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Mylo Review – Automate Your Savings and Achieve Your Financial Goals

Goals, Saving5 Comments

Mylo Review – Automate Your Savings and Achieve Your Financial Goals

Ever wondered if there was an easy way to save and grow your money to achieve your financial goals automatically? Meet the company Mylo in my detailed Mylo review! With their new app just launched officially on July 6th on the iOS App Store for Canadians, Mylo is an automated investing app that rounds up your daily purchases and invest the spare change.

Technically, what it does is that it rounds up your transactions to the nearest $1 and invests the difference into personally tailored diversified portfolio of ETFs (index funds). Everything is automated and I already LOVE it. So far the last few months, Mylo has invested $100 (now $275!) from rounding up my usual transactions, which I think is awesome as I didn’t even notice it!

If this is something that sounds familiar to you, this is because it’s kind of the Canadian equivalent of Acorns app (which is only available for people in the US and Australia). I’ll explain the differences later on, but in a few words, while the fees are quite the same Mylo is more focused on achieving your financial goals.

I’ve been waiting a long time for such an app in Canada. I was on the Beta wait list for a few months and was finally able to use it! Once again it’s nice to see some awesome Canadian App being so successful, like Drop or Wealthsimple, so I had to talk about it! Check out this new awesome app or read more on my Mylo App Canada review below.

Mylo Review – Automate Your Savings and Achieve Your Financial Goals

Mylo Review Overview

Pros

  • Automated Approach – Mylo is the perfect way to automate your savings and achieve your financial goals at the same time.
  • Multiple Portfolio – You get to choose from five different portfolio, which you can customize for each goal you define.
  • Financial Insights – Mylo provides financial insights regarding your spending habits to make better decisions.
  • Goal Oriented – This really sets them apart from other applications that have roundup investments. The goals you define are completely personalized (the goal amount as well as the end date!)
  • Great Referral Program – Get a $5 referral bonus when you refer a friend to Mylo as a promo offer.
  • Secured Platform – Mylo is backed by Canadian ShareOwner, which was recently bought by Wealthsimple, and they also feature advanced bank-level security.

Cons

  • Available Only in Canada – Not technically a limitation, but still it would be nice to see Mylo expand abroad!.
  • Limited To Non-Registered Accounts – This is the main reasons why new investors should prioritize maxing out their tax-free or tax-deferred accounts before contributing significant money into Mylo. But it seems like Mylo is planning on offering registered accounts soon enough.

Updated Mylo Review 2017

UPDATE December 2017: Mylo just launched their referral program. Earn a $5 bonus when you signup to Mylo and when you refer friends to Mylo.

Table of Contents

What is Mylo?

The team at Mylo found out that:

“1 in 2 Canadians between the ages of 18-34 has less than $1,000 in savings, regardless of their income.”

In fact, according to recent studies, “millennials in Canada were more concerned about saving than any other age group”. It’s also been said that millennials are willing for more “Goals-based investing“. This is because once a goal has been set, it is way more easy to focus which in turns encourage sticking with the initial plan.

In response to this, what Mylo did is that they built a tool aimed at taking the stress out of achieving financial goals. Mylo automatically invests your spare change (once a week) in index funds (ETFs), with a portfolio manager managing your account to remove the hassle to get started when you do not have any investment knowledge.

Wanna get started in three minutes?

  1. Head over to Mylo website, or directly on the iOS App Store
  2. Create an account (by clicking on “Get Started“).
  3. Link your bank accounts.
  4. Enjoy the automation and watch your money grow!

How does Mylo work?

When you sign-up (that’s literally a three-minute process and there’s no minimum deposit required), you just have to link your existing cards and choose from five different portfolio (conservative, conservative moderate, moderate, moderate aggressive and aggressive) which can be unique for each specific goal you would like to set (such as building up an emergency fund or saving for retirement).

Every time you’ll be using the cards you just linked, Mylo will round up the transaction to the nearest dollar and invest the difference in your Mylo account. You can also make one-time contributions, as well as setting up recurring contributions.

Quick tip: you can adjust the settings to multiply the rounds up to 2x or 3x.

Behind the scenes, roundups are not done in real time but instead are aggregated once a week and then transferred in your Mylo account from a designated funding account (like your checking account). This is done to prevent bank transaction limits or fees occurred because of too many transactions per week. You can connect as many cards as you want, though all roundups are taken from the same linked checking account. You’re in total control of your roundups, you can pause roundups at any time and withdraw or deposit money as frequently as you like.

