Terms & Conditions

These Service Terms and Conditions (the “Terms”) represent an agreement between you and Killik Intelligent Savings Limited (KISL) and contain the information you need to know about using our website at www.silo.co.uk , mobile Applications (“App”) and our products and services (the “Services”). “You” and “your” means any person who opens an account with us.

“Account Information Services” means an online service to provide consolidated information on your Bank Accounts (see “Intelligent Siloing”).

“Bank Account” means your personal bank account.

“Business Day” means a day other than a Saturday, Sunday or public holiday in the United Kingdom.

“Intelligent Siloing” means the provision of “Account Information Services” for the purpose of analysing your Bank Account information, calculating additional amounts that you could safely save, and increasing your direct debit by these amounts to boost your saving into Silo.

“ISA” means a stocks and shares Individual Savings Account for tax-free savings.

“JISA” means a stocks and shares Junior Individual Savings Account for tax-free savings.

“Silo Account” means the account you have with us to save and invest using the Services.

“We,” “us,” and “our” mean KISL.

Silo is a trading name of Killik Intelligent Savings Ltd, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA number 710328). Our registered address is 46 Grosvenor Street, London W1K 3HN (Companies House registration number 09449583).

In addition to the Terms set out here, you acknowledge and confirm your continuing agreement to our Privacy Policy and the Acceptable Use Policy. If there are any inconsistencies or conflicts between the Privacy Policy, Acceptable Use Policy and these Terms, then these Terms shall prevail.

In order to use the Services, you must:

(a) be at least 18 years of age (unless you are opening a JISA account on behalf of your child);

(b) have a personal Bank Account with a UK bank;

(c) have been resident in the UK for at least 3 years;

(d) not be a US citizen or green card holder; and

(e) provide all information requested by us, such as your name, email address, mobile device number, bank account details, and any other information that we may request and which we need to be able to provide the Services to you (we call this your “User Information”).

You confirm that all User Information you provide to us is truthful, accurate, current, and complete.

Only money from your own personal Bank Account or joint account where you are one of the account holders, may be paid into your Silo Account. This is known as your Nominated Bank Account. You can only have one Nominated Bank Account.

You must tell us immediately if you cease to be a UK resident or you become a US citizen or green card holder. You can do this by emailing support@silo.co.uk

If you do not agree to these Terms, you must not use our Services.

We recommend that you print a copy of these Terms for future reference.

We will provide the following services:

(a)   Advice during the sign-up process on whether you should be investing. Sometimes this advice will result in us not proceeding with your application, or proceeding but with warnings that you must confirm you understand and accept.

(b)    Discretionary investment management – based on the information we have collected about you, we will choose the strategy that we think is most suitable for you. We will then select from a range of funds researched by our fund analysts to build your portfolio.  We shall make all of the decisions on which investments to choose and on how much to invest in each one.

(c)    We will ensure that the portfolio we construct is suitable for you and remains suitable whilst under our management. Our assessment of suitability is based on information that you provide to us via the App.  If your investment aims or personal circumstances change, you must let us know by contacting support@silo.co.uk so that we may take this into account in the way in which we manage your investments.

You authorise us to be the investment manager of your Silo Account and to invest your savings on your behalf into a suitable strategy at our discretion and without asking you again first.

(d)   Safekeeping and custody of your investments

(e)   Accept payments into and make payments out of your account at your request

(f)     Manage the administration of your ISA or JISA in accordance with HMRC rules.

Our Services are designed to help you with the money you save with us only.  We will not assess the suitability of any investments you hold elsewhere, nor will we take these into account when making new investments for you in your Silo Account.  If you need someone to do this for you, then you need to seek full advice or a full wealth management service from another provider, which could be our parent company, Killik & Co (www.killik.com).  Silo does not offer full advice.

Accepting you as a client

We have to ensure that it is suitable for you to begin investing in our Services. To make this assessment we will ask you questions about things like, your age, your employment status, how you feel about investing, regular income, expenditure and your ability to cover any debt repayments.

