Review of Mylo Savings

An Updated Review of MYLO

You may have read my former review on Mylo, the robo-saver and robo-investor application for your smartphone. Mylo is very much like Acorns, the American version of rounding up your transactions, and stashing the cash.

You may have read my former review on Mylo, the robo-saver and robo-investor application for your smartphone. Mylo is very much like Acorns, the American version of rounding up your transactions, and stashing the cash.

I have updated the review throughout. If you have never used Mylo, here are the steps and what you need to know. If you have used it before, I’d love to know your opinions, and if they are much different than my own.

Mylo: Cool Savings Machine or Enemy of the System?

Mylo is a Montreal-based FinTech startup that has created the only app for Canadians that mimics the old-fashioned change jar….with a twist. From their own words: “Mylo is a mobile platform that automatically rounds up every purchase that users make and invests the spare change. Then, once plugged in, Mylo uses its proprietary user transactional data and artificial intelligence to provide personalized insights and recommendations so that users can make better financial decisions. Mylo helps optimize users’ insurance coverage, reduce interest payments, maximize travel points and more.”

Sorry, no computers, smartphones only

The creators of Mylo have recognized that the majority of younger generations no longer rely on brick-and-mortar storefronts, nor only using a computer to bank with. Mylo runs only on a smartphone.

Deets and stuff

In a nutshell: You give access to Mylo to monitor your transactions in your bank accounts and/or credit cards. Mylo calculates the round-up that you specify (up to a dollar, up to two dollars, etc.) and withdraws this total sum once a week, usually on Mondays or Tuesdays. The funds are pooled into your savings account with Mylo, and invested into the stock market.

The savings account has a goal calculator, so you can set the purpose of the savings (maybe a house, retirement or vacation?) and it will report the progress as a percentage when you log in.

For example: you pay $42.38 for groceries, and you set up the program to round to the nearest dollar. The program will deduct $0.62 from your account, and deposit it into an investment account.

As the funds accumulate, you can choose to leave it and let it build, or you can request a hassle-free deposit to your bank account. In 3-5 days, the funds you’ve requested are deposited for your use again.

Free to download, no minimum to start

The app is available in your App Store OR online (using a link to get to the App Store). It’s made for both Apple and Android users.

It’s free to download, and there’s no minimum deposit required to start up an account.


Big picture: How much you have saved. Congratulations!
See ahead of time what is being transferred. You can also choose to deposit extra to build up your account.
Get the breakdown of where you spent your money.

I’m a TECH DUMMY or simply don’t want to read the instructions!

1. Open the Mylo app, and follow the prompts. It takes about three or four minutes to set up your preferences and to answer some questions about your investing background. It’s good to know how much risk can you tolerate, are you a new or seasoned investor, and a few other risk related questions that will help the program and your investment advisor select the right investments to maximize your dollars.

HINT: Get free money. Add promocode BENDNEVERBREAK
to get your first $5.00 free and $5 for me too!
Click on Account –> Settings –> Got a Code and enter BENDNEVERBREAK to collect your FREE FIVER.

Saving for a Down Payment?

Mylo works Mylo savings
See how far along you have come, and how much more you need.

Choose a goal for your account, like Vacation or Home Purchase, and the goal amount. You also establish the desired achievement date for that goal.

3. Connect your accounts with Mylo for monitoring, and set out the account you want to have the funds deducted from. Also, there is a FEE OF $1 MONTHLY which will be deducted from the same account.


Be Prepared: You will need to do…


The funds transferred each time are minimal, so you don’t need to budget a set savings amount. The program checks to see if there is enough to withdraw the funds that week, so you do not go into overdraft. Therefore, money flows bit by bit into your savings account, and is invested. 

Pros & Cons of Mylo Savings and Investing

I let the program run for about a year and a half. In that time, small amounts of money were deducted from my account, and deposited into my unregistered Mylo account. I had amassed about $300, which was fun – considering I did not have to manually set aside those funds.

Here are my thoughts from the last 1.5 years:

Pro: Easy to set up

Pro: No active management required

Pro: Easy to see how much money has accumulated and your progress on the goal

Pro: Simple to withdraw funds

Pro: funds are insured and backed by Canadian ShareOwner (owned by WealthSimple), up to $1,000,000.00.

Con: 1.5 years cost me approximately $18, which seems high.

Con: My accounts would fall out of sync now and again, and had to re-initialize

Con: I changed primary banks, and had to get Mylo’s assistance in setting up the new account (which took quite some time)

Con: Now and again, it would just not work. The program said there was an issue, and the funds would be collected next week.

In the first six months, Mylo definitely made me more mindful about my purchases. Even though it wasn’t a large factor to how much I saved, I am glad my consumerism habits were kept in check.

I was surprised at how quickly it built up, but then it seemed to slow down. For being an investment account, I think I spent more money on fees in comparison to what I was saving and made. I wasn’t too happy about that.

Winds of Change

(Reminds me of the late 80’s… I liked that song!)

Like many companies, Mylo has progressed into a secondary membership or subscription fee. Your rounded-up change can now be funnelled into a TFSA (Tax Free Savings Account) or an RRSP (Registered Retirement Savings Plan), ideally allowing for tax savings as well as a passive deposit of funds on a regular basis. The funds are invested in Mylo’s SRI (Socially Responsible Investing) fund or other low-cost ETFs, and this subscription offers next day turnaround for withdrawals from the accounts.

There are also perks offered to the members: cashback for shopping with a variety of brands, and you can also choose to have your rounded-up change donated to charity.

This option, called Mylo Advantage, is available for $3/month. Mylo’s webpage says, “Mylo Advantage pays for itself, thanks to the savings you’ll get from Perks.”

Overall, It’s A B+ In My Books

It’s a true toss-up. If you love budgeting to the penny, this is not the app for you, as the withdrawal amounts will vary with the amount of your purchases. If you don’t have the willpower to save money, or think you have none to save, this app will sneak away funds that you won’t even miss, helping you build up some wealth.

The Advantage account seems a bit expensive (in my opinion), at $36/year, however, if the perks do offset the costs, then this is a great option for passive savings. Plus, by depositing it into a registered account, you have more of an incentive to not withdraw funds!

Now, if you want to try out Mylo (basically for free), remember to use my promocode BENDNEVERBREAK
to get your first $5.00 free and $5 for me too!
Click on Account –> Settings –> Got a Code and enter BENDNEVERBREAK to collect your FREE FIVER.

Tell Me

I’m interested in your opinion of Mylo! Do you prefer one over the other? What do you think about these types of apps?

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