Are you looking for the best way to automate savings and/or investments with confidence? You’re not alone. Moka app (formerly Mylo) is the solution to automated investment and savings in Canada.
Nothing could beat automation in terms of saving money. Regardless of the method used, investment becomes a difficult task once it’s not automated.
As a ground-breaking financial app in Canada, Moka not only automates your savings and investments but does so in a way that requires zero effort.
After using the Moka app for more than two years and saving hundreds of dollars on roundups, I decided to write these unbiased Mylo reviews to help you make an informed decision.
As you continue reading this Mylo review, you will learn what Mylo entails, how it works, its pros and cons, fees, how to use it and more.
Above all, at the end of this Mylo review, you should be able to understand whether Mylo is suitable for you not.
Let’s get there!
What is Mylo?
Mylo Financial Technologies Inc. is Canada’s financial technology firm established by Phil Barrar in 2017.
The Mylo App is a software dedicated to assisting Canadians and their international users in attaining financial independence through investment and savings.
In Canada, the Mylo app was the first goal-based investment and savings automated app, helping Canadians to invest their money and build their wealth quickly. This app automatically rounds up all of your purchases and invests the change.
There is no need for investing experience, and you are not expected to change your lifestyle. Mylo teaches you how to convert your spending habits into saving habits.
Mylo is a solution for practically everyone trying to improve their wealth due to its intuitive investment tools, investment automation, and $0 account minimums.
Mylo was rebranded to Moka in 2020 after spreading from Canada to Europe and France. The Moka app has been downloaded by over 750,000 Canadians and already has a 4.4/5 rating on the App Store.
Just recently, Moka announced that it’s joining forces with Mogo so as to reach out to more people and enhance their services.
How Does Mylo Work?
Mylo’s goal is to make investment and savings simple and stress-free for all its clients, which informed the motive behind these Mylo reviews.
The app does magic after you sign up, connect your bank account(s), set a savings goal, and your preferred method of funding.
Your money would be automatically transferred from your chosen funding account to your Mylo goal(s).
Following that, your portfolio manager can invest the money according to your needs…
Moka would require you to set a savings goal prior to starting your savings or investment. This is fantastic. Setting financial targets is something I really believe in and advise everyone to do.
Moka makes it easy to set your savings goals. But you need to consider the following::
- The purpose of your savings.
- The amount you want to save.
- The type of account that suits your need (you can choose from TFA, RRSP or unregistered accounts).
- The timeframe of your goal.
You can even create as many savings goals as you want and edit them at any point.
Once you are done with setting your savings goal(s), you can begin funding immediately.
Mylo Funding Options
At this stage of our Mylo reviews, we’re going to discuss the funding options available on the Moka app.
Moka has three options of funding as follows:
- One-time deposits
- Recurring deposits
Next on our Mylo reviews is the explanation of these funding options.
1. Mylo Roundups
Roundups constitute the key feature of Moka. Roundups are Moka’s brilliant way of helping you save money conveniently, even with your spare change.
With this type of funding, anytime you make a purchase, the amount is roundup to the nearest dollar. The extra change is deposited in your account.
For example, if you make a purchase of $2.40, $3 would be rounded up, and $0.60 would be automatically saved.
If you created three savings goals on roundups, $0.60 would be saved on all three. Moka would save you $1.8 in total. Isn’t it straightforward?
The amount may not be significant, and you may not even be aware that it has been deducted from your account.
Therefore, if you think the roundups are taking so long, you can increase the number of roundups. This multiplier method boosts the speed of achieving your goals.
2. Mylo One-Time Deposits
When it comes to savings, the motto is: “pay yourself first.” With Moka on-time deposits, you can do this conveniently by depositing even $10 in a day.
This funding option helps you to save money prior to spending, allowing you to expand your investment more quickly.
All you need to do is to visit the Moka app, click your goal, and then tap the “Add funds” button to make a one-time deposit of any amount you want.
3. Mylo Recurring Deposits
Recurring deposits also help you achieve your targets quicker by making a recurring deposit of a specific amount, such as a $10 deposit every week.
Every week, Moka would automatically withdraw the money and transfer it to your Moka account.
If you are interested in this kind of funding, you need to set your recurring deposit goals and choose the funding rules that best suit your needs.
Mylo Investing Portfolios
Your Moka savings may be invested in a TFSA, RRSP, or non-registered account.