If the answers you give lead us to think that investing is not suitable for you, we will decline your application.

In response to certain answers you give, we may recommend not investing at this time. It is up to you whether you follow this advice or not. If you wish to proceed, we will ask you to confirm you understand the potential consequences of doing so.

UK regulations require us to verify that you are who you say you are.  When you first enter your name, address and date of birth you are giving your authority for us to send this information to a third-party identity verification service. We only share this information for the purpose of verifying who you are.

We will carry out regular monitoring checks while you remain a customer. When you apply for the Services and from time to time thereafter, we may ask you to provide additional information and documentation that will allow us to identify you, such as a copy of your passport or driver’s license, allow us to take a photograph of you, or request any other information and documentation that we may need to complete our verification checks.

This additional Personal Data may be sent to another third-party verification service called Paycasso (who may in turn, disclose it to its contractors or agents).  Your Personal Data is only retained by Paycasso for as long as it takes to complete the verification check.

If you have connected your Bank Account (see section 4 below) we may also use this as part of our verification of your identity. If we are unable to verify your identity, we will decline your application. We can decide to decline an application for any reason.

To use Intelligent Siloing, you need to authorise an online connection to your Bank Account so that information such as your bank balance and transactions can be transmitted to us.  This access takes place through a third party called TrueLayer Limited, which is authorised and regulated by the Financial Conduct Authority to provide Account Information Services.  Please refer to the “Additional Terms for Intelligent Siloing” at the end of this document. By using Intelligent Siloing, you are agreeing to these Additional Terms.

We will use your bank account information to provide the Services, including (but not limited to) identifying small amounts that you could safely save, and notifying you of these amounts. Payments will only be collected through the variable direct debit mandate that you establish with us. See Section 8 Making Payments and Authorisation.

You can adjust the Intelligent Siloing settings in App to set a maximum amount of Intelligent Silos per day and minimum Bank Balance levels below which Intelligent Silos will not be collected.  Adjustments to Intelligent Siloing settings will be effective from the next business day.

Intelligent Siloing can be turned on or off at any time within the App and will be effective from the next business day.

We believe it is important that everyone keeps some money in cash for emergencies. You can use the Services to build up some cash saving alongside longer term Investments.  If you do not have sufficient cash savings elsewhere, the Service will automatically keep 50% of the money you pay into your Silo Account each month in cash and invest the rest. Once you have the equivalent of one month’s gross income in cash in your Silo Account, all future payments into your Silo Account will be fully invested. Silo does not pay interest on cash (see Section 9).

If you tell us you already have the equivalent of one month’s gross income in cash savings elsewhere, we will accept this as a true statement and will not verify that it is correct. If you are not keeping emergency cash in your Silo Account, you must be aware that selling investments to cover emergency needs in the short term could result in you getting back less than you put in.

When deciding how to invest for you, we select one of five investment strategies based on the information you provide about your personal circumstances and attitude to risk.

You should notify us promptly of any changes to this information as it may affect the suitability of the strategy.

We will prompt you to update your information annually. If you do not respond to our requests to update your information, we may be unable to continue to provide you with the Services.

The strategies may invest in a selection of unit trusts, investment trusts and open-ended investment companies (OEICs) that have been researched by our fund analysts.  These combine Active funds where the fund manager chooses investments that they think will perform better than the market generally, and Passive Funds which typically aim to follow the market. Information about investments can be found in the Frequently Asked Questions. All strategies are designed to achieve growth and you should be willing to remain invested for at least five years.

Your portfolio is unique to you and its performance may be different to that of other clients’ portfolios, even when invested in the same strategy.

With investing, your capital is at risk, which means you could get back less than you put in. Any potential returns shown during the account sign-up process or elsewhere in the App/website are an illustration only and are not guaranteed. Whilst care has been taken to present illustrations that we believe are realistic, they are based on historic investment performance and this may not be achieved in the future.

We only buy or sell investments once per week, therefore there may be a short delay between us receiving your money and it being invested.

