With Brexit making currency less predictable by the day and the pound continuing to disappoint us, there is now a way to Brexit proof your spending. Tally is the first banking app to offer individual banking accounts delivering seamless saving and spending in physical gold. Plus, it’s pretty cool to have your savings in gold right?
Gold beats government issued currency any day.
Plus, we’ve got an exclusive offer from Tally just for MoneyMagpies. Read on to find out how you can get some free Tally!
What is Tally?
Tally is the name of the platform and also the name of the currency. 1 Tally = 1 milligram of vaulted gold. Therefore, using gold as the 100% physical reserve means your wealth is protected from inflation and bank risks of the fiat currency-based banking model. However, it still offers the familiar usability of a personal bank account and contactless debit card. At time of writing 1 Tally = 4 pence, or put another way, 25 Tally = £1.
Tally accounts are also protected to 99% of the full value if the worst ever happened to the company behind Tally, not limited to £85K like most bank accounts, meaning all your savings are protected (less a 1% cost) no matter what happens.
How does Tally work?
You can transfer funds to your personal banking accounts like any other regular account. These automatically convert to Tally gold, owned by you and kept in a secure vault in Switzerland on your behalf. You can save it or spend Tally seamlessly every day, at home and abroad, through a Mastercard® debit card.
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.
The value of Tally is directly linked to the global gold price, so you get that rate with no additional fees or mark-ups, making Tally one of the easiest ways to buy and hold gold whilst still maintaining instant access and flexibility, like cash. Whilst it’s true that the price of gold does fluctuate against fiat currency (such as the pound), historically gold has proven to hold its value – certainly against government issued currency which is designed to lose value (inflation). And with gold on a bull run at the moment there has never been a better time to add some gold into your portfolio!
There is a single monthly charge of 0.1% of your average monthly holding which covers storage, security, insurance and operational costs. Any holding above half a million Tally (t500,000) is charged at 0.05% meaning it’s great value to use a better form of money and no more hidden bank fees and charges.
Can you use it abroad?
Tally is as easy to use abroad as it is in the UK. Also, 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 globally wherever Mastercard is, so buying coffee abroad is the same as buying it at home.
A word from the founders
Cameron Parry, Co-founder and CEO of Tally, said:
“Confidence and value have been eroded in government issued currency. We wanted to offer consumers a stronger form of money that is protected from inflation, insulated from the risk of bank collapse, and designed to protect the purchasing power of savings. This is what Tally delivers.”
Ralph Hazell, Co-founder and CPO of Tally, commented:
“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 personal money for the first time in their own banking account.”
As a special treat for MoneyMagpie readers we’re giving you 200 Tally (worth £8.12 as of 11:00 29/08/19) when you sign up to Tally!
Just use the code MAGPIE when you sign up*. That’s a special deal you won’t find anywhere else and is valid until 30 September 2019.
Ready for the gold-rush?
* Terms and conditions apply and can be found at tallymoney.com