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.
At the moment no, but we are looking to offer this in the very near future.
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.
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.
Please remember that we are an investment company and as is the very nature of investing, there are inherent risks. The value of your investments can both rise and fall over time and you cannot assume that past performance will repeat itself. You must be comfortable in the knowledge that you may receive less than you originally invested. The tax treatment of your investments with Silo will depend entirely on your individual circumstances and may be subject to change, so please do seek advice.
Please remember that we are an investment company and as is the very nature of investing, there are inherent risks. The value of your investments can both rise and fall over time and you cannot assume that past performance will repeat itself. You must be comfortable in the knowledge that you may receive less than you originally invested. The tax treatment of your investments with Silo will depend entirely on your individual circumstances and may be subject to change, so please do seek advice.
Mon to Fri, 8:00 – 17:30
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