Your spare change is invested in ETFs’ diversified portfolio automatically, so you don’t have to do anything but relax and watch your savings rise.
Based on the amount of risk you choose to take, Moka has five different portfolio options as follows:
|Conservative||100% Money Market ETF fund|
|Conservative – Moderate||Moderate – 40% Money Market ETF fund, 60% Fixed Income ETF Fund|
|Moderate||60% Fixed Income ETF Fund, 40% Equity ETF Fund|
|Moderate – Aggressive||40% Fixed Income ETF Fund, 60% Equity ETF Fund|
|Aggressive||20% Fixed Income ETF Fund, 80% Equity ETF Fund|
Mylo Financial Technologies’ subsidiary, Tactex Asset Management, is in-charge in investing your money and managing your portfolio.
Note: Moka also provides a socially responsible investing (SRI) portfolio that invests in businesses that are working to make the world a better place by complying with environmental, social, and corporate governance guidelines.
To determine which portfolio is right for you, Mylo considers your risk tolerance and financial goals.
Mylo invests your final goals differently. But the sooner you need your fund… the more Mylo invests your funds in conservative portfolios.
However, if you are making a long-term investment, Mylo will invest your money in aggressive portfolios.
Furthermore, you can change your financial goals at any time.
Now we’re at the peak of our Mylo reviews. So what are Moka fees? Are they worth it? Let’s look at the two major plans of Moka:
Note: The cost of using Moka remains the same regardless if you saved $100 or $100,000 in your account.
Mylo Pros and Cons
- Socially responsible investing (SRI)
- Zero account minimum
- Low cost
- Tax-free registered accounts
- Quick withdrawals
- Excellent monthly perks
- Hands-off investing
- Customer support
- Limited account options
- Not favorable for big investments
Mylo Review: Who Can Use Mylo Investment App?
Anyone that is 18 years and above and is living in Canada, Europe, and France with a legitimate bank account can use the Moka app.
Bear in mind that the Moka app is only downloadable on Android or iPhone. They don’t have a web version at the moment.
However, for the purpose of these Mylo reviews, it is important to stress that the Moka app is more suitable for:
- Those who face challenges saving their money.
- Those who are in debt.
- Those who want a stress-free method of saving.
- Those who are unsure about how to start investing in an ETF.
- Those who want to complement their high-interest savings account.
How to Open a Mylo Account
Opening a Moka account is simple and takes a few minutes through the following steps:
- Download the Moka app.
- Provide your details and set your financial goals and risk tolerance.
- Connect your bank account to the app and start funding.
Congratulations, you are now on the path to reaching your goals!
Interestingly, once you refer anyone to use the Moka app, you will be rewarded with $5. Multiply that by the number of people you can refer! Isn’t that great enough? Sure, it is.
That will definitely boost your speed in reaching your investment goals.
How to Withdraw Your Money from Mylo Account?
Just as in creating a Moka app, making a withdrawal from your Moka account is also simple. With no penalties or fees, you can make a withdrawal on Moka at any time.
All you need is to send a Withdrawal Request to your Portfolio Manager through your Moka App. The money will be transferred directly to the account you linked as your funding source.
If you place a withdrawal before 1 pm (Monday- Friday), you can receive your money the same day. However, if you place a withdrawal later than 1 pm, your money will be transferred the next day.
Note: Withdrawals are not processed on weekends.
How to Delete Mylo Account?
Are you fed up using your Mylo account, and as such you wish to delete or deactivate your account? If yes, then you need not worry because you are at the right place to get all the information and steps you need to follow to deactivate your Mylo account.
To delete a Mylo account is easy and you can easily delete your Mylo account any moment you feel you’re no longer interested in the app. To do that, you need to reach out to a Mylo representative through the app’s “Chat with us” section.
Also, you can delete your Mylo account by sending an account deletion request from the email address that you used to create the account to email@example.com.
Below are the simple steps you can follow to delete take this action.
- Open the Moka App on your iPhone or Android
- Click on Account on the lower right side of your screen
- Scroll down and click on “Get Help” or “Share Feedback”
- Now compose an email and hit send.
- Wait for a response. Sometimes, it can take up to 2 – 4 business days before you’ll hear back from Moka support about your account deletion.
Alternatively, you can send an email directly to Moka Support right from the email address you registered with when you signed up by following the steps below:
- Open your email account that is registered with the application or website.
