Is Mylo Safe

Out in the wide world of money investment and management apps, Mylo has become the talk of the town. While this app may stick in your mind due its memorable name, its numerous features are worth examining as well – especially if you are looking for a low barrier to entry into automated digital saving. In fact, Mylo may even give established apps like Acorns a run for their money.

But naturally, you shouldn’t just sign up for a money management and saving app simply because it makes enticing offers in its marketing material. Instead, you should take some time to evaluate Mylo’s safety, as well as its ability to meet your personal money management goals. This review will hit on both of these concerns while providing you with insight into the several factors that make Mylo truly unique in its class.

So, if you’ve considered adding Mylo to your smart phone or mobile device, then this review is for you. Mylo is not perfect by any means, but even so, it represents the first wave of fully digital money management and investment tools to travel north to Canada and provide premium features geared towards the needs of Canada’s up-and-coming generation.

Canadian Users Only

Before jumping into the review proper, prospective users should know that Mylo is currently open to Canadian residents only. In fact, it is specifically available to residents in Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Prince Edward Island, Saskatchewan, Alberta, and Newfoundland & Labrador. Prospective users in those locations can download Mylo’s app from their operating systems app marketplace (the App Store or Google Play store).

On one hand, it is a little disappointing that Mylo isn’t available in the United States or abroad yet. However, this regional release has empowered Mylo’s developers to create an app with savings and investment options optimized for Canadian lifestyles. Also, Mylo currently has plans to expand their availability in the near future, providing hope that folks outside of the great white north can make use of its numerous purpose-built features soon.

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Core Feature – Rounding Up your Change

Though it has become commonplace within the digital saving app industry, Mylo does center its operations around a feature they simply call “roundup.” In essence, this feature (when connected to your personal credit and debit cards) allows Mylo to automatically round up the value of your digital and point-of-purchase transactions and place the difference (your “change”) into a personal chequing account.

Over the course of a week, these small lots of “change” are gathered up in your personal chequing account. Then, each Monday, Mylo automatically withdraws those funds and begins investing them according to your in-app portfolio’s composition. These investment options (some of which are described below) allow you to grow your wealth progressively, using the digital spare change that would have been ignored previously.

Mylo’s “roundup” feature does stand out from the competition in a couple of distinct manners. First and foremost, Mylo doesn’t take any type of commission on your “roundup” deposits. As a result, a $1.60 coffee purchase will always result in $0.40 dropping into your personal chequing account.

Mylo Spare Change

Also, Mylo makes use of a “boosting” system that can grow your investing potential exponentially. When one of these “boosts” is activated, each “roundup” made during the active period will be multiplied in value. As such, the same $1.60 coffee purchase described above would yield a $1.20 deposit while a 3x boost is active. These “boosts” range in size up to 10x, providing amply opportunities to grow your investment fund account.

Core Feature – In-app Goal Setting

As anyone who has tried to save money for a major purchase can tell you, one of the most challenging parts of the process is making (and maintaining) your goals. The creators of Mylo clearly recognized this challenge and built their app to account for it. That’s why Mylo allows users to set specific monetary goals that are based upon their long-term wealth acquisition objectives.

Mylo’s in-app goals are more than just waypoints, though. Your Mylo app learns from your goals and makes specific recommendations to help you achieve your goals in a fiscally responsible manner. For example, your Mylo app might notice that you are below expectations for a particular week and recommend that you judiciously use a few boosts to get back on track.

Mylo Investments

Also, Mylo allows you to set up multiple goals at once based upon your diverse savings goals. In addition to their standard savings and investment options, many Mylo users choose to set a goal oriented at donating to charity causes. Mylo makes this particular goal as easy as can be through their Round Up to Give partnership with CanadaHelps. This goal option has 86,000 pre-registered charities, allowing you to optimize your giving based upon your personal preferences.

Security Specifications

In an effort to understand Mylo’s ability to protect your accrued assets and investments, you’ll certainly need to compare its security specifications to that of its competitors. Mylo, at its core, makes use of 256-bit encryption for all data transfers within its app, while its website aligns with current digital security standards by using an up-to-date Secure Sockets Layer (SSL) certification.

Beyond this, though, Mylo has been rather silent on the specific security protocols used when money is transferred on and off their platform. While Mylo provides less information on this front than most safety-minded investors might like to see, the same prospective users will be pleased to know that all of Mylo’s ETFs are insured by the Canadian Investor Protection Fund.

Also, while Mylo’s in-house savings accounts are not CIPF-insured, they are maintained by Fidelity Clearing Canada and TSX Trust. These two entities serve as Mylo’s custodian and trustee, respectively. Finally, Mylo details many of their data collection practices in their privacy policy, which can be read here.

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Benefits of Premium Membership

Like many other apps in its class, Mylo offers a premium membership option for users who want to get the most out of their roundups and their investments. However, unlike many of its competitors, Mylo keeps the price of admission into this upper echelon – known as Mylo Advantage – affordable for most average investors. In fact, Mylo Advantage only costs $3 per month according to their current price guide.

Mylo Advantage naturally comes with some great benefits that make it a worthwhile investment. For example, Mylo Advantage allows its users to invest in Tax-Free Investment Accounts (TFSAs) which, as their name implies, provides unique tax incentives that allow your savings to grow without being levied against by regular taxes. Mylo Advantage also provides access to registered retirement savings plans (RRSPs) that allow users to deduct their deposit values from their annual income tax (more details on both TFSAs and RRSPs can be found here).

Following along the lines of its charity-oriented investment options, Mylo Advantage takes this prerogative to the next level my introducing SRI Fund options. These Socially Responsible Investments allow users to invest in specialized ETFs that collect numerous socially, politically, and environmentally conscious organizations. This, in turn, allows users to more efficiently leverage their minimal financial funds to do good in their national and their world.

Finally, membership in Mylo Advantage takes away any delays in your withdrawal process. Rather than waiting several days or as much as a week to receive your returns on investment, Mylo Advantage members are eligible to receive their withdrawals as soon as the next business day. This can be a major boon to some users who need more flexibility in their week-to-week financial fluidity.

Mylo Social Responsibility

A Quick Comparison to Acorns

Many folks are presently comparing the industry heavyweight Acorns to the up-and-coming Mylo currently, and with good reason. Both are centered around the principle of automating investment and personal saving by rounding up digital purchase values. Both also offer a premium membership option, though Mylo’s is more affordable for most novice investors.

Acorns App

That being said, Acorns has maintained the upper hand in the compatibility field by featuring Apple Pay integration (which Mylo lacks). Acorns also includes a full affiliate program, which some users may find useful when it comes to maximizing their purchasing power. Acorns cannot compare to Mylo’s socially-conscious investment options though, allowing a new generation of investors to feel comfortable using their platform.

The Final Word – Is Mylo a Safe Place for Your Money?

After considering all of these specifications and features, you may be left wondering, “is Mylo safe in the end?” While there isn’t a unanimous answer to this question (given that it only appeared on the scene in 2017), most prognosticators in this industry agree that Mylo has set itself up for success on this front. While their marketing material could do more to describe its security protocols, we believe that the security measures currently in place will protect your money and your personal information in most situations.

In effect, Mylo is a safe app to use, not to mention a thrifty option for those who are looking to jump into efficient personal saving and investing without paying an exorbitant fee. Whether you’re interested in this app’s core features or its socially conscious investment options, Canadian residents are likely to see a whole new side of app-based money management when they add Mylo to their smartphone or mobile device.

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