moka Pros and Cons
Pros
- Easy to use and set up
- Automatically save money – Whether it's by roundups or recurring deposits, Mylo makes it easy to save money on autopilot.
- Automatically invest based on your personal preferences
- Hands-off investing – For new investors, this is a great way to get into investing. Once you understand a bit how it works and it's potential, you can try investing on your own.
- Unlimited accounts – I really like how Moka separates each goal into a separate account with a different investment and saving strategy. It's like envelope budgeting but for big goals and growth.
- No account minimums
- Free withdrawals
Cons
- Fees increased – I'm still a bit bitter about this I guess. Mylo used to cost $1/month, now Moka costs $3/month. Old users didn't even get grandfathered in. I didn't even get alerted that my fees increased.
- Fees are huge for small accounts – As mentioned above, if you don't have a ton of money in your Moka account, the $3/month fee will be eating into your returns massively.
- Customer service got worse – You used to be able to talk to a human pretty easily in the Moka app. Now you deal with a robot first. It can be helpful at times, but most of the time I want to talk to a real person, not a bot.
- Can't seem to delete goals – Maybe I'm just dumb but I couldn't figure it out.
- Tracking account growth needs work – Moka sends a monthly account statement that allows you to check your investment growth, but it would be way nicer to be able to see your current growth at all times for each of your goals.
Is Moka Worth It?
Moka is only worth the monthly cost if you're able to keep enough money in your account ($7,200 at least) and if you're happy with how your portfolio manager is investing your cash.
However, if you're looking to use Moka as a micro-savings app and don't plan on holding very much cash in your account, it's probably not worth it unless the apps automated savings features help you save an extra $36+/month to offset the fee.
In that case, it is worth it as you're saving more money than you would've otherwise.
Moka 360 Review

This is an entirely new bag of snakes because Moka 360 is 5x more expensive than the basic Moka account, and it only really offers 4 new features:
- Bill negotiation (for phone, internet, or cable service)
- Personalized financial advice from a financial advisor
- Customized debt payoff plan
- Double cashback from perks (this isn't even really a new feature, just improved)
Here's are my thoughts on each feature:
Bill negotiation
This could be done on your own, but having Moka do it for you is pretty handy. With Ask Trim and BillShark (both similar services) being US only right now, this is a cool feature.
According to Moka, the avg. users save $250 from this service, so that's pretty promising.
Personalized financial advice
A “real” financial advisor can cost hundreds so $15/month for unlimited advice is pretty good. That being said, if you're proactive enough, using Google and forums (like Reddit) can provide you all the advice you need for free.
Customized debt payoff plan
This is something that could save you tons of money in the long run if you've been struggling to pay your debt off on your own. But, once again, if you just follow a strategy (like the one laid out in my credit card debt payoff guide) an app isn't really necessary.
Double cashback
As I mentioned above, some of Moka's “double” cashback rates seem to be equal to other cashback sites (like Rakuten) normal rates. Also, Moka really doesn't have many cashback perks available — I'm seeing 14 right now.
This is more of a bonus feature though. It alone is definitely not worth $15/month.
Is Moka 360 Worth It?
At $15/month or $180/year, Moka 360 will have to save you an extra $144/year ($180-$36) to justify its cost. And honestly, it could easily save you that much. It all depends on your situation.
If you feel like you really need hands-on help with your finances, Moka 360 offers a relatively cheap solution.
Also, if you try Moka 360 and it doesn't save you at least $180 in your first year, Moka will give you a $360 refund, which is really nice. So you don't really have anything to lose by trying it.
But, if you're already mostly on top of your own finances and you have time to negotiate bills and plan on your own, I'd say Moka 360 isn't really a necessary or justifiable purchase.
How to Get Started With Moka
The sign-up process for Moka is easy breezy. First, remember to use my link and we'll both get $5 for free (thanks!).
Next, after you create your account and fill in your profile preferences, you just need to link your bank account(s). Then you can sit back and enjoy the savings.
How to Delete Your Moka Account
If you end up not liking Moka, you can easily withdraw your money at any time and close your account by contacting a Moka representative through the app or by emailing support@moka.ai.
To contact them within the app, head to the “Overview” section, then scroll all the way down to find the “Contact us!” button.
Moka Alternatives
If you like the idea of Moka but you're looking for something slightly different, here are some alternatives:
- Wealthsimple – My favorite robo-advisor. Offers roundup savings, overflow savings, and more.
- KOHO – This is a reloadable visa card + app that helps you save money and avoid debt. Learn more by reading my full KOHO review.
- Acorns – This is basically the American and Australian version of Moka.
- Digit – Another US app. This one Analyzes your finances to find savings opportunities automatically.
