Questions about Mylo? Let's clear that up together.

The Big Ones

What’s Mylo?

First, Mylo automatically rounds up every purchase you make and invests the spare change. No investment knowledge is required, nor a change in lifestyle. With Mylo, turn your spending habits into saving habits.

Then, Mylo uses AI to provide personalized insights and recommendations so you can make better financial decisions. We help you optimize your insurance coverage, lower your interest payments, maximize your travel points and more. Plug in and let the magic happen.

If you like our recommendations and decide to opt in to a financial service we suggest, we may earn a success fee from our partners. Your information is never sold. It is only shared upon your expressed consent.

Our priority is helping you get the most out of your money. Period.

How much does it cost?

Mylo costs a simple $1/month. No confusing fees related to the amount of money you invest. You can deposit or withdraw money at any time at no additional cost.

For our loyal beta users who registered for our waitlist before May 1, 2017, we’re locking you into a free plan. Thank you for believing in us from the very beginning.

Are there third party fees?

We are allergic to extra fees. For this reason, we choose to invest in Exchange-Traded Funds (ETFs), which have some of the lowest management fees in the market while still yielding great returns. Our partner, Tactex Asset Management, works hard to choose ETFs that have the lowest fees while also providing a suitable risk-return profile for client portfolios. The ETFs we invest in typically include a Management Expense Ratio (MER) ranging from 0.05% to 0.37%.

Mylo does not make any money off your ETF fees, and will always invest your money in the most efficient investment vehicles. You can read more about it here.

Why do you need my Social Insurance Number (SIN)?

Your Social Insurance Number (SIN) is personal. We’re taught early on to protect our SIN, and for good reason.

Here’s why Mylo asks for your SIN:

If you want to open an investment account in Canada with an approved organization, you will need to provide your SIN as part of the Income Tax Act.

The federal government website describes it here in point #3. The Office of the Privacy Commissioner of Canada explains the approved uses of the SIN in Canada here. Finally, IIROC explains what is required to open an investment account in Canada here.

We take security very seriously and have put in place the same security measures as any major Canadian bank. This means 256-bit encryption, SSL connections and strict internal security policies based on ISO standards to ensure your information is never at risk.

If you are an American citizen, the United States government requires that we collect your Social Security Number as well for tax reporting purposes.

How does Mylo protect my information?

We take security very seriously and have put in place the same security measures as any major Canadian bank. This means 256-bit encryption, SSL connections and strict internal security policies based on ISO standards to ensure your information is never at risk.

Mylo never sells your data. At times, restricted information may be shared with our trusted suppliers, who handle your information with the same level of privacy as outlined in our privacy policy. We share such information with our partners in order for them to perform tasks essential for the Mylo app, such as identify verification or transferring money to and from your bank accounts.

To learn more about what information we collect and why, with whom we share this information, and how we protect it, please visit our Privacy Policy.

How do roundups work?

Roundups are a great way to put money aside, without changing your lifestyle. Link your chequing account (funding source), debit cards and credit cards (roundup sources) to Mylo and let the magic happen.

If you spend $3.25 at Starbucks, we round up your purchase to $4.00 and put aside $0.75 in your Mylo account. Every week, we add all the roundups generated with your purchases, withdraw the total from your chequing account and invest it for you in your Mylo account.

Who manages my money?

Every Mylo user is advised by a registered Canadian portfolio manager at Tactex Asset Management, a trusted Mylo partner, who currently manages over $110 million in client assets.

Your portfolio manager goes through a Know-Your-Client (KYC) process to better understand three main things: your financial situation, your risk profile and your financial goals.

Using the information collected during your sign-up process, your portfolio manager will be able to recommend an investment portfolio that reflects your unique situation.

Since the investment decisions in your account are made by your portfolio manager, you do not need any prior investment knowledge to use Mylo.

How and when can I withdraw my money?

You can withdraw money from your Mylo Account anytime through our mobile app. Simply wait 2 to 8 business days for us to sell your investments and deposit the funds in your chequing account. No fees and penalties, whatsoever.

When will Mylo be available? And where?

