When it comes to saving, it’s important to plan how often you want to deposit money into your savings account.
There are typically three ways to do this; regular deposits, one-off deposits, or a combination of the two.
And when it comes to tally (physical gold), which has proven to increase in value over the long term, but fluctuates in comparison to £GBP, how do you know when to deposit?
Regular deposits are a saving strategy whereby an individual consistently saves smaller amounts of tally (physical gold) on a set schedule (for example, saving £100 of tally every month, instead of £1,200 at once).
Regular deposits can be an effective way to save by making a regular payment from a bank account into a Tally account and is as easy as setting up a standing order.
Some benefits of regular deposits include:
Additionally, regular deposits can be a helpful method to aim to reduce the impact of fluctuations in the £GBP value of tally.
One-off or lump sum deposits are a common way to save in tally. Whether you’re using existing savings, have sold a property, received an inheritance or simply wish to allocate different amounts of a regular salary to save in tally, you can make one-off deposits into tally in seconds via bank transfer.
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:
Additionally, one-off deposits can be used by savers who want flexibility over when they purchase tally.
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.