- Click on “Compose” from your email client and write an email to firstname.lastname@example.org
- Write “REQUEST TO DELETE MY ACCOUNT” as the subject of your email.
- Compose a message asking Mylo to delete your account.
Below is a sample email you can write to Mylo support to get your account deleted or deactivated.
Dear Moka Support, I have an account in your database I’ll like to delete. The name and email address on the account is ‘Your Name” and “Your Email’. I therefore request that you kindly delete my account from your database and also wipe all notifications if any.
Is Mylo the same as Moka?
Yes, based on these Mylo reviews’ findings, Moka is the same as Mylo.
Mylo is a savings and investment app that was launched in July 2017 in order to assist consumers in achieving their financial objectives.
The app combines machine learning with financial and transactional data to generate customized recommendations that assist consumers in making sound financial decisions.
As noted earlier, the initial name of the Moka app was Mylo.
But in the process of accomodating more clients across Europe and France, Mylo was renamed Moka in 2020.
When trying to justify the reason for the name change, the CEO of Mylo, Philip Barrar, said Mylo has a range of meanings and pronunciations that vary according to the speaker’s tongue, while Moka has a more standardized pronunciation.
In Barrar words:
“As we’re heading over to Europe, the rebranding became part of the need for a new name to address the growing global community that we have, and how we’re evolving the product.”
In the startup community, name changes amount to success or failure, affecting brand recognition.
When asked whether Barrar was worried about losing brand awareness in Canada due to Mylo’s change to Moka, the CEO said that he’s confident that what made Mylo unique as a brand would also make Moka unique.
In Barrar words:
“A lot of the things that made the Mylo product great will continue to make the Moka product great,” Barrar said. “Yes, there might be a small inherent risk, but I think what’s in store for us and in the grander scheme of the company, when we look back at this in five, 10 years, it’ll be [considered] a great beginning.”
Is Mylo Safe?
Based on the standing of these Mylo reviews, it is important you first understand that there’s no risk-free investment out there.
In Mylo’s case, Tactex Asset Management invests your funds in a low-cost and diversified ETFs portfolio, making the funds much less risky compared to when you picked the stocks yourself.
Mylo uses similar encryption and security that banks use. They also state that your information would never be sold.
Furthermore, the Canadian Investor Protection Fund (CIPF) insures your money with Mylo. This ensures that your deposits are covered up to $1 million should Mylo go bankrupt.
Is Mylo Worth It?
Absolutely, Mylo is definitely worth it because there is so much to gain and nothing to lose. Mylo (now Moka) helps you save and invest your spare change in a seamless way.
Also, since Mylo charges a flat fee of $1 per month, it means whether you have $100 or $1,000,000, you will still pay the flat fee. This way, you are able to grow your investments.
So, again, is Mylo worth it? Absolutely and without a doubt.
Is the Mylo App Free?
Yes. You can download the Moka app for free on your Android or iPhone. However, there is a fee attached to creating an account.
A flat monthly fee is charged by the portfolio manager (Tactex Asset Management) fee as follows:
- $2 for unrestricted non-registered accounts.
- $3 for unlimited registered accounts (including TFSAs, RRSPs, and SRI accounts).
Mylo Reviews: My Rating Formula
Here are my Mylo reviews 5-star ratings:
No doubt, automated investment is becoming more common in Canada, which means there is more competition out there.
So now that you’ve learned about the potential of the Moka app, let’s briefly look at its alternatives at this final stage of our Mylo reviews.
1. Qtrade Investor
2. Questwealth by Questrade
Questrade is a household name in Canada. It is an online brokerage with low investment fees and unique perks. This online brokerage has TFSA, RRSP, Margin, and other common investment accounts.
Furthermore, your Questrade investment is managed actively by One Capital Management. Although active management is great, sometimes, portfolio managers make bad investment decisions.
Nevertheless, Questrade has the features you need to make the most of your money.
Wealthsimple is a top competitor or alternative for Moka, and it’s one of Canada’s leading Robo advisors that help Canadians save and invest their money with all the automation and features they need.
Comparably, Moka and Wealthsimple share much in common. They are all safe, have SRIs, are all packed with extra features, all invest in ETFs, and they all provide round-up bonuses.