Mylo is available in Canada only, for now. We look forward to expanding internationally in the near future!

Our iOS app is now available on the App Store! Click here to download the app.

We are still building our Android beta. Register with your email to get on our waitlist. You'll be the first to know when we launch!

Security and Privacy

How does Mylo protect my information?

We take security very seriously and have put in place the same security measures as any major Canadian bank. This means 256-bit encryption, SSL connections and strict internal security policies based on ISO standards to ensure your information is never at risk.

Mylo never sells your data. At times, restricted information may be shared with our trusted suppliers, who handle your information with the same level of privacy as outlined in our privacy policy. We share such information with our partners in order for them to perform tasks essential for the Mylo app, such as identify verification or transferring money to and from your bank accounts.

To learn more about what information we collect and why, with whom we share this information, and how we protect it, please visit our Privacy Policy.

Why do you need my Social Insurance Number (SIN)?

Your Social Insurance Number (SIN) is personal. We’re taught early on to protect our SIN, and for good reason.

Here’s why Mylo asks for your SIN:

If you want to open an investment account in Canada with an approved organization, you will need to provide your SIN as part of the Income Tax Act.

The federal government website describes it here in point #3. The Office of the Privacy Commissioner of Canada explains the approved uses of the SIN in Canada here. Finally, IIROC explains what is required to open an investment account in Canada here.

We take security very seriously and have put in place the same security measures as any major Canadian bank. This means 256-bit encryption, SSL connections and strict internal security policies based on ISO standards to ensure your information is never at risk.

If you are an American citizen, the United States government requires that we collect your Social Security Number as well for tax reporting purposes.

Investing

Who manages my money?

Every Mylo user is advised by a registered Canadian portfolio manager at Tactex Asset Management, a trusted Mylo partner, who currently manages over $110 million in client assets.

How do you determine my investment strategy?

Your portfolio manager goes through a Know-Your-Client (KYC) process to better understand three main things: your financial situation, your risk profile and your financial goals.

Using the information collected during your sign-up process, your portfolio manager will be able to recommend an investment portfolio that reflects your unique situation.

Since your investment account is fully managed by a registered Canadian portfolio manager, you do not need any prior investment knowledge to use Mylo.

What do you invest my money in?

Each investment portfolio contains a combination of Exchange-Traded Funds (ETFs). Through these ETFs, your money is invested in stocks and bonds spanning thousands of issuers. This follows Modern Portfolio Theory, which prioritizes diversification over picking individual stocks or “trying to beat the market”.

We believe this approach suits the vast majority of people out there. Each portfolio has been built to reflect various risk vs. reward profiles, and aims to help you achieve your financial goals.

We use the information collected during your sign-up process in combination with your goal to provide you with an investment profile. Our profiles use a mix of stocks, bonds, and savings funds to develop portfolios suited to your personal goals.

ConservativeConservative - ModerateModerateModerate - AggressiveAggressive
Savings Funds100%40%
Bonds60%60%40%20%
Stocks40%60%80%



The detailed information about your investment profile will be provided to you in the application before your money is invested.

What ETFs do you invest in?

Here are the ETFs currently being used to construct our portfolios, though these may be subject to change:

Asset ClassTickerMER
High Interest Savings ETFPSA0.12%
Canadian StocksVCE0.05%
US StocksVSP0.08%
International StocksVI0.23%
Canadian BondsVAB0.13%
US BondsVBU0.22%
International BondsVBG0.37%

What returns can I expect?

To understand the types of risk and return of various asset allocations using broadly diversified funds, see here.

How can I monitor the performance of my investments?

On the monthly statements that will be sent to you, you will have a cost basis and current market value displayed. If the market value of your investments exceeds the cost basis, then your investment is worth more than when we purchased it for you. This will give you a sense of how your investments are performing.

Additionally, on an annual basis, we will provide you with a comprehensive performance report showing the rate of return of your account over a variety of time intervals, including since inception.

Can I lose money?

As with most investments, it is possible for you to lose the principal investment, and returns are not guaranteed. It is therefore crucial to be honest when answering questions during the signup process, so that your portfolio manager can create for you an investment portfolio that matches with your lifestyle, risk profile and financial goals.

