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One-Year Fixed-Rate Savings Account
Summary Table

Summary Table
Account Name One-Year Fixed-Rate Savings Account
What is the rate of return? 2% p.a.
Can Tally Ltd change the rate? No
What would the equivalent GBP balance be after 1 year based on examples:

(a) £ 2,000
(b) £ 5,000
(c) £10,000
All funds deposited are in tally and returned in tally to the original GBP equivalent value plus the GBP return calculated at the fixed rate.

(a) £2,040
(b) £5,100
(c) £10,200
How do I open and manage my account? When the monthly waitlist opens, Tally customers apply through the Tally app to fix a specific amount. 3 days prior to the commencement date, customers are notified if their request has been successful (FRS Accounts are allocated on a first come, first served basis). If successful, the customer can then move money from their everyday account to their one-year fixed-rate savings account and the FX rate of tally:pounds is set as at that time for the purpose of calculating the 2% return. From commencement, the total principal and return is shown daily until the principal and return are released and accessible on the maturity date.

Non-customers need to download the Tally app and complete the onboarding process to open an account. Once the Tally banking system Joining Fee is paid (or waived), they can apply when the waitlist opens.
Can I withdraw money early? At the sole discretion of Tally Ltd, if a customer is impacted by extenuating circumstances, their funds may be released from their one-year fixed-rate savings account but they will not receive the 2% return or any part thereof.
Additional Information Tally is a non-fiat banking system. We believe people should use money that holds its value over time and remains in their legal control. Our values are to protect and benefit the customer first, not the bank. Every unit of tally represents the beneficial ownership of 1 milligram of LBMA-certified physical gold that Tally Ltd holds on behalf of customers at LMBA-accredited Brinks’ high security vault in Switzerland.

When a customer transfers their tally to the one-year fixed-rate savings account, the tally is being purchased by Tally Ltd’s Treasury (“Treasury”) at the prevailing FX rate.

Treasury uses the tally in its house float to provide real-time liquidity for customers, so the tally and fiat used by Treasury may change in ratio, but it is never used for business operating expenses or company running costs.

Aside from the tally and fiat held in Treasury, to manage Tally Ltd’s price exposure, Tally Ltd holds options that act as insurance against the gold price dropping significantly from the commencement date of the one-year fixed-rate savings account. Further, the balance amount of fiat currency value, that includes the 2% return payable on the maturity date of the fixed-term account, is allocated by Tally Ltd from its own fiat currency reserves to a segregated account, to ensure Tally Ltd can meet its obligation to fixed-rate savings customers.

Tally Ltd is funded by its own assets does not carry debt besides creditors incurred in normal day-to-day business activities and Tally Ltd’s obligations to the one-year fixed-rate savings account customers which is securely managed as described in the preceding paragraph.

TallyMoney Ltd is a wholly owned subsidiary of Tally Ltd and an Electronic Money Directive Agent listed with the UK’s Financial Conduct Authority (FCA Ref: 902059) under FCA-licensed Electronic Money Institution, PayrNet Ltd (FCA Ref: 900594).