However, Wealthsimple has more features such as multiple account options, large investment opportunities, and so on. But this doesn’t imply that Moka isn’t a good option with limited accounts and limited investment opportunities.
It all boils down to your investment objectives and approach. So you need to ask yourself: can you save money regularly?
Obviously, Wealthsimple could be a suitable option since it is designed to accommodate large investments.
However, if you have hard time-saving money, Moka might likely be the suitable option for you since it improves your savings habit and is suitable for little automated investment.
Moreover, if you want to learn more about Wealthsimple, check out our comprehensive Wealthsimple Review.
Final Thoughts on Mylo Review
Investing and saving your money are proven steps to attaining your financial freedom. However, how you invest and save your money determines the success or failure of your investment and savings. Hence, the need to use a reliable investment and savings vehicle at all times.
The Moka app is one of Canada’s leading investment and savings vehicles that help you make the best of your money automatically as you sleep.
From the above Mylo review, you’ve learned about the pros and cons of Moka. You’ve also learned about Wealthsimple, its top competitors, and what they share and didn’t share in common.
So the question is, are you going with Moka or its alternatives? To be honest with yourself, you need to examine your current financial situation and financial goals before deciding.
Finally, let me know what you think about this Mylo review in the comment section.
FAQs on Mylo Review (Now Moka)
How much does it cost to use Moka?
The price of Moka varies by account. A regular account costs $3.99 plus tax monthly. While Moka 360 account costs $15 plus tax monthly.
How do I connect my Bank account to Mylo?
- Log in to the Mylo app.
- Navigate to Linked Accounts under Account.
- Click the + symbol in the upper right corner.
What is a Mylo Roundup?
Mylo Roundup is a method of rounding up your spare change anytime you buy something. The spare change is rounded up to the nearest dollar and is deposited into your account.
How does Mylo Roundup work?
Mylo Roundup rounds up your spare change to the nearest dollar.
For example, assuming you buy anything for $2.40, it will be rounded up to $3. Then Mylo will automatically save $0.60 to your account
How do I set up Mylo Roundup?
- Open a Mylo account
- Connect your bank
- Select a charity and set up your goals.
- Make transactions with your debit or Canadian credit card.
How does Mylo invest your money?
After you sign up, link your bank account(s), set a savings goal, and select your preferred way of financing… Mylo works its magic.
Your funds would be transferred automatically from your designated funding account to your goals.
Subsequently, your portfolio manager will invest the funds in an account that meets your needs.
This could be a TFSA, an RRSP, or an unregistered account.
Is Moka right for you?
The Moka App is ideal for individuals who wish to invest without having to think about it.
Anyone who uses the app as a saving or investing vehicle can benefit.
For example, you can use a registered investment portfolio to invest in mutual funds, index funds, or exchange-traded funds.
Also, you can use Moka to create a savings or investing account for various reasons. This includes emergency funds, vacation funds and house down payment funds, etc.
Furthermore, the Moka app is especially beneficial if you have difficulty investing or saving a large sum of money at once.
Finally, the Moka app is simple to use. It has no minimum investment amount.
So by investing your spare change, you may achieve your financial objectives without feeling a pain in your wallet.
Can you lose money with Mylo?
Like any other investment vehicle, the Moka app is not 100% risk-free.
However, your bank account is safe, and your deposit is insured by the Canadian Investor Protection Fund (CIPF).
How does the Mylo app make money?
Your purchase is rounded up to $4.00 by the Mylo app. It then deposits the additional 75% into your Mylo account.
This pattern continues throughout the week. For example, on Mondays, your previous week’s chequing account’s roundups are being withdrawn… and automatically invested in a Moka investment account.
How long does it take to withdraw from Mylo?
Withdrawing money from Mylo takes between two to eight business days.
This is a fair timeframe because your portfolio manager will have to sell your complete investments and transfer the money to your account.
Does Moka invest your money?
Yes, Moka invests your money through the following portfolios:
- Conservative – Moderate
- Moderate – Aggressive
- Socially responsible investing (SRI).
How much does Moka cost?
Moka regular account costs $3.99 plus taxes per month. This comes with automated savings and investment tools. It also comprised many completely managed portfolios etc.
How much does Moka 360 cost?
Moka 360 account costs $15 plus taxes per month. This comes with all the complete features of Moka’s regular account.
So if you’ve further questions about this Mylo Review, let me know in the comment section.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.