The problem with banks (and challenger banks for that matter) is that they use government controlled currency, or ‘fiat currency’. One of the issues with fiat currency is that it loses its value through inflation, can drop in value following political events, and is heavily impacted by economic uncertainty - as we are currently seeing in the UK with Brexit. Tally has been designed to give consumers a better choice of money. Here are 5 reasons to keep your savings in Tally.
1. It’s physical gold you own
Have you ever thought what money is? It’s essentially an IOU from the bank, hence the ‘I promise to pay the bearer’ printed on notes. It’s ‘faith based’ currency, with your trust put into the hands of bankers. Tally is physical gold - an asset whose value has been trusted for thousands of yearsand is universally recognised. When you make a deposit it’s converted into gold, 100% owned by you and held in a secure vault in Switzerland.
2. Your savings don’t lose value through inflation
What £10 buys you today is a lot less than it was 10, or 20 years ago. That’s because the prices of goods increase. This ‘inflation’ means your savings lose their purchasing power over time. As Tally is physical gold, your savings don’t lose value from inflation like savings in the bank, and is proven to better hold its value over time.
3. Your money is safe if the worst happens
When you make a deposit in Tally, you take 100% ownership of Tally gold. It’s your asset, not Tally's, kept separate from the banking infrastructure. That means it’s immune to bank collapse, and better insulated against financial crisis.
If the Company behind Tally ever went out of business, the Tally account holder would be returned 99% of their value, as their Tally gold would be converted into fiat currency and deposited back into their non-Tally bank account. The remaining 1% is the total cost for this process of protection and efficient return of funds. This means that your holding in Tally is protected to 99% of the full value (uncapped), not limited to £85,000 like most bank accounts.
4. We don’t control or lend out your money
When you put money into your bank account, the bank legally owns your savings. It means they can lend and invest off the back of it without your consent under ‘fractional-reserve banking’. If everyone went to take out their money at the same time there wouldn’t be enough cash to go around (it’s why banks collapse). Tally operates ‘full-reserve’ banking, which means you 100% control your Tally gold, and doesn’t move from the vault unless you say so.
5. Use it abroad fee-free
You may not want to use your bank’s debit card abroad because you know you’ll be charged every time you pay or withdraw money at an ATM, as well as getting bad exchange rates. With Tally, there are no transaction and FX fees, or mark-up on exchange rates. And we don’t charge for using ATMs (just make sure there are no local charges). Using a Tally debit card is the same abroad is it is at home.