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

  • The big ones
  • Security and Privacy
  • Investing
  • Transferring funds
  • Account
The Big Ones

What’s Mylo?

First, Mylo automatically rounds up every purchase you make and invests the spare change, so you can achieve your financial goals. No investment knowledge or change in lifestyle required. With Mylo, turn your spending habits into saving habits.

Then, Mylo AI provides personalized insights and recommendations so you can make the best financial decisions. We help maximize your insurance coverage, significantly cut your interest rates on loans, optimize your travel points and more. Plug in and let the magic happen.

How does Mylo make the magic happen?

Within the mobile app experience, we provide recommendations to help you get more out of your money. We first build a deep understanding of you and what you’re trying to achieve, and then propose personalized insights.

Here are some examples of recommendations you might find in the app:

  • Switch credit cards for lower monthly payments and bigger rewards
  • Switch insurance for lower premiums and better coverage
  • Consolidate your loans while having your interest rates cut in half, potentially helping you save thousands of dollars a year

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. You information is never sold and only shared upon your expressed request.

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, trade, or for investment management. You can deposit or withdraw money at anytime at no additional cost.

For our loyal beta users who registered for our waitlist before May 1st, 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 all hate extra fees but no matter who you invest with, in order to benefit from these investment vehicles, there are standard fees associated with Exchange-Traded Funds (ETFs). Our partners, Tactex Asset Management work hard to choose ETFs that have a low Management Expense Ratio (MER) fee and provide a suitable risk-return profile for client portfolios. The ETFs we invest in include a MER fee, typically ranging from 0.1% - 0.3%.

Depending on how many transactions your bank allows you to make per month, they may charge you additional fees when Mylo makes a deposit or withdrawal. We recommend checking with your bank before using Mylo to make sure that additional transactions are supported by your banking plan.

By transferring your roundups once per week, Mylo limits the number of transfers to a maximum of four transactions per month. We also only transfer money to and from your checking account to ensure you do not incur any cash advance or other fees associated with other accounts.

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

Your Social Insurance Number (SIN) is a very personal piece of information and we fully appreciate that. 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, whether in person or online with a bank, financial advisor, broker, Mylo, or anyone approved to do so, 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 also explains the approved uses of the SIN in Canada here.

The Investment Industry Regulatory Organization of Canada (IIROC) also explains what Canadians need to provide their investment dealer to open an investment account in Canada here.

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’ve been serious about security since day one, and have implemented the same level of security as all major Canadian banks.

Specifically, we use 256-bit encryption, SSL connections and very strict internal security policies based on ISO standards to ensure that your information is never at risk. We work very hard to protect your information and we collect only what is necessary so that we can provide you with our services.

In short, 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, to allow them to perform various actions, such as performing 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 view 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 and credit cards (roundup sources) to Mylo and let the magic happen.

Spend $3.25 at Starbucks. We round up the purchase to $4.00 and invest that spare change for you. Every week, we add all the roundups generated with purchases with your cards, withdraw the total from your chequing account and invest it for you in your Mylo account.

Spend as usual, and reward your future self.

Who manages my money?

Every Mylo user has the opportunity to be advised by a registered Canadian portfolio manager Tactex Asset Management – Mylo's trusted partner. Tactex provides discretionary portfolio management for clients, and currently manages over $100 million in client assets.

Using the information you provide during the sign-up process, your registered Canadian 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.

Your portfolio manager, through the Mylo application, will be better able to recommend you an investment portfolio that reflects what you’re trying to achieve and how you want your money to be managed.

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

How and when can I withdraw my 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).

When will Mylo be available? And where?

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

We are currently in beta on iOS; Android to come later in 2017.

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’ve been serious about security since day one, and have implemented the same level of security as all major Canadian banks.

Specifically, we use 256-bit encryption, SSL connections and very strict internal security policies based on ISO standards to ensure that your information is never at risk. We work very hard to protect your information and we collect only what is necessary so that we can provide you with our services.

In short, 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, to allow them to perform various actions, such as performing 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 view our Privacy Policy.

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

Your Social Insurance Number (SIN) is a very personal piece of information and we fully appreciate that. 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, whether in person or online with a bank, financial advisor, broker, Mylo, or anyone approved to do so, 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 also explains the approved uses of the SIN in Canada here.

The Investment Industry Regulatory Organization of Canada (IIROC) also explains what Canadians need to provide their investment dealer to open an investment account in Canada here.

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 has the opportunity to be advised by a registered Canadian portfolio manager Tactex Asset Management – Mylo's trusted partner. Tactex provides discretionary portfolio management for clients, and currently manages over $100 million in client assets.

Using the information you provide during the sign-up process, your registered Canadian 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.

Your portfolio manager, through the Mylo application, will be better able to recommend you an investment portfolio that reflects what you’re trying to achieve and how you want your money to be managed.

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

How do you determine my investment strategy?

Your portfolio manager goes through a standard process called Know-Your-Client (KYC) to better understand three key 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 you an investment portfolio that reflects what you’re trying to achieve.

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.

Can I lose money?

Like any other investment, 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 and agree on an investment portfolio that matches with your lifestyle, risk profile, and financial goals.

What are your commissions and fees for investing?

None. Mylo does not charge you any investment management fees. Beyond the simple $1/month fee, Mylo does not charge any additional fees.

There may be third party fees explained below.

What is an MER fee?

Mylo uses Exchange Traded Funds (ETFs) as a low cost alternative to the typical Mutual Fund. 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.

Like all other ETFs, the ETFs we invest in do include an annual management fee that ETF providers use to cover the costs of operating the ETF. These fees typically range from 0.1% - 0.3%. The ETF providers do not charge this on top of your investments but include it when investing your money, which reduces 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 very 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 to prevent any unnecessary credit card cash advance fees or banking fees related to withdrawing 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 have a maximum amount of transactions that you can perform on a monthly basis and will charge your per transaction fees when you exceed that number.

In order to limit the amount of transactions with your bank, we aggregate all the roundups and deposits from the week and every Monday we transfer those amounts from your funding source to your Mylo Investment account. If you ever wish to withdraw money, you can do so at any time in the application and it will be transferred back to the same funding source within a few days.

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 will launch in Canada only, for now. We look forward to expanding internationally in the near future!

We are currently in beta on iOS; Android to come later in 2017.

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 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, together.

Now that you’ve joined our waitlist, you’ll be one of the first to be able to use Mylo. Expect an email from us very soon announcing our official launch.

Since we are in beta, much of the account approval process is done manually. We request account information, such as your SIN or bank account number, ahead of time to verify your identity and comply with regulatory requirements so that when you download Mylo, you will be ready to go!

We sincerely appreciate your patience while we add the final touches to our first mobile app. Get excited, because we are!

Which banks and cards will you support?

To start, we will only support major Canadian banks. Only chequing accounts, debit and credit cards from these banks will be supported.

These banks include: TD Canada Trust (TD), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), Bank of Montreal (BMO), and Caisse Desjardins.

More banks and credit unions coming very soon in 2017!