Moka Review: Final Thoughts
If you're looking for an easy way to save money and have it invested for you automatically, Moka is a good choice. It's easy to use, it's safe,
I've been using it for about two years now and I've saved hundreds of dollars from roundups alone. Seeing it all happen on autopilot is really cool. I'm usually pretty surprised when I open the Moka app and see how much I've saved.
However, Moka isn't for everyone. If you know a bit about investing, you can do everything Moka does manually.
Still, Moka can get you saving and investing money TODAY. That's what makes it powerful. It's simple.
If you want to give Moka a try, sign up using my link and we'll both get a FREE $5 added to our accounts.
After you try out Moka, let me know what you think by leaving a comment! Any questions are welcome too.

I have been using moka and it is shady as hell
I have closed one of my bank account and i forgot and withdraw $ from Moka to that account.
Now bank is saying they have not received anything and Moka is saying they deposited the $ which is a lie. They took that $ and blamed on the Banbk.
Very shady and please do not use this app
Been using the app for over a year and have 449. Not bad considering I forgot I have it tbh . Anyway the management fee for a year and a half after tax is 61.02. The total return on investment is .61% so not even a ful % on 18 months. That means I made $2.97 in 18 months. That is not a typo. $2.97. Now if you subtract the $61.02 I paid someone $58.05 to have my money.
Thanks for sharing Xhulio. That return rate seems extremely low especially considering the market rally we’ve been seeing the past year. I would check your risk tolerance settings in the app. You might be invested in a more conservative portfolio which would explain the low returns.
Hey i am trying to be in contact with mylo(moka) and still unable to contact with you guys as even after deleting my bank account information and withdrawing money ‘m getting charged for the subscription! Can you guys please contact me and help me with this!
Hey Ashima, sorry to hear about that. I don’t actually own Mylo – I just wrote a review of it. I’d reach out to their support team for help!
Hi there! I have put in my info into Mylo and all it is saying is retrieving security information but I have been waiting 30 min now and it is still staying the same thing.
Hi Jodi, sounds like a strange issue! Maybe try restarting the app?
I’m totally new to this- I understand the $15/month isn’t worth it if you don’t have much to invest but the is basic $3/month a good deal?
Hey Ceilidh, as mentioned in the costs & fees section, it all depends on how much money you have invested with Moka. Since it’s a flat $3/month fee, the more money you have invested, the better deal you’re getting.
Another thing to consider is whether or not Moka will improve your current savings habits. If Moka helps you save/invest more money than you were previously doing, it might be worth spending $3/month just for that. However, do keep in mind that other fintech apps like Wealthsimple offer roundups and other savings features as well, and may cost you less in the long run.
Hope this helps. Let me know if you have any other questions.
Hello – MYLO is asking me to set up a TSFA and it requires me to enter my SIN. I get why they need the SIN but my question is, if I set up a TSFA in MYLO, does the value of my portfolio get saved in that account? If so, how does that function? When does the value of my portfolio get transferred to that TSFA?
Hi Lesley, sorry I’m not sure I understand your question. Having a TSFA in Mylo is just like having a TSFA at any other bank. If you have multiple TSFA with different banks you’ll have to keep track of your contributions across all accounts to make sure you don’t go over your limit. Hope this helps.
I just signed up and used your link but did not receive the $5 referral money.
Hi Nicole, the $5 should be credited to your account after your first roundup goes through!
I want to delete my account. why you don’t have anything that shows how?
Sorry about that Ali, I have the info on how to delete your account in the post, but it’s a bit hidden. I’ve now made it more clear!
Simply contact support@mylo.ai and ask them to deactivate your account 🙂
After becoming a member of Mylo and entering all my crudentiolas and my goals, my first choice is CELI. Can I have other choices?
Hi Roger, try contacting your account manager to get that sorted out!
How long did it take for your account to get set up and get paired with an investment manager? I registered 4 days ago, and so far it looks like nothing is set into motion. I’ve completed the registration, linked my account, set my goals etc. I can see in my Mylo app “Amount of Next Transfer” The day I registered it said $18 – was never taken from my account. The following day it said $6 – was never taken from my account. Today it says $5 – I’m confused at this point. What does all this mean? When I can expect it to actually start working?
Hi Mel, it only took about a week or less for my account to be ready. I’d wait at least a week and if things are still weird I would try contacting Mylo support to see if they can help.
I have three main credit cards that I use. They are all from various banking institutions, some of which I do no other banking with. Is it possibly to link all three credit cards or just the one linked to your bank account? Thanks
Hi Maria, I’m not 100% sure about this (sorry!) but I believe you should be able to hook up all your credit cards as long as they’re supported by Mylo and as long as you have at least one funding source connected. You can find the supported credit cards and banks here.
If I use a credit card to make most purchases will the app still take money from my bank account? Can I coordinate such an action? Cc is issued through my bank.
