We sometimes get asked if Tally is covered by the Financial Services Compensation Scheme (FSCS), which guarantees savings up to £85K in the event of the bank collapse. It’s not – instead we insure holdings to the full amount.
When it came to setting-up Tally we wanted to offer something unique, that worked like a regular bank account but was free of the restrictions and flaws of the traditional banking structure. While many think of the FSCS guarantee as peace of mind should their bank collapse – we think of it as a limit. If savers hold over £85,000, they have to move around their money to different financial institutions in different banking groups to make sure their wealth is protected. Should the worst happen, customers have to wait for access to their money.
Tally is built on an independent monetary platform that is kept separate from the banking infrastructure. It’s also full-reserve which means customer’s deposits are never lent out or invested. Customers are given full ownership and legal title of their holdings meaning FSCS is unnecessary.
In the unlikely event that TallyMoney should cease trading, the TallyMoney 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 customer deposits in TallyMoney Accounts are protected to 99% of their full value (uncapped), not limited to £85,000 – eliminating the need to move around your money, and the hassle and admin that comes with it.
Finally, don’t forget, your tally is gold kept in a secure vault in Switzerland, guarded 24 hours a day and 100% insured. Where else is safer for your money than in a safe?
