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The Basics

What's Mylo?

Mylo automatically rounds up every purchase you make and invests the spare change. There’s no investment knowledge required, and you don’t have to change your lifestyle. With Mylo, you turn your spending habits into saving habits.

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

How much does it cost?

Mylo costs $1 a month. That’s it. No matter how much you invest. And there are no hidden fees. You can deposit or withdraw money at any time and at no additional cost.

Are there any hidden fees?

Mylo will never charge you any additional fees. We pride ourselves on working hard to keep your investment-related costs as low as possible. To do this, we invest your money in low-cost Exchange-Traded Funds (ETFs). The companies that manage these funds typically charge a Management Expense Ratio (MER) that ranges from 0.05% to 0.37%, which is among the lowest in the industry. Mylo does not make any money from MERs and will always invest your money in the most efficient investment vehicles.

How do roundups work?

Roundups make it easy to put money aside without changing your lifestyle. You simply link your chequing account (funding source) and your debit and/or credit cards (roundup sources) to your Mylo account, and we automate the process for you.

For example, If you spend $3.25 on a coffee using a linked credit or debit card, we automatically round up your purchase to $4.00 and put 75 cents aside in your Mylo account. Every week on Monday, we add up all the roundups from the previous week, withdraw the total from your funding source (typically your chequing account) and invest it in your Mylo account.

How and when can I withdraw my money?

You can withdraw money from your Mylo account anytime through our mobile app. We process withdrawal requests every Friday, so depending on what day of the week you request your withdrawal, it can take between 2 to 8 business days for your money to be deposited back in your funding source. There are never any fees or penalties related to withdrawing money from your Mylo account, whatsoever.

Where is Mylo available?

Mylo is only available in Canada, but we look forward to expanding internationally in the near future!

Security and privacy

How does Mylo protect my information?

Security is our first priority. That’s why we use the same security measures as major Canadian banks. 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.; If necessary, we may share restricted information with our trusted suppliers, who handle your information according to the rules outlined in our Privacy Policy. We will only share this information with our partners if it essential, such as when we verify your identity or transfer money to and from your accounts.

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

Investing

Who manages my money?

Every Mylo user is advised by a registered Canadian portfolio manager at Tactex Asset Management, a subsidiary of Mylo Financial Technologies Inc. that currently manages over $120 million in client assets.

A team of portfolio managers works diligently to invest the spare change of Mylo users. One these portfolio managers is Dave Fortin: a chartered financial analyst with a Bachelor of Commerce from McGill University. Dave also acts as Chief Operating Officer for Tactex Asset Management.

How do you determine my investment strategy?

The questions we ask when you are signing up are important. Your answers provide the Know-Your-Client information that your portfolio manager needs to understand three main things: your financial situation, your risk profile and your financial goals.

Using this information, your portfolio manager will 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 is 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 to provide you with an investment profile and assign you one of five diversified portfolios, comprised of a mix of stocks, bonds and savings funds, suited to your personal goals.

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

You can always see your Investor Profile in the Mylo app, under Account > Investor Profile.

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?

You will see a book value and current market value in the monthly statements we share mid-month in the Mylo app. If the market value of your investments exceeds the book value, 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. That’s why it’s important to be honest when answering questions during the sign-up process, so that your portfolio manager can create an investment portfolio for you that matches your lifestyle, risk profile and financial goals.

What are your commissions and fees for investing?

Mylo does not earn commissions or charge any fees directly related to your investments. However, Mylo charges users a flat fee of $1/month for the use of the Mylo platform.

It is also 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 us to create diversified portfolios.

What is an MER fee?

Exchange-Traded Funds (ETFs) are 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 a charge for this amount, it will slightly 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?

You can fund your Mylo account by connecting it with a funding source, such as a chequing account, as well as any credit and debit cards you regularly use to make purchases. Every time you make a purchase with your cards, we will round up the price up to the nearest dollar and invest the spare change.

You can reach your financial goal faster by making a deposit in your Mylo account anytime. Simply go to My Goal in the app, click the orange plus sign, and select the amount you would like to deposit.

You can also fund your account by referring friends to Mylo. Simply invite your friend through the app. When they successfully fund their account, we will deposit $5 in your account and in your friend’s account, too!

Where do you take the money from when funding my Mylo account?

Your Mylo account is funded by the bank account that you designate as your funding source, typically a chequing account. We don’t allow credit cards as funding sources to prevent any unnecessary credit card cash advance fees. If you want to use a savings account as a funding source, simply update your information in the app under Bank.

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.

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 a week on Mondays.

How and when can I withdraw money?

You can request a withdrawal anytime. Please note that we process requests once a week, typically on Friday. It can take 2 to 8 business days to deposit the funds in your chequing account, including the processing time of your financial institution. There are never fees or penalties for withdrawals.

My Account

Which banks and cards do you support?

We currently support chequing accounts, debit cards and credit cards from all major Canadian banks including but not limited to:

  • American Express Cards
  • ATB Financial
  • BMO
  • Canadian Tire Cards
  • Capital One Credit
  • CIBC
  • Coast Capital Savings CU
  • Costco Capital One
  • Desjardins
  • HSBC
  • Libro CU
  • Manulife
  • MBNA
  • Meridian CU
  • National Bank
  • RBC
  • Scotia Bank
  • Servus CU
  • Simplii (formerly PC Financial)
  • 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?

    Send us an email or connect with us in the app to delete your account. Please include the email address associated with your account.