Going for Gold - Tally Launches New Banking App Tied to Gold Ownership

Editor from Tally
18 Jul 2019

Tally has become 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 of their money, and being gold means savings are protected from inflation and bank risk, and 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.

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 full-reserve, the customer’s savings are not lent out, moved or invested. Full control of their money stays with the customer. 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.”

Tally is available for download on the App Store and Google Play Store. For more information, go to www.tallymoney.com.

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Category: Banking
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