London, 18 July 2019: Today, Tally is the first banking app to offer individual banking accounts delivering seamless saving and spending in physical gold. Customers transfer funds to their personal banking accounts like any other regular account. Except deposits automatically convert to Tally gold, owned by the customer and kept in a secure vault in Switzerland on their behalf. Customers can save it or spend Tally gold seamlessly every day, at home and abroad, through a Mastercard® debit card. Why save in Pounds and suffer inflation when you can save in pure gold?
One Tally is one milligram of gold that can be used like Pounds or Dollars. Having savings in Tally gold means they don’t lose value from inflation and political uncertainty, and are better protected from economic crises. Tally accounts are also insured to the full value, not limited to £85K like most bank accounts, meaning all your savings are protected no matter what happens.
Tally is as easy to use abroad as it is in the UK. There are no international transaction or FX fees, no mark-ups on the FX rate and no charge for ATM withdrawals. As Tally’s value is based on the gold price, it doesn’t suddenly drop in value as you are just about to go on holiday like the Pound can do, protecting your spending power. And Tally is accepted wherever Mastercard is globally, so buying coffee abroad is the same as buying it at home.
What makes Tally groundbreaking is that it offers the everyday usability of a traditional banking account linked to a physical asset for the first time. Consumers use individual banking accounts with full debit cards, not pre-paid cards. Most importantly, Tally offers consumers an alternative choice to currency that isn’t a cryptocurrency.
Cameron Parry, Co-founder and CEO of Tally, said: “Confidence has been eroded in government issued currency. We wanted to offer consumers a stronger form of money, protected from the risk of bank collapse, 100% insured and designed to hold its value. The solution was a platform using a physical asset kept outside of the banking system while seamlessly operating with it. This is what Tally delivers.”
Ralph Hazell, Co-founder and CPO of Tally, commented: “Challenger banks are doing a great job improving the customer experience. But they are still tied to fiat currency, leaving the value of customers’ savings exposed to risk and uncertainty, with the value being eroded through inflation. With Tally, we wanted to go further and bring innovation to money itself. Customers now have a choice in how they store and spend their savings for the first time in their own banking account.”
The cost of using Tally is fully transparent: a single monthly charge of 0.1% of the average monthly holding, which covers storage, security, insurance and operational costs. This reduces to 0.05% for holdings over half a million Tally (circa £18,000).