the hand of a young person in a cafe, using a smartphone displaying the Guber app on screen

Photography: According to a 2017 report, Canada’s financial technology adoption rate is only 18 per cent, compared to 69 per cent in China. (Shutterstock/photo illustration by CPA Canada)

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Manage your finances and investments better with these 3 Canadian apps

These apps link your brokerage accounts in one place, round up your savings

According to a 2017 EY report, Canada’s financial technology (fintech) adoption rate is only 18 per cent, compared to 69 per cent in China. Perhaps these three made-in-Canada apps will encourage those who are still reluctant to take the plunge.

screen shots and app logo of Hardbacon app 

Hardbacon

Available since February 2018, Hardbacon (iOS) is an online portfolio management solution. Besides obtaining financial advice, portfolio analyses and forecasts, you can link all your brokerage accounts in one place to select exchange-traded funds (ETF) or stocks based on various criteria. What’s more, the site provides comparison tools (through Ratehub.ca) and features a financial information blog. Hardbacon is intended for novice investors, provided they already have an account (users can even take a course called Not Another Boring Course About Investment). But the most experienced investors will find this tool incredibly useful as well.

screen shots and app logo of Mylo app 

Mylo

Mylo (iOS, Android) has been around a few months longer. Launched in July 2017, this app leverages the snowball effect on small savings by rounding up every purchase you make to the nearest dollar. If you spend $3.25 on coffee, the app will take an extra $0.75 and deposit it into your Mylo account (a $1 per-month fee applies) made up of ETFs managed by Tactex Asset Management. While round-up savings plans are nothing new (some banks, like Scotia, have been offering them for years), the huge advantage with Mylo is that it works with any debit and credit card.

screen shots and app logo of Quber app

Quber

Quber (iOS, Android) was officially rolled out in March 2018. The app’s logo is a coin gradually dropping into a jar. While this young fintech isn’t claiming it will make you a millionaire, it can help you save for specific goals, be it a pair of shoes, a trip or home renovations. The app gets to know you by analyzing your personal or family expenses, then tells you which purchases to avoid before you give in to temptation. Shopaholics will find the Quber Vault especially useful. This feature slows down money withdrawals long enough for the urge to subside.