FAQ - INTELLIGENT SILOS
How do Intelligent Silos work?
Silo uses an intelligent algorithm to predict your future account balance based on your current spending habits. Silo then uses this information to calculate if there is a safe amount for you to save, in addition to your recurring payment.
Can I connect more than one bank account?
At the moment no, but we are looking to offer this in the very near future.
How do I switch Intelligent Silos on or off?
You can do this once you are in the app. Simply head to the Account page, go to ‘Funding your account’ where you will see the option to switch them on or off. In order for Silo’s intelligence to work, we need to link to your bank account to understand what you can safely afford to save. You are only able to link the account from which your direct debit is paid.
What are Intelligent Silos?
These are the additional amounts that Silo calculates you can safely afford to save on top of your Monthly Recurring Direct Debit. These are calculated daily, but collected every Tuesday as one Direct Debit. We’ll let you know the amount before, so you can amend it if you need to. You can switch these on or off within the app at any point.