Save and Invest Your Change Effortlessly With Moka App (Formerly Mylo)

If you’ve ever wondered what to do with your spare change, how about saving and investing automatically with the Moka app (formerly Mylo)?

A few pennies might not look like a lot but over time, they really start to add up and can be used to make a dent in debt or invest for retirement. 

And if you have difficulty manually setting money aside every week for savings, Moka app takes this stress away and helps you develop healthy savings habits. 

What is Moka App?

The Moka app is a smart app that that saves and invests your spare change electronically. 

The Moka app makes it easy to save those pennies, spend less money and invest smartly for the future. 

Moka was formerly known as Mylo but was rebranded in 2017 with the new name. The company was acquired by Mogo Inc in May 2021. Moka currently operates in Canada and France. 


10 Benefits of the Moka App

1. Save and Invest More

The most obvious benefit of Moka app is its ability to make saving and investing faster and easier.

2. Set and Forget Process

Everything on the Moka app is automated. All you have to do is set and forget it. 

3. Create Accounts for Different Goals

You can create investment accounts for different goals such as Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Non-registered personal investment accounts.

4. Great for Newbies

The Moka app is great for newbies to investing. The app carries out the investments for you instead of you executing the trades yourself. Note – Moka is not a roboadvisor. 

5. Additional Perks

Moka app offers additional perks like cash back on your purchases and other exclusive deals. 

6. Charitable Giving

Moka app makes charity giving easy by donating your spare change automatically. You get to choose your favorite charities and donate a portion of your round-up. All donations on the Moka app are tax-deductible.

7. Works With Different Operating Systems

The Moka app works with both Android and iOS.

8. No Overdraft Worries

Scared of overdraft issues? If the Moka app deducts that the funds in your account are not enough for the week, it will not withdraw any money so you can avoid overdraft fees. 

9. Socially Responsible Investing (SRI)

Socially responsible investing is available if you have a concern about investing with certain companies or in certain industries. 

10. Earn More With Referrals

Earn $5 every time you refer a friend to the Moka app. Your friend gets $5 too!

How Does Moka App Work?

The Moka app automatically rounds up any purchase you make online and invests the spare change.

You won’t experience much of a lifestyle crunch as this process happens behind your financial lines, which is one of the reasons it’s an effective saving method. 

  • To facilitate the process, you need to download the Moka app on their website HERE
  • Verify your identity then connect the Moka app to your bank accounts and/or credit cards
  • Answer questions about your financial life and personal finance goals then Moka takes over. 
  • You don’t have to do anything else beyond spending money like you usually do. 

What happens afterward?

If you spend $34.50 on something, the Moka app will round it up to $35 and save and invest the difference of $0.50. 

The amounts are rounded up every week and then withdrawn from your bank account into your Moka account at the end of the week. 

At first glance, it doesn’t look like a lot but remember this happens with every transaction, every day for 4 weeks every month so that figure will indeed quickly add up. 

Recurring Deposits – In addition to rounding up transactions, you can also set up recurring deposits of a specific amount which will be diverted into your investment account every week. 

Multipliers – Or you can set multipliers for round-ups. For instance, you can set a 3 times multiplier for each round up so if the round-up is $0.50, the app will multiply that by 3 and withdraw $1.50. 

Currently, you can only open individual accounts on the Moka app. Maybe the option for a joint account with a spouse or partner will be added later. 

How is Your Spare Change Invested in the Moka App?

When you’re setting up your account, you’ll be asked a few questions regarding your investment goals and the risk level you’re comfortable with. 

You can choose from conservative, conservative-moderate, moderate, moderate-aggressive, and aggressive.

Based on your answers, the money is invested in low-fee ETFs (exchange-traded funds) by a dedicated portfolio manager. 

Below is a cross-section of the ETFs Moka invests your money in. Note – this selection may be subject to change. 


If you prefer socially responsible investing, the Moka SRI fund invests your money in ETFs that focus on socially responsible initiatives. Below is a cross-section of the SRI portfolios available. Note – this selection may be subject to change.


Moka’s portfolio managers are from Tactex Asset Management, a subsidiary of the parent company of the Moka app.

Is Moka App Free?

The Moka app is not free. There are two flat fee payment options. The plan at $7 per month includes:

  • Automated saving features
  • Unlimited tax-free investment accounts
  • Socially responsible investing
  • Round Up to give to charity
  • Earn double cash back with Perks when you shop – You can earn cash back and exclusive deals with your usual brands. This is similar to the initiative offered by apps like Rakuten and Swagbucks.
  • A $99 discount on any Willful plan. Willful is an online will creation service similar to Legal Wills

View the full range of benefits offered with the Moka Aoo HERE.


How To Cancel Moka App Subscription?

You can cancel your subscription to the Moka app at any time and withdraw your money without penalty fees. 

You can also pause deposits and round-ups for some time if you wish then reactivate them later on. There are no penalties attached to this action as well. 

It takes 2 – 8 business days for your funds to be deposited into your bank account. 

If you have any issues with cancellations on the app, you can contact Moka via or talk to customer support right in the app.

Is Moka App Safe?

The Moka app uses the same safety measures as major Canadian banks to protect your money, including 256-bit encryption and secure SSL connections.

Additionally, your funds are insured by the Canadian Investor Protection Fund (CIPF). If Moka goes belly up tomorrow, your investments are protected by CIPF by up to $1 million.

Final Word on Moka App

The Moka app is a simple way to save and invest money without stressing out your lifestyle. 

You don’t have to be tech-savvy to use the app and it will get you going with better money management and improve your financial literacy. 

When you’re more comfortable with investing and want to look into DIY investing, Questrade is one of your best options.

The Moka app is rated an average of 4/5 on Google Playstore and Apple Store.

Pin it for Later – How To Save & Invest Your Change With Moka App


Abi has lived and worked abroad for over 13 years. She loves traveling, reading, and writing. She is a big believer in following your dreams and has been marching to the beat of her unconventional drums for a long time. She funds her adventures by making smart financial decisions and investing wisely. Her top personal finance tools include trading with Questrade, investing change on MOKA, and no-fee banking with Tangerine and Neo Financial. Learn more about Abi HERE.

This post may contain affiliate links which means I will make a small commission if you purchase through those links. Read full disclosure HERE.

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