We may decide to keep some of your money in cash if we do not feel it is the right time to invest.

Portfolios are adjusted weekly (rebalanced), as necessary, to keep the amount of each investment in line with our target weightings. If any sales are required, they will be dealt and then the money reinvested once the sale has settled. This means that you will not be fully invested during a rebalancing.

Our charges are disclosed on our website and in the App.

Your Silo Account is constructed of units in investment funds, which have annual charges that are separate from our charges. You don’t see those charges as they are deducted from the value of the units we buy for you.  In selecting the funds for your account we aim to choose those with annual fund charges below 0.25%. Details of the charges within each fund are available on request by contacting support@silo.co.uk

There are no transaction charges.

Our charges are calculated daily and collected from your account once per month.

Charges are taken from available cash on your account.  If there is no cash or it is insufficient to cover the charge, we will sell some of your investments and by accepting these Terms you give your authorisation for this to happen.

If for any reason you do not have enough cash in your account and the value of your investments is insufficient to meet any charges due, you agree to pay us on demand the amount of any such shortfall.

If you want to withdraw all your money, we will sell all your investments, then work out the charges due up to that point in time and collect it before paying the rest of the money back to your Bank Account.

We have the right to amend the charges for the Services in the future and will give you reasonable notice if this is going to be the case. If you continue using the Services after we have told you about a change in charges, you must pay those charges for the Services.

All payments are collected by Direct Debit. You must set up a monthly Direct Debit to begin using the services. There is a minimum Direct Debit amount, which we may change from time to time and if we do we will tell you.  If you choose to use the Intelligent Siloing function, additional weekly Direct Debits will be collected where the amount will vary.

If you are using Intelligent Siloing, we will earmark up to a maximum of £10 per Business Day which will be collected in the weekly Direct Debit collection. You can set a lower or higher daily limit if you wish. We will only ever take, having analysed your bank account and spending habits, what we believe you can afford to save.  We will only collect an Intelligent Siloing amount if, at the point of collection, the balance of your bank account is £150 or more.

You acknowledge that the amount and frequency of each Direct Debit may vary. We will tell you by email three days before we initiate the request to take money from your account and you will have the ability to stop the payment if you do not want us to take it. You will be able to see all the amounts we have saved for you on the App.

Direct debit will only physically remove money from your Bank Account once it has earmarked a minimum of £2. Until that point, the money will stay in your Bank Account, but you will be able to see the pending amounts via the App.

You are responsible for determining whether the amounts Intelligent Siloing from your Bank Account are acceptable to you. We are not responsible for any third-party fees that you might get charged as a result of using the Services.  You can ask for your money back at any time, see Section 10.

In addition to Intelligent Siloing you may make payments to your Silo Account from your Bank Account at any time using the Boost function, which is simply an additional variable direct debit payment.

Direct Debit processing is done via Access Systems (UK) Limited. They will use and retain certain of your personal data in order to process the payments.

Interest may be paid to us by banks with which we deposit client money and will be retained by KISL Interest is not paid on any cash balances in your Silo Account.

Dividends or other income received from your investments will be credited to your account on the day of receipt, wherever practicable, but no later than ten Business Days after receipt.

We will not credit to you and will be entitled to retain fractions of a penny or fractions of units arising from dividends, other income or corporate actions where we cannot reasonably allocate these to your account.

Your money will remain in your Silo Account until you instruct us to pay any or all of it from your Silo Account to your Bank Account (for rules specific to ISAs and JISAs please see Section 12). Withdrawals can only be  requested by you logging into the App.  We will generally pay amounts held in cash within two Business Days of receiving your request.

To sell investments and pay the money to your Bank Account may take up to eleven Business Days.  The value of your investments may change between the date of your request and the date the sales are made.

If you do not have enough money in your Silo Account to cover the amount of the requested payment, your request for the payment will be declined.

Except in the case of ISA transfers (See Section 12), we will only pay money back to your own personal Bank Account. We will not pay to anyone else.

