There are typically three ways to do this; regular deposits, one-off deposits, or a combination of the two.
What are the benefits of Regular Deposits?
- Savers don’t have to remember to transfer money into their savings account each month
- The saver’s tally balance (read: physical gold ownership) will increase every month
- Savers can feel secure in knowing they’re contributing towards their financial goals every month in a currency that protects the long term value of their savings
- Given that gold price fluctuates in comparison to £GBP, periodic scheduled deposits enables savers to buy gold at different prices over time. This can help average out any fluctuations (increases or decreases) in the price of gold.
- Having a regular deposit plan removes much of the detailed work of attempting to time the market, when some savers or investors try to buy tally at a low price.
What are the benefits of One-off Deposits?
Many people choose to save in one-off deposits due to convenience, personal analysis or to get their savings out of fiat currency and into tally immediately. Some of the benefits of one-off deposits include:
- Savers can feel secure in the knowledge that their savings are immediately held in physical gold, that is never lent, leveraged or invested.
- Moving savings into tally sooner removes the amount of time fiat currency savings are devalued over time via inflation, compared to regular deposits.
- Should the price of tally only increase after your purchase, the average price of your tally purchase will be lower than saving in regular deposits. The opposite also applies; if the price of tally only decreases after a one-off deposit, the average price of your tally purchase would be more expensive than regular deposits.
- Tally is not capped by the FSCS £85k limit, so it’s a great place to put larger amounts of savings or a windfall to ensure that the full balance is protected by our custodial arrangement and security trust structure.
- The price of tally (physical gold) is set by global markets on the principles of supply and demand. Many expert and retail investors, and savers, believe they can identify when that price is lower than it will be in the future, and choose to make one-off purchases on those occasions.
Which saving strategy should you choose?
To know which saving strategy is right for you, it’s important to consider your unique saving circumstances.
Regular deposits are simple to set up, help savers save reliably on a set schedule and let savers buy gold at different prices on set dates, which can help average out tally (physical gold) price fluctuations. Savers can set up standing orders to make regular payments from any bank account into their Tally account.
One-off deposits enable savers to own any amount of tally (physical gold) instantly and give savers flexibility should they wish to time their tally purchase. Savers can make one-off deposits into tally in seconds via bank transfer.
Download the Tally app and start saving today!
Important information: The content is for informational purposes only, you should not construe any such information or other material as financial or other advice.