UK startup Tally has launched an app offering individual banking accounts delivering saving and spending in physical gold.
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 can spend anywhere that accepts Mastercard, with no fees, and holdings are 100% insured.
Customers can use Tally abroad, with no international transaction or foreign exchange fees, no mark-ups on the FX rate and no charge for ATM withdrawals.
Citing the pound’s Brexit-induced volatility, Tally says that using gold ensures customers’ money is protected from inflation and bank risk, and political and economic uncertainty.
Cameron Parry, CEO, Tally, says: “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.”
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