Tally Ltd has officially launched its physical gold-backed bank account and app of the same name following a soft launch on the Google Play and Apple App stores in June.
The account offers customers a way to transfer funds that are then converted automatically into Tally gold, physical gold amounts that are owned by the account holder and kept in a secure vault in Switzerland. Customers can then spend this gold using a debit card.
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One Tally is equal to one milligram of gold that can be spent like normal currency, however, its value will not decrease as a result of inflation and political uncertainty.
Tally accounts are also insured to the full value, not limited to £85K like most bank accounts, and have no interactional transaction or foreign exchange fees.
The costs for a Tally account are a single monthly charge of 0.1% of the average monthly holding, which then decreases to 0.05% for holdings of over half a million Tally, equivalent to around £18,000.
“Confidence has been eroded in government issued currency. We wanted to offer consumers a stronger form of money, protected from the risk of bank collapse, 100% insured and designed to hold its value”, said Cameron Parry, Tally’s co-founder and chief executive.
“The solution was a platform using a physical asset kept outside of the banking system while seamlessly operating with it. This is what Tally delivers.”