Mylo Review Summary
- Automatic saving with goals
- Hands-off investing
- Low cost
- Lots of extra features
- Great support - They typically respond within a day or two through the in-app chat
- Only available in Canada
- Registered accounts cost extra
- Tracking portfolio performance could be easier - Right now they send you monthly documents, but they're a bit confusing for beginners.
- Mylo advantage is misleading - I'm not sure why, but Mylo recently removed a lot of mentions of Mylo Advantage in the app. It's hard to even find out that it costs extra. Bit misleading.
Would you like to save money automatically and get closer to accomplishing your financial goals every day, without even having to think about it?
Introducing Mylo, the app that will save your spare change and then invest it for you. Yes, not only does Mylo save you money, it invests it for you too!
In this Mylo review, I'll go over everything you need to know so that you can start saving and investing with Mylo today.
What is Mylo?
Mylo is an app that helps you save money by automatically rounding up your purchases and investing the spare change.
If you've heard of Acorns before it's basically the Canadian version (Acorns is available in the US & Australia).
The reason why Mylo is so great is that it makes it easy for anyone to start saving & investing money. Once you set everything up (which doesn't take long), everything else is handled for you.
Could it get any easier than that?
How Does Mylo Work?
The way Mylo works is really simple and the whole process can be broken down in four steps:
- Sign up
- Connect your bank account
- Answer a few questions about your financial situation
- Let Mylo do the rest
Now, even though the initial setup is extremely easy, there are also a lot of features and options that come with your Mylo account that you should know about. Let's dive into some of the features Mylo offers:
Before you start saving, Mylo will ask you to come up with a savings goal. You'll need to think about:
- What you're saving for
- How much you want to save
- When you'd like to achieve your goal
Note: Don't stress out about creating the “perfect” goal — you can adjust things whenever you want.
In May of 2018, Mylo also added the ability to work towards multiple goals in the app. You can even donate your spare change to over 86,000 Canadian charities!
To do either of those things simply go into the Mylo app, head to the Overview section, and tap the “Create a goal” at the top right of the screen. This will give you a list of new goals you can add:
- Donate to a charity
- Save for a home
- Build an emergency fund
- Go on a trip
- Create a custom goal
Your roundups will be applied to each goal automatically, but you can disable roundups for any of your goals at any time.
Roundups are the main feature of Mylo and they're going to be the start of your saving journey.
So how do they work? Well, each time you make a purchase, Mylo will round it up to the nearest dollar and invest the spare change into your account.
For example, if you spend $1.50, Mylo will round it up to $2 and save the $0.50 for you automatically. If you have two goals with roundups enabled, Mylo would save $0.50 into both goals, so you'd save $1 all together, and so on.
This is such a good system you typically won't even notice the money leaving your account.
And hey, if that's too slow for you and you want to save more, you can get Mylo to multiply your roundups, all the way up to 10x.
Worried about overdraft? Don't be. 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.
You know what they say when it comes to saving: pay yourself first.
Mylo lets you do this easily with a feature called one-time boosts.
Simply go into the Mylo 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.
As of June 13, 2018, recurring deposits are now available on Mylo!
With this feature, you'll be able to automatically deposit a certain amount into your Mylo account 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.
Once you get set up on Mylo and fill out your investor profile you'll be paired with a portfolio manager from Tactex Asset Management.
Fun fact: Tactex Asset Management is a Mylo company that manages over $140 million in client assets.
Your portfolio manager will handle all your investments, meaning you don't need any prior investment knowledge to get started.
Once set up, your money will be invested in Exchange-traded funds (ETFs), which are low fee funds that consist of hundreds – or even thousands – of different stocks and bonds. This means your portfolio will be well diversified, which helps reduce risk.
Warning: 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. You can always contact your portfolio manager within the Mylo app to change your answers.
Here's how my portfolio looks right now:
Withdrawing your money from Mylo is easy. You can do it at any time, and there are no fees or penalties.
Note: It'll take about 2 to 8 business days for your portfolio manager to sell all your investments and deposit the funds into your bank account.
Cash Back Perks
If you go to the Mylo “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 in my mind.
But, that doesn't mean they aren't valuable. Here's an example of an offer they're running at the time of writing this:
As you can see, I could get $20 cashback from Frank and Oak if I try their Style Plan (whatever that may be).
If you see something you like, just activate the offer, make a purchase with one of your linked cards (must be linked to Mylo), and once Mylo notices the transaction you'll get credited.