What are your commissions and fees for investing?

Mylo does not earn commissions or any fees directly related to your investments. However, Mylo earns a flat fee of $1/month from its users to help service the technology.

However, it is important to note that there are third party fees (management fees) for investing in Exchange Traded Funds (ETFs), which are typically between 0.05% and 0.37% of the amounts invested. These are among the lowest fees in the market, and allow diversified portfolios to be efficiently created.

What is an MER fee?

Exchange-Traded Funds (ETFs) are used a low cost alternative to typical Mutual Funds. ETFs are bundles of stocks and bonds that follow a specific investment strategy. For example, the FTSE Canada Index ETF (VCE) offered by Vanguard tracks the performance of a broad index that measures the investment return of publicly traded stocks in the Canadian market.

ETFs include an annual management fee that ETF providers use to cover the costs of operating the ETF. The ETFs in your account have fees that range from 0.05% to 0.37%. The ETF providers charge this fee directly to the fund, not to your account, so while you will not see charge for this amount, it does reduce the value of your investments. For example, if you were to invest $10.00 in an ETF with an MER of 0.2%, the value of the ETF would be reduced by approximately $0.02 over the course of a year due to MER fees charged.

Tactex Asset Management works hard to choose ETFs that have a low MER fee and provide a suitable risk-return profile for client portfolios.

Transferring Funds

How do I fund my Mylo account?

There are three ways to fund your Mylo account:

  1. Roundups on your purchases
  2. Deposits made periodically (weekly, bi-weekly, monthly, etc.)
  3. One-time boosts (any amount you’d like)

Where do you take the money from?

Once you’ve linked a chequing account (funding source) to Mylo, we will take contributions from this source only. We limit your funding source to chequing accounts in order to prevent any unnecessary credit card cash advance fees or banking fees related to withdrawals from a savings account.

When do you transfer money from my personal account to my Mylo account? And vice-versa?

Mylo transfers money from your chequing to your Mylo account every week on Mondays. Withdrawals could take between 2 - 8 business days, due to the time it takes to sell your investments and transfer the money into your chequing account.

Most Canadian banks impose a limit on your monthly transactions and charge for each transaction over this limit.

To keep such transactions at a minimum, we aggregate all of your roundups and deposits and transfer those amounts from your funding source to your Mylo Account once per week on Mondays.

Conversely, if you would like to withdraw money, we require 2-8 days to business days to sell your investments and deposit the funds in your chequing account. No fees and penalties for withdrawals, whatsoever.

How and when can I withdraw money?

You can withdraw money from your Mylo anytime through our mobile app. Simply wait 2 to 8 business days for us to sell your investments and deposit the funds in your chequing account. No fees and penalties, whatsoever.

Unlike other investment options, we do not make money based on the amount you have in your Mylo account (a revenue model called charging for Assets Under Management).

Account

When will Mylo be available? And where?

Mylo is available in Canada only, for now. We look forward to expanding internationally in the near future!

Our iOS app is now available on the App Store! Click here to download the app.

We are still building our Android beta. Register with your email to get on our waitlist. You'll be the first to know when we launch!

What's a waitlist? I've just registered for Android and Mylo told me I'm on a waitlist?

First off, thanks for registering with us! We’re excited to help you reach your financial goals.

Now that you’ve joined our Android waitlist, you will be one of the first Mylo users. You can expect an email from us very soon announcing our official launch.

We sincerely appreciate your patience while we add the final touches to our Android app. Exciting times ahead!

Which banks and cards do you support?

We currently support chequing accounts, debit cards and credit cards from all major Canadian banks:

– ATB Financial
– BMO
– CIBC
– Desjardins
– HSBC
– Manulife
– National Bank
– PC Finanical
– RBC
– Scotia Bank
– TD Canada Trust
– Tangerine
– Vancity

Don't see your bank here? Send us an email and we'll work on adding it as soon as possible.

I would like to delete my account. What do I do?

If you wish to delete your account, send us an email. Please include the email address associated with your account. We would be sorry to see you go!