Hey Chris, I was curious about that too when I first signed up. As long as you hook your credit card up to the app by connecting your bank, all your purchases on that card will trigger roundups.
I use a credit card for most of my purchases as well and that’s where almost all of my roundups come from. Hope that helps!
Awesome! Thanks Dylan
I signed up, got to link your banking info, and then it put all my accounts in…. I got scared that all my information was out there so I stopped…. I haven’t accepted the terms yet because I’m not sure anymore! Is this really secure? I like the idea of round up, but I don’t like that all my banking info is on there….
Hi Melanie, I totally get your concern, I was a bit worried when I first signed up too. On their site, they basically say they use the same security as any other major bank does, so I do believe it’s secure and safe to use. I’ve never had any problems so far after over a year of using it.
If you want to learn more about their security and privacy info, I recommend checking out their FAQ.
Hope this helps!
When are dividend distribution getting paid? Im in the moderate aggressive model.
Thank
Hey Nicolas, I’m not actually 100% sure how dividend payouts work on Mylo and I couldn’t find any information in the app/on their site about it either. I’d contact Mylo/your account manager to get a concrete answer. Sorry I couldn’t be more of a help!
How do I read my monthly Statement from Mylo. I’m new to this and can’t understand if I’m making money or loosing money.
Hi Adrian, good question. I’ll admit the account statements are a bit complicated at first.
To quickly see how your investments are doing, check the “Rate of Return” area under “PORTFOLIO PERFORMANCE” I’ve circled what I’m talking about in the image below:
That section will tell you how your investments are doing for the past month, year to date, and since your account was created. If the percentages are positive, your investments have made money. If they’re negative, you’ve lost money.
Another way to get a quick view of how each investment in your portfolio is performing is to compare the “Book Value” and the “Market Value” which is found here:
If the Market Value of your investments is greater than the Book Value, that means it’s worth more than what you bought it for.
Hope this helps Adrian! Let me know if you have any other questions.
I need to close this Mylo account. I don’t want this monthly fee to be taking anymore as I don’t use it. How do I remove my information and close account?
Hi Dee,
If you want to close your account and delete your info from the app contact support@mylo.ai and they’ll get it all sorted out.
I’ve recently started an account with Mylo, I was in the process of choosing an account and noticed it said “pay taxes on your investments” for the non-registered account. what does that mean?
Also, if I want to delete my account before I’ve registered for one of the 3 accounts, how do I do that? Can I just delete the app and it will not charge my credit card? Or do I have to contact support?
Thanks
I would contact support to get them to fully delete your account from the system 🙂
Hi Stephanie, that means that if you invest with Mylo and decide to sell your investments later (withdraw your money) you’ll have to pay capital gains tax on any profit that your investments made.
For example, if you invest $5,000 with Mylo and later sell those investments for $6,000, you’ll have to claim a $1,000 capital gain on your taxes the year you sold. Hope that helps.
Hi, So if I spend 1.05 it will Round up to 2 right? But for the .95 cents difference is it .95 my own money or what? I am confused
Hi Utkrist, good question. If you spend $1.05, yes, it will round up to $2. The 95 cents comes from your bank account (which you link to Mylo).
Hope this helps.
Hi there,
So does Mylo show how much money is being made by those investments? For example, say I have $50 in my Mylo account, does it show how much extra has been made by those investments, and does it show up in my profile? Thx
Hey Matt, they do! Mylo adds an account statement to your account each month which lists your rate of return, portfolio valuation, transaction summary, and more.
To easily see how much money has been made on your investments, compare the market value and book value (which is shown in the account statement). If the market value is higher than the book value, your investments are worth more than what you bought them for.
Hope that helps.
How can i cash out from my mylo account any fees any complications any restrictions
Hey Elias, there are no fees or restrictions involved when withdrawing from Mylo.
However, unless you’re a Mylo Advantage member, it will take 2 to 8 business days for you to receive your money since they have to sell your investments first. Hope that helps!
Hi,
Mylo rounds up to nearest dollar and transfer the difference to the Mylo account. But can you share how we make money for clients?
Does it invest difference (weekly) into the spacial place?
Thanks but please share with us more details
Hi Majid, I’m not sure I understand your question completely but I’ll do my best to answer. Each week your roundups are calculated and Mylo takes the money from your bank account and invests it. You can also make money with Mylo by referring other users to use the app. Hope that helps!
Why Mylo has some links your banks then ask for passwords and everything. Feel scary.
Hey Benjamin, Mylo needs that information in order to automatically transfer money from your bank account to your Mylo account. It does seem a bit scary to hand that information over at first, but you can feel safe knowing that Mylo uses the exact same security measures as any other major Canadian bank. I’ve now been using Mylo for over a year and I’ve never had a single problem!