The MogoMini Service Bundle is an optional add-on to complement our MogoMini line of credit product. For a recurring flat fee, you'll get the following benefits along with your line of credit:
Free MogoTrade Account (a $15/month value) MogoTrade is an active trading platform uniquely designed to provide you with that crucial behavioural edge, merging behavioural science with insights from legendary investors like Warren Buffett. We’ve crafted MogoTrade to help you make disciplined and thoughtful investment decisions. We discourage frequent trading, which we consider similar to gambling and losing money. Our app is meticulously designed to keep you inspired and actively engaged in building your legacy. Moreover, by investing with Mogo, you contribute to a greater cause. We plant trees on your behalf in Canadian forests devastated by wildfires.
Do you want to achieve Warren Buffett’s level of success? The average investor has a 4% return* whereas Warren Buffet had averaged a 20% return**. $10,000 invested for 40 years at a 4% return will turn into $48,000. Now, consider achieving Buffett’s average of 20%—that same $10,000 invested for 40 years at a 20% return will turn into $14.6 million dollars.
If you are a serious investor, you’ll find a like-minded community here at Mogo.
- Zero Commission / Zero FX fee
- Behavioural Edge, Anti-Gambling
- Long-Term Orientation, Growth Mindset
- Sustainability and Social Impact
- Tax-Free Savings Account, RRSP Account or Personal Account
- Your money is safe: Accounts are held by CI Investment Services and protected up to $1,000,000 for all general accounts combined, plus $1,000,000 for all registered retirement accounts combined within specified limits in the event of its insolvency by CIPF.
Free Moka Account
Moka is an automated saving and investing app designed to help Canadians achieve financial freedom. Just sign up by visiting www.moka.ai which will direct you to install the Moka app. Upon successful sign up, the regular subscription fee for Moka will be removed. Moka costs up to $15 a month, but is free with your MogoMini Service Bundle. Moka has been helping Canadians save and invest since 2017. Saving money can be hard, but with Moka you can start with as little as $5 a week and the automated Moka experience will take it from there. You choose what to do with the money you’ve saved and invested. Use it to pay down debt, pay for a vacation or save for retirement. All at no cost to you while you’re an active MogoMini Service Bundle member.
Skip a Payment Twice a Year
Find yourself in a bind and can't make your scheduled payment? We have good news for you: if you opted in to the MogoMini Service Bundle, twice a year (once in each 6 month period from your line of credit issue date), you can SKIP your minimum payment. And by "SKIP" we mean that we’ll waive your minimum payment (the interest and fees that you’d be charged otherwise). You can skip a regular minimum payment that is coming up (2 days notice required) or a regular minimum payment that has been returned NSF (this would include waiving Mogo's NSF fee if there is one).
Free Email Money Transfer Funding – a $27.99 fee
Re-Accessing Funds Waiting Period Waived If your MogoMini line of credit is paid in full and you wish to re-access funds, we will waive the three day waiting period to ensure your previous payment has cleared first. However, you must provide a bank statement that shows the payment clearing your account and your account must have a positive balance.
Dishonoured Payment Fee Waived If your payment is returned and you remit the defaulted payment within 5 business days, we will waive the Dishonoured Payment Fee ($25 in AB or $50 all other provinces). You can use this benefit in conjunction with the Skip a Payment benefit.
Default Consequences Mogo has the ability to call your MogoMini line of credit due in full if you default on or miss any payment. With the MogoMini Service Bundle, your MogoMini will remain in good standing if you miss one payment. Based on your history, Mogo may allow up to two missed payments before closing your MogoMini line of credit and calling the outstanding balance due in full.
Priority Funding Your line of credit advance will be immediately placed at the front of our queue, helping you get your money even faster.
All benefits will be detailed in your agreement. The fee for the MogoMini Service Bundle is $17.49 with a line of credit principal balance of $1,499 and lower or $18.49 with a line of credit principal balance of $1,500 and higher, payable on each minimum payment due date.
* Eligibility for the MogoTrade account is not guaranteed. You must qualify for a MogoTrade account according to the MogoTrade Account Terms and Conditions.
**The average equity investor earned a hair below 4.0% a year while the S&P delivered a bit more than 10%. – https://seekingalpha.com/article/4108688-investor-returns-vs-market-returns-failure-endures/ This calculation is based on a 10% gross return, which represents the S&P 500's average annual returns with dividends reinvested https://www.forbes.com/advisor/investing/average-stock-market-return/ In the 58 calendar years from 1965 to 2022, Berkshire Hathaway stock appreciated at a 19.8% compound annual growth rate. https://money.usnews.com/investing/stock-market-news/articles/the-complete-berkshire-hathaway-portfolio
© 2024 The MogoTrade app is owned by Mogo Finance Technology Inc., a wholly-owned subsidiary of Mogo Inc. Your investment account is opened with MogoTrade Inc., an order execution-only broker registered with IIROC. Customer accounts at MogoTrade Inc. are protected by the Canadian Investor Protection Fund (CIPF). Accounts with MogoTrade Inc. are currently only available to MogoMembers in Canada that have passed identity verification.
© 2024 Moka and the Moka designs are trademarks of Moka Financial Technologies Inc. Moka Financial Technologies Inc. is a wholly owned subsidiary of Mogo Inc. an affiliate of Mogo Finance Technology Inc. and Mogo Financial Inc. Investment accounts through Moka are opened with Mogo Asset Management Inc., a registered portfolio manager.
*Moka: Your RRSP and TFSA investment accounts have CIPF coverage which covers up to $1M for all general accounts combined (including TFSAs) and an additional $1M for registered retirement accounts (like RRSPs).