Mylo is Canada’s pioneer app for investing your spare change. Similar to the Acorns or Digit apps in the United States, Mylo helps you to start growing your wealth automatically with every purchase you make.
Mylo offers a $5 cash bonus to all new clients who sign up through this link (no promo code required).
You can read my full Mylo review here.
What is the Mylo App?
Mylo Financial Technologies Inc. was founded in 2017 and was featured on the Dragon’s Den show. The Mylo app rounds up your purchases to the nearest dollar and invests the spare change.
For example, if you purchase coffee for $2.50 using your debit or credit card, Mylo will round it up to $3.00 and save the 50 cents. It is often referred to as a micro-saving app.
1. Automated Investing: Your spare change is automatically invested so you do not even have to think about it.
2. Low Fees: The Basic Mylo service charges $1 per month no matter how much you invest. For registered accounts using Mylo Advantage, the management fee is a flat $3 per month! There are no other hidden fees to worry about.
3. Diversified Portfolio: They use Nobel-Prize winning strategies to invest your money using low-cost ETFs.
4. Meet Financial Goals: You can use the Mylo app to set specific financial or savings goals e.g. save for retirement, down payment on a home, pay off debt, save for an emergency fund, etc. The app allows you to multiply your roundups, or increase your contributions in order to reach your goals.
5. Registered and Non-registered accounts: A basic Mylo account allows you to invest in a non-registered account. You can upgrade to Mylo Advantage which gives you an opportunity to invest in a TFSA or RRSP. Mylo Advantage also offers socially responsible investing, next day withdrawals, and cash back rewards.
Is Mylo Safe?
The funds in your Mylo account are held in trust by Fidelity Canada Clearing which is a member of the Canada Investor Protection Fund (CIPF). This means that your account is insured up to $1 million.
As for your personal information, the company uses 256-bit encryption to ensure it is protected.
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Mylo Promo Code and Referral Program
When you open a new account with Mylo (promo link), they reward you with a $5 cash bonus. The company also gives you a $5 bonus for every friend that you refer when they sign up using your referral link. Your friend gets a $5 bonus too!
This is awesome since it means that you can help friends and family to start saving while you also grow your investment portfolio.
Apply Now For Mylo and Get a $5 Bonus here.
Already using Mylo? Tell us about your experience in the comments!
Mylo Promo Code and Review
Mylo is similar to the Acorns or Digit apps in the United States and is Canada’s pioneer app for investing your spare change. Start investing for your future today!
- Automated investing
- Low-cost management
- Diversified portfolios
- Registered accounts available
- Premium service also offers cash back
- $1 to $3 monthly fee depending on your package