All communications with you will be in English. When using the Services on the App, you are giving us your consent to send you text messages relating to the Services at that mobile phone number. Third-party data and message fees may apply.

We will communicate information about the Services via the App and by email to the email address you provide to us.

By entering into this Agreement you agree and consent to the electronic delivery of all information required to be provided to you under this Agreement. We will send communications to the most recent email address you have provided to us. Therefore you must tell us if your email address or mobile phone number changes, so that we are able to continue to send you information about your Silo Account. You can update your profile via the App.

We cannot guarantee that emails will be successfully delivered or that they will be secure and virus free. We will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, delayed, intercepted, corrupted or otherwise altered, or for failing to be delivered for any reason beyond our reasonable control.

We will send you an email three days prior to initiating collection of any variable Direct Debits from your Bank Account, so that you have the opportunity to cancel the payment if you wish. You can view your Silo Account balance at any time on the App.

You agree to notify us promptly of changes to your Bank Account information or if your Bank Account is closed for any reason.

We will keep you informed about your Silo Account by providing online quarterly reports of your investments and their value and any money received (e.g. direct debits, dividends) or paid out (e.g. withdrawals to your bank account, our fees).

When we buy or sell investments for you, we will provide a further weekly online report with details of those transactions.

We will send you an email to let you know when there is a new communication to view. Reports are stored within the App. You may also wish to print and save and/or electronically store a copy of these Communications.

You are responsible for monitoring your Silo App and email inbox, ensuring that you read all messages that we have sent to you.

If we speak to you by telephone, all calls are recorded.

You can save and invest with us using a Silo JISA, a Silo ISA, General Investment Account (GIA) or both an ISA and a GIA account. If you open an ISA or JISA, the Terms of Section 12 also apply and form part of your Agreement with us.

Registration

Your Silo ISA must always be in your personal ownership and in the case of a JISA, must always be in the personal ownership of the child. Your SILO ISA or JISA must not be used as security for a loan.

A person aged 16 years or older may apply to be a registered contact for a JISA.

Your ISA or JISA investments will be registered in the name of Killik Nominees Limited.

ISA and JISA Limits

The amount that can be invested in an ISA or JISA each year is set by HM Revenue & Customs (HMRC). You are responsible for ensuring that you do not exceed the annual limits. You must not subscribe to a Silo ISA or JISA if you have already subscribed to another stocks and shares ISA or JISA in the same tax year or if you have used up your annual allowance in a cash ISA in the current tax year.

Subscriptions to an ISA must be from your own funds.

Transferring an existing ISA or JISA

Transferring existing ISAs or JISAs to the Silo ISA or JISA are permitted in cash only.  We cannot accept transfers of existing assets.

ISA and JISA Management

We will make claims, conduct appeals and reach agreement on your behalf for tax reliefs in your ISA or JISA. This will mean passing information about your investments to HMRC.

If an investment in your ISA or JISA ceases to be allowed by the ISA rules, we will sell the investment and buy a replacement that is allowed.

We will notify you if for any reason or failure to satisfy the provisions of the HMRC ISA or JISA Regulations, your ISA or JISA has, or will, become void.

ISA or JISA withdrawals

You may request some or all of your ISA to be paid to you at any time. If the money is paid to your bank account it will no longer be inside an ISA and you will lose the tax benefits

For a JISA only the child will have access to the money and this will be ‘locked in’ until the child reaches 18. At age 18, the JISA will mature and will automatically convert into an ISA account, and the child will be entitled to the benefits – he or she will be able to take the money out or, if available, we will offer them the chance to reinvest the proceeds in a suitable investment.

The registered contact may be allowed early access to the JISA if the child becomes terminally ill. In this instance you may make a claim to HMRC to be allowed access to the funds within the child’s JISA. You will be able to make withdrawals of cash from the JISA for the benefit of the child if you have received a letter from HMRC authorising that such withdrawals may be made.

