Silo: Credit Card Style Points on STOCKS + LIMITED TIME 300K Bonus

So, you're a credit card enthusiast. >> Credit card. Visa, Mastercard, American Express, Discover Card. >> You love rewards points and cash back. >> I bought credit cards ready for broke people. >> No, not at all. Actually, I make thousands doing it this way as I earn points that I can exchange for free flights and cash back. >> But your bedroom looks like this because you're spending all your time investing and perhaps trading. Perhaps you also wish that there was some equivalent to credit cards, some system that rewards you to earn points or cash back for your investment account. Well, now there is. You may remember Silo, a stocks and bonds investing app that I did a video on last year. Well, in this video, I'm going to give you a review of Silo's amazing new rewards program, as well as their crazy new member bonus, which gives you up to 300,000 points. But more on that later. Hey credit warriors, welcome to the show. My name is Ben Hedges aka the credit shifu and on this channel I cover US credit cards, personal finance and luxury travel. If you like the sound of that, do subscribe. But let's get into the video. And Silo did reach out to me to make this video. In fact, I've worked with them for a long time and I think their product is great. But in this video, I will aim to just showcase the features to you so that you can make up your own mind what you think of it. So, Silo is an app that lets you buy stocks and bonds. In fact, they started with bonds and it was their mission to become the Robin Hood of bond investing. >> Greetings, your highness. >> Then they expanded into stocks and ETFs. Basically, anything that Interactive Brokers sells, you can buy on Silo because that is who holds Silos's customer assets. Interactive Brokers is one of the biggest brokers in the world and provides $5 million in FDIC insurance and $500,000 in SIPC insurance. But today, I'm here to talk about Silos's next evolution, the launch of the Silo Points Back program. You're going to be able to earn points on your entire portfolio balance, even money already invested in stocks and bonds. The way it works is you earn one point per dollar per year up to a maximum of 500,000 points per year paid out monthly. So for a 100k portfolio, you would get paid around 8,300 points per month. In addition to that, there is currently an insane 300,000 point launch bonus for new members that's only available until the end of this month. How does this work? Well, on top of the points that you earn every month, if you transfer by November 30th, they will give you a special one-time bonus based on how much money you transfer into Silo. They are offering a 1x welcome bonus for the first $100,000 in transfers and then 0.5x welcome bonus up to $500,000 in transfer value. This means that if you transfer $100,000 into Silo, you'll get 100,000 points as a welcome bonus plus 100,000 points every single year for their regular points earn on portfolio balances. And if you transfer 500,000 points to Silo, you'll get a 300,000 point welcome bonus plus 500,000 points every single year. Silo does charge a monthly membership fee to unlock these rewards. For more specifics on how much you can earn and specifics on Silos's points back memberships, be sure to click the link down in the description. Also, don't tell them I said this, but if you really want to maximize this offer, you can earn 2 million points per year by maxing out your balances on all four types of accounts that they offer. Individual taxable accounts, IRA, Roth IRA, and rollover IRA. Plus, you'll still get that 300,000 point bonus in the first year. All right, why don't we see it in action? So, Silo has a really clean, professional interface that they recently redesigned. You can see your portfolio value, your points balance, and all of your positions in the main view. For more details about the rewards plan that you're currently on, you can click view details right here. And you can easily manage all of your membership settings. To find new investments, you can toggle between stocks and bonds at the top right here. Bonds have a suitability rating based on what you personally want to invest in. And you can toggle between corporate and government bonds like this. And then in government, you can change the time frame depending on if you want short-term or long-term government paper. And then you can look for stocks, too. This is my watch list. Let's add a new stock to that. How about Big Bear AI? That's one I've been trading recently. Now, once I have my investments set, the next big question is, how much are all the points that I'm earning worth? Points are far more complicated than simple cash back. But with Silo, it's not that hard. Points are worth 1 cent per point in cash back and can be redeemed into your bank account of choice. But if you hold on to your points, they could be worth even more because Silo is currently working on rolling out transfer partners like airlines and hotels. Just like you would have on credit cards from Chase, MX, and many other mainstream credit card issuers. This will typically give your points higher value than just 1 cent per point. For example, I was able to get about 6 cents per point in value when I transferred Chase points to United and booked their Polaris business class. That is an unusually high value, but even if we look at average values, they can be a lot higher than 1 cent per point. For example, one of the transfer partners that I know Silo is seriously considering is Hyatt. The points guy values Hyatt hotel points at 1.7 cents per point. So if that was the case and you earned 100,000 points for transferring your account over and another 100,000 in a year for holding your assets in silo, that's 200,000 points and transferred out to Hyatt, that could be worth an average of $3,400. I have personally redeemed Hyatt points for some really cool all-inclusive resorts like the Hyatt Zea Los Cabos. So, this is a rare opportunity to earn credit style points just by holding your assets in a brokerage account. And if you join now, you'll be one of the early adopters with a lot more redemption options being added for the points in the near future. So, if you want to earn up to 500,000 points on your account per year and up to 300,000 points right away, go to siloarkets.com/ben or click the link below to sign up for Silo before the end of the month. And remember, you can either deposit cash or transfer over your existing portfolio from whatever brokerage you currently use. If your brokerage charges an outbound fee to do that, Silo will refund it. All right, that is the video for today, guys. I hope you found it interesting. Link for silo is below. Please subscribe to the channel if you're new for more credit card and personal finance tips and tricks. And we'll see you in the next video. Bye-bye.