Quick tip: if you’re afraid you might go overdraft because of this sometimes, don’t worry, Mylo sends you a notification and you have to set an option if you want to approve your transfer when your balance goes below $25 to prevent from overdraft fees. By default Mylo will not approve transfer if your account drops below $25.

Down the road, Mylo will also provide you with financial insights (such as tips, recommendations and education materials) to help you save money and achieve your financial goals at the same time.

Mylo Review – Automate Your Savings and Achieve Your Financial Goals

Mylo Provides Some Financial Insights Regarding Your Spending Habits

Another great feature from Mylo is that you can define some specific goals (such as saving for retirement or for a house down-payment) and the goal amount and end date are completely up to you. Simply set up a goal, upload a picture of that goal, and specify when you would like to achieve that goal by. Remember that you can also boost your goals with one-time deposits to accomplish them faster! Once defined, you have to set the percentage of your roundups that you want to attribute towards your goal. I’ve personally chosen a single goal which is a “Vacation Fund” for my upcoming vacation this summer with my family, with a $1k amount which I should need for this!

Quick tip: use the boost feature as an impulse buy prevention feature. For example, if you were about to spend $15 on your usual morning breakfast but decided to make it at home instead, you could bank that $15 into your Mylo account as a reward to yourself!

Most investors would be surprised at how quickly spare change piles up!Click To Tweet

Of course remember that you do have to pay taxes on the money you make with Mylo as they only provide you with non-registered accounts at the moment.

Try Mylo!

Get started easily. Signup process takes less than three minutes and earn an extra $5 bonus.

Check out Mylo

If you want to read more, feel free to check out their FAQ.

The dashboard (from the web interface) is visually appealing and investor friendly. You just have a few options to set up after you’ve signed up and after this you can completely let it run on auto-pilot! The dashboard only shows you what’s necessary to get started:

  • An overview of your account.
  • Your investor profile.
  • Quick access to your account statements.
  • A tab to manage your funding.

Comparison with Acorns

As Mylo looks a lot like Acorns (at least it seems!), a lot of people are wondering what are the difference between Mylo vs Acorns. Here are the three main differences.

MyloAcorns
AvailabilityCanadaUS & Australia
Fees$1 per month

Account < $5,000: $1 per month

Account > $5,000: 0.25$ per year

Main featureFinancial Goals, Insights, RoundupsRoundups

Is Mylo App safe?

Backed by Canadian ShareOwner, which was recently bought by Wealthsimple, Mylo feature complete advanced bank-level security.

Mylo Review – Automate Your Savings and Achieve Your Financial Goals

Overall Picture of Your Defined Goals With Amount and Target Date

One important thing to consider for this Mylo review is that your account is insured with the Canadian Investor Protection Fund (CIPF) for up to $1,000,000, there’s no promise your investments will go up as there are always market risks associated with investing. However, this is not specific to Mylo but with anything in the investment world.

Benefits of using Mylo

There’s no minimum to open an account with Mylo. You can simply let it run automatically with the roundups and you can also choose to make one time or recurring contributions.

One of the the reason I love Mylo so much and that I had to talk about in this Mylo review is that if you don’t have to think about saving, you’re more likely to do it. Just set it up the first time and watch your money grow. Also Mylo is really Goal oriented which is what really sets them apart from other applications that have roundup investments. The goals you define are completely personalized (the goal amount as well as the end date!).

As you make your day-to-day transactions, Mylo also provides valuable insights on where you spend your money and offers solutions to find you greater saving.

Of course, there are a few shortcomings and disadvantages to using Mylo, but fortunately for us there aren’t a lot.

Where Mylo falls short

You need to be in Canada because it only works there (yet?). Also, one of Mylo shortcomings is that you are limited in the kind of account you can open up. You only have the option to open non-registered accounts. That’s why investors should prioritize maxing out their tax-free or tax-deferred accounts before contributing significant money into Mylo.

If you don’t do a lot of transactions with your cards, you’re not going to invest that much with Mylo. So unless you add some one-time deposits or recurring contributions, what you will invest with Mylo might seem low for some people.

Finally, you can only use Mylo with the official iPhone App (an Android app as well as the web interface should also be available shortly).

Mylo should definitely be used alongside other tools such as Wealthsimple (check out my detailed and complete Wealthsimple review here) and not specifically as your primary way to invest your money.

Mylo Review – Automate Your Savings and Achieve Your Financial Goals

Easily Contribute or Withdraw From Your Mylo Account

Are there any fees associated with Mylo?