ISA Closure

If you wish to close your ISA, you can tell us to transfer your money to another ISA provider, or pay the cash to your Bank Account. Transfers to another ISA provider can only be made in cash. If the money is paid to your Bank Account it will no longer be inside an ISA and you will lose your ISA tax benefits. We will aim to complete closure requests within 30 days of receiving your instructions. There is no charge for transferring out your ISA, taking money out of your ISA or closing your account.

ISA Termination

Your ISA or JISA automatically ends if you die. We will stop reclaiming tax on any income distributions received after the date of your death and will repay to HMRC any tax refunds already received in respect of income paid after the date of your death.

The ISA or JISA will be valued for probate as at the date of death, and dealt with as instructed by the executors.

We may bring this ISA Agreement to an end if, in our opinion, new laws or regulations make it impractical to continue. We shall not be responsible for any loss or inconvenience that results. If we decide to stop acting as an ISA or JISA manager, we will give you at least 30 days’ notice in writing.

For JISAs and for deaths that arose on or before 5 April 2018, the JISA or ISA automatically comes to an end. We stop reclaiming tax on any income distributions received after the date of death and will repay to HMRC any tax refunds already received in respect of income paid after the date of death.

HM Revenue & Customs Regulations

The administration of your ISA or JISA shall be subject to the Rules and Regulations of HM Revenue & Customs.

Access to your account is protected by your username and PIN that you set when you register for a Silo Account. If your mobile device is lost or stolen or if you suspect someone has gained unauthorised access to your username or PIN, you must contact us immediately at support@silo.co.uk. In order for us to take any action, you will need to provide certain User Information so that we can verify your identity.  You should not tell anyone your username or PIN or allow them to access the App on your behalf. You are responsible for keeping your username and PIN and other User Information safe.

We look after the security of information held within the App to try to prevent anyone other than you and us being able to see your data.  We only use and store your information for the purposes of providing you with our Services. We will never give your information to anyone else, unless we are required to by law or regulation, or unless it is necessary to providing the Services. For more information, please refer to our Privacy Policy.

We have the right to disable any user identification codes, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these Terms.

If you connect your Bank Account, we will use a third party service with high levels of security to access your bank information and store your bank login details in encrypted format. Please refer to our Privacy Policy for further information.

Any cash in your Silo Account is treated as Client Money under the UK Financial Conduct Authority (FCA) rules, which means it will be kept separate from our own money.  Your money will be held in a Client Money bank account and will be pooled with other Silo clients.  We will choose the banks we use carefully.  In the event of a bank’s failure (it goes bust), your claim will be for a share of the cash held in all pooled accounts at the bank. In such an event, you are protected up to the value of £85,000 by the UK Financial Services Compensation Scheme (FSCS).

Your investments will be registered in the name of Killik & Co Nominees Limited in accordance with the safe custody rules of the FCA.  This means they are kept separate from our own investments. Investments are pooled with other Silo clients. We make sure that at all times we know which investments belong to which client and are required to make regular reports to the FCA that this is the case.

In the unlikely event that we went bust and were unable to pay any claims against us, you may be entitled to compensation from FSCS for investments up to a value of £50,000.

We will treat you as a ‘Retail Client’ which means you get the highest level of protection under the FCA’s rules.

We try to avoid business activities that could create a conflict of interest with our clients. Details of where and how conflicts may arise and how we try to manage them are set out in our Conflicts Policy which is available at: https://www.silo.co.uk/conflicts-of-interest-policy/

You may stop using the Services, close your Silo Account, and cancel these Terms at any time by cancelling the Services via the App. We do not charge any closure fees.

If you change your mind and cancel the Services within 14 days of signing up, you will not be charged any fees. However, if we have already invested your money, you could get back less than you put in.

If there are any transactions in progress when we receive your cancellation request, we will close your Silo Account promptly after these transactions are completed.

We will sell your investments and pay your money to your Bank Account. If your Bank Account is closed or we are otherwise unable to pay the money in your Silo Account to your Bank Account, we will send a cheque to you at your residential address in our records.