Mylo Referral Program
One of my favorite things about Mylo is their referral program. If you get someone to sign up with your Mylo promo code and fund their account, you BOTH get $5 for FREE. It's that simple and everyone wins.
Mylo Advantage gives you all the perks of a regular Mylo account, plus some extra perks that are pretty sweet:
- Invest with registered accounts – As a Mylo Advantage member, you'll be able to invest with TFSA and RRSP accounts.
- Socially responsible investing – Get access to a special Mylo SRI fund that invests only in socially responsible companies.
- Free next-day withdraws – With Mylo Advantage you no longer have to wait 4-8 days to receive your withdraw.
Now, of course, these extra features aren't free. To become a Mylo Advantage member you'll have to pay $3/month instead of the basic $1/month.
Is Mylo Safe to Use?
Before I enter any sensitive information anywhere, I always check the security information.
Mylo takes security seriously and protects your information in the same way any major bank would.
This is a quote from their 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.
Basically what all that mumbo jumbo means is that Mylo keeps your information as secure as possible. And they'll never sell your data.
I can vouch for Mylo as I've been using it for about a year now and have never had any problems with the app or my bank security.
How Much Does Mylo Cost?
- A basic Mylo account costs $1/month.
- A Mylo Advantage account costs $3/month.
There are no hidden fees on top of these costs, it's plain and simple. You could have $1 million in your Mylo account and you'll still pay the same price as you did when you had $100.
Benefits of Using Mylo
- Automatically save money – Whether it's by roundups or recurring deposits, Mylo makes it easy to save money on autopilot. You won't even notice the money leave your account.
- 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.
- It's cheap – For only $12/year ($1/month) you're getting a lot of sweet features from Mylo.
- Great customer service – Monday through Friday you can chat with a Mylo representative easily within the app. Don't be afraid to contact them!
Where Mylo Could Improve
An honest Mylo app review wouldn't be complete without going over the cons, so here are some areas where I think Mylo could improve:
- Only available in Canada – I'd love to see Mylo expand to the US and other countries.
- Registered accounts cost extra – In order to open a TFSA or RRSP with Mylo, you need to be a Mylo Advantage member which costs a couple of bucks more per month.
- Make it easier to track portfolio performance – Mylo sends an account statement each month which is extremely helpful, but it's not very beginner-friendly. For an app that's aimed at beginner investors, you'd think they'd have an easier way to track portfolio performance.
How to Get Started With Mylo
Mylo is currently only available in Canada, but they're looking to expand internationally in the near future, which is exciting!
The sign-up process for Mylo is easy breezy but before you sign up remember to use my link to get a FREE $5 added to your account (I'll be mentioning this offer a lot because I don't know how long it will be around for — it's a really good offer).
Once you create your account, you just need to link your bank account(s), sit back, and enjoy the savings.
So to recap, here's how to get started with Mylo:
- Head over to the Mylo website.
- Hit the “Get Started” button to begin creating your account.
- Link your bank account(s)
- Sit back and watch your savings grow!
How to Delete Your Mylo Account
If you end up not liking Mylo, you can easily withdraw your money at any time and close your account by contacting a Mylo representative through the app or by emailing firstname.lastname@example.org.
To contact them within the app, head to the “Overview” section, then scroll all the way down to find the “Chat with us!” button.
A Mylo Alternative (Without the Investing)
If you're looking for something that helps you save money and also get rid of credit card debt, you might like KOHO. It's a reloadable Visa card with almost no fees, combined with an app that has savings goals, roundups, and more.
Honestly, it's pretty cool, and it's another Canadian finance app. If you want to learn more, read my full KOHO review.
Mylo Review: Final Thoughts
If you're Canadian and you're looking for a way to save money and have it invested for you automatically, Mylo is a good choice.
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 haven't even noticed the money leaving my account!
However, Mylo isn't for everyone. If you know a bit about investing you can probably do everything Mylo does by yourself. Still, Mylo can get you saving and investing money TODAY in such an easy way.
If you want to give Mylo a try, sign up using my link and we'll both get a FREE $5 added to our Mylo accounts. I really appreciate anyone who signs up under my link so thank you very much if you do! It helps more than you know.
After you try out Mylo, let me know what you think by leaving a comment! Any questions are welcome too.
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I'm trying to help as many people as possible with this blog but I need your help to help more people (lots of helping). Thank you!