Tally is the first banking app to offer individual banking accounts delivering seamless saving and spending in physical gold, at home and abroad. Unlike a traditional bank account, Tally gives consumers full ownership oftheir money, and being gold means savings are protected from inflation and bank risk, as well as political and economic uncertainty.
When customers make a deposit through the app, they are buying Tally gold at the global wholesale price, which is kept in a secure vault in Switzerland. One Tally is one milligram of physical gold. The value of customers’ holdings is accessed through individual Tally banking accounts linked to a contactless Mastercard® debit card. Customers use Tally to spend anywhere that accepts Mastercard®, with no fees. And as Tally holdings are 100% insured, savings are protected in their entirety.
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. And as Tally is accepted wherever Mastercard is globally, buying coffee abroad is the same as buying it at home.
What makes Tally groundbreaking, is that it offers the everyday usability of a regular banking account linked to gold for the first time. Consumers use individual banking accounts with debit cards, not pre-paid top up cards. Importantly, Tally offers consumers an alternative to fiat currency, but it’s not a cryptocurrency.
Cameron Parry, Co-founder and CEO of Tally, said: “We wanted to offer consumers a stronger form of money, protected from systemic bank risk, 100% insured and designed to hold its value. The solution was a standalone full-reserve monetary platform where the customer’s asset is kept outside of the banking system while seamlessly operating with it. And as it’s full-reserve, the customer’s savings are not lent out, moved or invested. Full control of their money stays with the customer.”
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 to use Tally is simple: 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).
Tally is the name of the platform and also the name of the currency. Using gold as the 100% physical reserve owned by the customer, Tally uses the latest innovations in fintech to create an independent banking platform and hard-asset currency that sits outside of the existing banking infrastructure, while seamlessly operating with it.
This means it is insulated from inflation and bank risks associated with the fiat currency-based banking model, while offering the frictionless usability of a mainstream bank account and contactless debit card.
For the first time, Tally gives consumers an alternative mainstream currency that is independent, insulated and innovative — giving ultimate control and certainty of money back into the hands of the consumer.