Money that is gold
When you transfer GBP in, you are purchasing real physical gold sourced from London Bullion Market Association (LBMA)-accredited providers.
The gold your tally represents is stored in a secure vault in Zurich, Switzerland, where it is fully insured and protected. Customer gold is reconciled daily and reviewed quarterly by independent auditors.
As the money in a TallyMoney Account represents real physical gold vaulted on behalf of and for the benefit of the TallyMoney customer, there is no fiat currency and the Financial Services Compensation Scheme (FSCS) does not apply.
When GBP is transferred in, it flows through a payment account in your name with sort code and account number to buy gold. For the brief period that your funds are GBP in the payment account they are not covered by the FSCS but protected under safeguarding rules that apply to electronic money institutions.