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Start saving effortlessly. Pay your debt faster while saving more with Moka - Claim this offer
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Start saving effortlessly. Pay your debt faster while saving more with Moka - Claim this offer
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Moka is an investing app that gives Canadians the opportunity to reach their financial goals through automatically rounding up every transaction individuals make and investing that spare change. Start living the life you want by building easy wealth through Moka.
Did you know that 60% of Canadian millennials have not begun investing and have no access to emergency funds? This is where Moka comes into place, their priority is to help individuals reach their financial goals by making it less difficult to “save more, spend less and invest smarter”.
One of the benefits you can benefit from Moka is being able to access automated savings features through the Moka app. Even through the basic Moka plan, you can choose from the three account types which are: Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) and Basic Non-Registered Plan (BNRP).
The TFSA option allows your investment to earn tax-free interest as well as having more chances of earning a high interest rate as Moka invests your funds through their market based EFTs.
The RRSP option is suitable for those who want to prioritise their retirement funds as Moka’s pre-defined ETF portfolios have lower risks and have long-term investment opportunities.
Owning the RRSP account will give you access to a tax receipt (like any other institutions) which you can then put through on your annual income tax return.
The BNRP account does not allow for the tax-free benefit however, it offers a very high interest rate and is suitable for those who are looking for a shorter term commitment. In addition to this, there is no minimum deposit required for signing up for an investment account.
The second feature you can benefit from is their personalised solutions which includes Moka determining the right investment account depending on your circumstance.
The Moka 360 plan provides easy calculations of your required repayments to make your debt payment faster. Additionally, you can access a financial advisor about your financial goals and investment questions.
The third Moka feature includes the variety of account features such as Round Ups, The Multiplier, Recurring Deposits, One-Time Boosts, Socially Responsible Investing, Cashback Perks, Round Up To Give and The Referral Program.
The Round Ups feature allows every transaction you make to be rounded up to the nearest dollar, the difference of that will then be invested for you. On the other hand, Moka’s Multiplier feature allows users to multiply their savings.
Moka’s Recurring Deposits allows users to contribute to their savings and investment which can then be set up on a weekly or monthly basis. Moka’s One-Time Boosts is a feature that allows users to transfer a lump sum (minimum $5) into their savings and investment account.
The Socially Responsible Investing feature from Moka is also an option for those who want to invest in sustainable companies while Round Up To Give is all about using your spare change to be donated to your charity of choice.
For the Cashback Perks feature, this one gives users a variety of discounts for example, Uber Eats and Apple Music when users purchase through the Moka app. Last but not the least, through The Referral Program, you can get $5 for referring users to join Moka.
Alberta, British Columbia, Canada, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Online, Ontario, Prince Edward Island, Quebec, Saskatchewan, Yukon
Since 2015
Business, Finance, Tech
English
Moka is an investing app that gives Canadians the opportunity to reach their financial goals through saving more and spending less by automatically rounding up every transaction you make and investing that spare change.
If you’re new at investing, Moka is ideal for you as it was created to guide individuals step by step through their your first investment experience. For example, Moka simplifies this process by putting your money in pre-defined ETF portfolios which is a good start to building your wealth.
Moka offers two different plans that you can choose from which are: Moka and Moka 360.
The basic Moka plan costs $3.99 per month which allows for automatic savings and investments. It has automated saving features, unlimited tax-free investment accounts and investing perks.
The Moka 360 plan costs $15.00 per month which allows for more options such as access to personalised financial advice and debt plan, earn double cashback perks as well as all the Moka features such as the automated saving features, unlimited tax-free investment accounts and investing perks.
If you decide to join Moka, your money will be managed by a registered Canadian portfolio manager at Tactex Asset Management who is involved in managing over $215 million in client assets. Moka also has a team of portfolio managers who carefully works with the investment of spare changes from Moka users.
As you may already know, any investment will have some level of risk. The only difference with Moka is that, they will invest your money in a low-cost EFT so that your investment is less volatile in comparison to other stocks. The EFTs that are held in Moka are insured by the Canadian Investor Protection Fund. Additionally, Moka is also audited by an international accounting firm every year.
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Two years with Moka and I’m very satisfied with the service and how easy it is to save and invest money. Thank you, Moka team!
It’s a great way to squirrel away some money and have that money grow in the investments they make for you. They simply invest your change off of each transaction and in no time there is an extra grand saved up!
It’s a great way to squirrel away some money and have that money grow in the investments they make for you. They simply invest your change off of each transaction and in no time there is an extra grand saved up!
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