UK-based Tally Money has launched a savings account, underpinned by gold, that offers a market-leading 2% fixed-rate return.
Tally Money is an independent monetary platform and hard-asset currency that sits outside of the existing banking infrastructure.
Tally is a non-fiat currency whereby each unit represents one milligram of gold owned by the customer. The currency can be use for everyday banking on the Tally App and via the Tally Debit Mastercard. According to Tally, as gold is a physical asset that cannot be devalued by artificially increasing supply, it holds its value over time, unlike the pound.
The platform’s recently launched savings product allows savers to deposit between £1,000 and £20,000. Unlike traditional banks, the savings are never loaned, leveraged or invested, meaning no bank lending risk to customers.
The product launch comes at a time when there are mounting concerns about the rising levels of inflation in the UK, which is outstripping interest rates, hence making saving less attractive. Tally prides itself on not being a contributor to inflation, and says its currency does away with the “shortcomings of government-issue money.”
The savings product is available through the Tally App to Tally customers only. Non-customers will need to download the Tally app and complete the onboarding process to open an everyday account. Once they pay their one-off Tally joining fee of £20, they can apply for a fixed-rate savings account when the waitlist opens.
Cameron Parry, founder and CEO, said, “The Government is constantly talking about levelling up, but when it comes to savers, the incumbent banking system is designed to protect and benefit the bank, not the customer. People need an alternative, which is why we built Tally.”
Tally wholly-owned subsidiary Tally Money is a Non-Bank Financial Institution, listed with the Financial Conduct Authority as an E-Money Directive Agent. Like any bank account issued under an E-Money licence, Tally accounts are not covered by the Financial Services Compensation Scheme (FSCS).
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