We may end this Agreement or suspend your use of the Services at short notice if required by law or if we suspect the Services are being used for unlawful, immoral or unethical reasons or otherwise in violation of these Terms.

If we wish to end or suspend our Agreement with you for any other reason, we will give you 30 calendar days’ notice.

When ending or suspending this Agreement for any reason, we will not have any obligations to you for any consequences or inconvenience it may cause.

We are not obliged to tell you the reason for closing or suspending your account and there may be certain circumstances where we are prevented by law from doing so.

If we decide to close your Silo Account, we will sell your investments and pay your money to your Bank Account.

If you die whilst a client, we will stop managing your investments (including portfolio rebalancing) until your personal representatives (e.g. your executors) have contacted us and proved who they are.  Our fees will continue to be charged to your account.

If at some point in the future KISL transfers all or part of its business to a third party, it may transfer client money to that third party without seeking your prior consent. You would of course be notified that the transfer was taking place. We will also ensure that the person we transfer the money to is subject to the FCA’s rules on keeping client money safe and has appropriate arrangements in place to do so.

Under current FCA rules, if we lose contact with you for six years or more, then provided we have made reasonable attempts to trace you and return your money to you, we may pay that money to a registered charity of our choice.

If the amount is £25 or more we will keep records indefinitely relating to the transactions and our attempts to contact you. All transactions and the keeping of records in relation to unclaimed client money will be carried out in compliance with the prevailing FCA Rules.

Under current FCA rules, if we lose contact with you for 12 years or more, then provided we have made reasonable attempts to trace and contact you we may either:

• give your investments to a registered charity of our choice; or
• sell your investments and pay the proceeds to a registered charity of our choice.

If any such transfer to charity is made we will keep records indefinitely relating to the transactions and our attempts to contact you. All transactions and the keeping of records in relation to unclaimed assets will be carried out in compliance with the prevailing FCA Rules.

We hope that you are happy with the services we provide, but, if for any reason you are unhappy we would like to hear from you. Please tell us what is wrong by emailing:  support@silo.co.uk or you can write to:

The Compliance Officer

Killik Intelligent Savings Limited

Crown House

Crown Street

Ipswich

Suffolk

IP1 3HS

If we cannot resolve your complaint to your satisfaction, you may be able to refer it to the Financial Ombudsman Service for their independent consideration.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors and for fraud or fraudulent misrepresentation.

We are responsible, if you suffer losses as a result of our negligence, fraud or intentional failure, or from breach by us of applicable laws and Regulations.  But we are not responsible for losses caused in any other circumstances. Please note that we only provide our Services for domestic and private use. You agree not to use our Services for any commercial or business purposes.  We are not responsible for investment losses caused by market conditions. Nor are we responsible for any loss of profit, loss of business, business interruption, or loss of business opportunity or any indirect or consequential loss arising under or in connection with the Services.

If defective digital content that we have supplied damages a device or digital content belonging to you and this is caused by our failure to use reasonable care and skill, we will either repair the damage or pay you compensation. However, we will not be liable for damage that you could have avoided by following our advice to apply an update offered to you free of charge or for damage that was caused by you failing to correctly follow installation instructions or to have in place the minimum system requirements advised by us.

You may only use the Services for the purposes of saving and investing your own money and not for any other purposes whatsoever. We are the owner or the licensee of all intellectual property rights in our website and App and in the material published on them.  Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

You acknowledge and agree that you have no rights in or to the App, website, the documents we provide as part of the Services and related technology other than the right to use each of them in accordance with these Terms.

You may print off one copy, and may download extracts, of any page(s) from our website/App for your personal use and you may draw the attention of others to content posted on our website/App.

You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.

Our status (and that of any identified contributors) as the authors of content on our website/App must always be acknowledged.

You must not use any part of the content on our website/App for commercial purposes without obtaining a licence to do so from us or our licensors.

If you print off, copy or download any part of our website/App in breach of these terms of use, your right to use our website/App will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.