Mylo costs a flat fee of $1 / month (unless you registered before May 1st 2017 in which case it’s free to use). Let’s take an example where on average a user uses his cards 20 times per month for an average rounding of $15 / month. On one year this is around $180, of which Mylo takes $12 for management purposes.

This can seem quite a lot for low balance accounts, but as soon as you get to higher account balance it gets beneficial as the $1 / month stays the same! So if you don’t do a lot of transactions with your cards or if your Mylo account is quite low, Mylo management fees can seem high, but it gets a lot better over time.

Remember that if you invite a friend to join over with your Mylo App promo code, you both get a $5 bonus, so that’s another way to recoup some of Mylo fees!

Even if you’re not investing that much with Mylo, it’s still better than nothing invested at all! And of course remember that you should be prioritizing having an emergency fund before investing.

Mylo Review Summary

Rating

  • Rated 4.5

Summary

  • If you’re having trouble setting aside money to invest, or if you want to get started investing easily while achieving your financial goals at the same time, Mylo is definitely a great app to consider. As explained in my Mylo review, the automatics roundups make saving and investing easy, and most investors would be surprised at how quickly spare change piles up!

Final thoughts

Mylo Review – Automate Your Savings and Achieve Your Financial GoalsSo here it is, my complete detailed Mylo review! I hope you’re gonna enjoy using Mylo as much as I do. I’m quite obsessed when it comes to trying out new and interesting financial apps and this is one you should definitely check out because it looks so promising. The best part? There’s no need to change anything about your habits as everything is handled automatically! If you want to check it out you can get started in as little as 3 minutes:

  • Register to Mylo.ai (which will earn you a $5 Bonus), or download the official iPhone App
  • Link your existing cards.
  • Spend like you usually do and watch your spare change piles up quickly.

The goal-oriented platform, the insights provided as well as the complete automation of savings is what hooked me up in the first place. This is really an easy and interesting way to upgrade your saving habits and to get started investing if you have not already. Looking forward to the next few months to see how my account with Mylo is doing, and I hope that you enjoyed this Mylo review!

Other financial tools reviews you might be interested in

– Vincent

Have you checked out Mylo already? Do you think this is something interesting? Let me know in the comments!

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  • Avatar for Finance For Geek
    Josh Cribby
    Jul 08, 2017 at 11:22 AM

    I loved your post! I was so excited when Mylo launched on the App Store, and I’m super excited to have a hands-off investing platform like Mylo in Canada.

    I’m definitely going to be following your posts on Mylo, Wealthsimple, etc.

    I’m a fan!

    I’ll be blogging about my journey with various investment apps and services on the market as well.

    Question! Have you tried Lending Loop by any chance? It’s a P2P lending platform in Canada. It’s a bit higher risk as far as investing goes, but it’s an interesting opportunity! I’d love to hear your thoughts on it!

    Thanks so much for your review!

    Josh Cribby (The Investor Kid)

    • Avatar for Finance For Geek
      Finance For Geek
      Jul 08, 2017 at 1:05 PM

      Hi Josh and thanks for dropping by! Yes finally Mylo is available that’s great indeed, been following it for a long time it was about time.
      I know Lending Loop and this is something interesting I’d like to try in the near future, but even if it’s available in Canada, it’s not available in Quebec yet 🙂

  • Avatar for Finance For Geek
    Daniel Ramirez
    Nov 18, 2017 at 7:19 PM

    Hi! great post! very complete description! I’ve been using Mylo for 4 months now and everyday I’m closer to reach my goal for a vacation trip with my family. I love it!.
    I also like a lot the last update of the app in which they provide you monthly statements of your investment. however, I don’t have too many knowledge regarding banking and investing, so is hard for my to understand the detailed concepts listed in those statements.
    I wonder, do you know how can I learn how much is been the total of savings (money that has been rounded up and transfered from my bank account) and also the total of profit made on every month? I mean… I wanna know how much of that money is generated by me and how much is produced by the portfolio.
    I’d really appreciate any information about this. 🙂

    Kidn Regards!

    • Avatar for Finance For Geek
      Finance For Geek
      Nov 19, 2017 at 2:16 AM

      Hello Daniel! I’ve also been using Mylo as a travel fund that’s a nice way to use it indeed.
      Regarding your question about the returns versus the contributions, I just checked and it seems like there are no direct way to see it in the application at the moment. You can only see your portfolio and the cost / book cost. Mylo is improving their application on a regular basis (and I believe the web interface should be available shortly) so I guess you’ll have to wait to have a better view of this 🙂

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