These terms set out below apply to the 1-year Fixed Rate Savings Product (“Fixed Rate Safe”). You can find a copy of these terms here:
The Fixed Rate Safe is only available to Tally Everyday Account holders and will be an “Additional Service” for the purpose of the Tally Everyday Account standard terms and conditions. This means that the rights and obligations in the Tally Everyday Account terms will apply to the Fixed Rate Safe.
If these terms and your Tally Everyday Account terms conflict, the Tally Everyday Account terms shall apply. All defined expressions in these terms shall have the same meaning as those found in the Tally Everyday Account terms.
The Fixed Rates Safe is for the personal use of the Tally Everyday Account holder. You should not allow anyone else to use your Fixed Rate Safe. If we find out you’re using a Fixed Rate Safe for a business purpose, we can close your Fixed Rate Safe and Tally Everyday Account.
As this is a Fixed Term Safe you cannot add money during the term or withdraw money before the fixed term comes to an end, except in certain extenuating circumstances which are covered in paragraph 6 (Early Withdrawal).
You can ask to cancel this agreement in the App. You don’t need a reason to cancel and we’ll transfer you all of your tally® back to your Tally Everyday Account within 14 days after you ask us to cancel this agreement.
Each month, you can apply to pay in tally® to the Fixed Rate Savings Safe with an equivalent fiat value of between (and including) £1,000 and £20,000, at which point you are added to that month's waiting list. (Please note there is a limit of one Fixed Rate Safe at a time per customer.)
We will accept customers on a first-come-first-served basis, and we will notify you three days before the start of the one-year term if your requested amount has been accepted. The start of the one-year term will usually fall in the last week of the relevant month the waitlist is open.
Once accepted, you can open up a Fixed Rate Safe in the App and transfer tally® from your Tally Everyday Account to your Fixed Rate Safe, up to the equivalent fiat (GBP) amount that you requested.
We don’t pay interest on your account like other fixed-term deposit accounts do. This is because you are not saving in fiat currency and we’re not borrowing your money (interest is paid when money is lent). Instead, when you transfer your tally® to your Fixed Rate Safe, you will be selling your tally® to us at the prevailing gold market wholesale sell price - we then agree to sell tally® equal to 102% of the fiat (GBP) value of the original tally® locked in for 1 year, back to you on the first anniversary of the commencement date (“Maturity Date”) at whatever the prevailing exchange rate is at the time.
The number of tally® that you receive at the end of the 12-month period may be more or less than the number you initially saved, depending on the price of gold, however, the fiat value of the tally® that is returned to you is fixed at 102% of the fiat value that you paid in.
By opening a fixed term deposit account with us, you acknowledge that the ownership of your tally® will transfer to us for the duration of the Fixed Rate Savings Period, but that we will return tally® to you, equal to 100% of the original fiat value plus 2% in fiat value, at the end of the Fixed Rate Savings Period.
Your Fixed Rate Safe will change on the Maturity Date to an easy-access safe, and you will be able to withdraw your tally® from it in whole or in part and send and spend it, or keep saving in the Easy Access Safe.
If you are impacted by extenuating circumstances during the 1-Year Fixed Rate Savings Period, we may release your tally® early equal to the original GBP value of the tally® transferred into the Fixed Rate Safe, at our sole discretion. If your tally® is released early, you will not receive the 2% return, or any part thereof. You will need to contact us through the App to arrange for any potential early release.
The tally® we buy from you at the commencement of the Fixed Rate Savings Period, we will use in our Treasury account to expand our capacity to provide real-time liquidity for customers, so the tally® and fiat used by us may change in ratio but remains unencumbered in the TallyPlatform, and it is never used for business operating expenses or company running costs.
Aside from the relevant tally® and fiat currency held in Treasury, to manage our exposure, we hold options that act as insurance against the gold price dropping significantly from the start of the Fixed Rate Savings Period to the Maturity Date. Further, the balance amount of fiat currency value, that includes the 2% return payable on the Maturity Date, is allocated by us from our own fiat currency (GBP) reserves to a segregated account, to ensure we can meet our obligation to you.
The return you make on your Fixed Rate Savings will be taxable where you are resident for tax purposes. We’ll pay you your return gross, without deducting any applicable income or other tax that you are required to pay on the return based on your personal tax circumstances (unless we are legally required to do so). It is your responsibility to declare your return to the relevant tax authorities.
From the start of the Fixed Rate Savings Period, the total principal and return is shown daily in the App until the principal and return are released and accessible on the Maturity Date.
We do not provide any tax advice to any Tally Everyday Account holder or any other connected party. From our general enquiries, the return on the Fixed Rate Safe is likely to be treated as a form of income and therefore subject to income tax rates, whilst the gain or loss on paying in and paying out funds with the Tally Everyday Account (including any tally® held in an Easy Access Safe) is likely to be deemed a capital gain or loss and subject to CGT rates. However you should ensure that you obtain suitable tax advice in relation to the accounts held with us.
|Account Name||One-Year Fixed-Rate Savings Account.|
|What is the rate of return?||2% per annum.|
|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 savings are paid into the Fixed Rate Safe in tally® and returned in tally® to the original GBP equivalent value plus the 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 TallyApp to fix a specific amount. Three days prior to the commencement date, customers are notified if their request has been successful (access to a Fixed Rate Safe is allocated on a first-come first-served basis). If successful, the customer can then move tally® from their Tally Everyday Account to their Fixed Rate Safe and the FX rate of tally® to pounds is set at that time. From the Commencement Date, 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 Account Activation Fee is paid (or waived), they can apply for a Fixed Rate Safe when the waitlist opens.|
|Can I withdraw money early?||At the sole discretion of TML, if a customer is impacted by extenuating circumstances, tally® equivalent to the original GBP value may be released and their Fixed Rate Safe closed, but they will not be entitled to receive the 2% return or any part thereof.|
|Additional Information||The TallyPlatform 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, not the bank. Every unit of tally® is a digital record of the customer’s beneficial ownership and value of 1 milligram of LBMA-certified physical gold held on behalf of customers at LMBA-accredited Brinks’ high security vault in Switzerland. When a customer transfers their tally® to a one-year Fixed Rate Safe, the tally® is being purchased by Tally Ltd’s Treasury (“Treasury”) at the prevailing FX rate. Treasury uses the tally® in its house account to expand its capacity to provide real-time liquidity for customers, so the tally® and fiat used by Treasury may change in ratio but it stays in the TallyPlatform unencumbered, and 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 FRSP, 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 and does not carry debt besides creditors incurred in normal day-to-day business activities and Tally Ltd’s obligations to the Fixed Rates Safe 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).|