We will try to make our Services as good as we can make them, but we do not promise that the Services will be uninterrupted, timely, or error-free.

We are not responsible for any losses caused by disruption to the Services that arise because of the acts or omissions of any person beyond our control, including things like industrial disputes (strikes), the acts or regulations of any Governmental or other body, breakdown, failure or malfunction of any telecommunications or computer equipment or service, acts of God, war or terrorism. This list is not exhaustive.

We may suspend the operation of our Services where we consider it necessary, including (but not limited to) where we have to suspend operations for technical problems, emergencies, maintenance, regulatory reasons, where we decide it is sensible for your protection, in periods of exceptional trading activity or to ensure the continued availability of other services. If this happens we will do our best to contact you to let you know what you should do.

We may change or add to these Terms. If we wish to make a change to these Terms that is not detrimental to you, we can make the change immediately. We will tell you within 30 days about the change. For other changes, we will always give you reasonable notice by email, which wherever possible will be at least ten business days. If you continue using the Services after we have told you about a change to the Terms we will take this as your agreement to the changes.

If any part of these Terms becomes or is declared illegal, invalid, or unenforceable for any reason, it shall be deemed to be deleted from these Terms. The rest of the Terms shall remain in force.

If you breach these Terms and we do not take action straight away, this shall not prevent us from taking action at a later date and shall not be deemed to be a waiver of any subsequent breach.

Your acceptance of these Terms is personal to you and your rights and obligations may not be transferred or assigned to any other person. We may assign our rights and obligations to any person connected with us or to any affiliate or successor company as long as we tell you first.

A person who is not a party to the Agreement will not have any benefits under the Contracts (Rights of Third Parties) Act 1999 and will not have any rights to enforce its terms.

Our services are subject to legislation and regulation in the United Kingdom and our services are intended for customers in the United Kingdom. Therefore, these Terms are governed by and shall be construed in accordance with English law. You and we both agree that the courts of England and Wales will have exclusive jurisdiction except that if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland.

By accessing or using the Services, you represent that you have read and understand these Terms and you agree to be bound by them. If you do not agree to these Terms, you must not use our Services.

By using Intelligent Siloing you agree to these additional terms.

For the purpose of accessing and analysing your Bank Account information, Killik Intelligent Savings Limited  is acting as an agent of TrueLayer, who is providing the regulated Account Information Service, and who is authorised by the FCA as an Authorised Payment Institution (reference number: 793171).

When you turn on Intelligent Siloing, you will be directed to TrueLayer and asked to agree to their Terms of Service (https://truelayer.com/enduser_tos/). The Terms of Service set out the terms on which you agree to TrueLayer accessing information on your Bank Account for the purpose of transmitting that information to us.

TrueLayer will ask you to select the name of your bank and you will then be directed to your normal banking application or bank’s website to login and give consent to your bank to allow TrueLayer access to your bank account information.  At no time does TrueLayer or KISL have access to your bank login credentials.

The information accessed by TrueLayer and transmitted to us will include:

(a)   Personal information: name, date of birth, full address(es), email address, phone number, gender;

(b)   Bank account information:

(i)               Account type (e.g. current, saving, investment)

(ii)              Account name

(iii)             IBAN/Account number/Sort code/SWIFT

(iv)            Currency;

(c)    Current balance; and

(d)   Transactions:

(i)               Time

(ii)              Description

(iii)             Amount

(iv)            Meta-data (arbitrary data that banks associate with a transaction e.g. category)

TrueLayer is subject to UK and EU data protection laws and is required to treat your data in accordance with those laws, as well as the Terms of Service and TrueLayer’s Privacy Policy (https://truelayer.com/privacy/).

With Intelligent Siloing switched on, you are giving consent for TrueLayer to access your bank account information on a daily basis and send the information to us.  Every 90 days, we prompt you to reconfirm your consent to this.

You can decline to renew the consent, or turn off Intelligent Siloing at any time in the App.