TallyMoney Review

Challenger banks are growing in number and popularity and at its core Tally offers the same services with a Tally app for managing your account and a Tally debit Mastercard for making purchases and withdrawing money. But Tally is different. This is because when you add funds to your Tally account you are waving goodbye to fiat currency and purchasing physical gold which is kept in a secure vault in Switzerland.

This means that rather than your money fluctuating in value according to the price of the pound sterling, within your Tally account, your money will fluctuate according to the price of gold.

Of course, like any investment this is not without risk however, if you look at the price of the pound, and compare it to the price of gold over the last 40 years, this strategy would have put you in good stead.

Who are TallyMoney?

Tally is the world’s first non-fiat personal account that aims to safeguard customers from devaluation caused by inflation by converting all assets to a physical asset. Tally claims to be ‘the world’s first non-fiat currency account that protects the long term value of a customer’s money’

Who owns TallyMoney?

Tally was co-founded by CEO Cameron Parry who believed that people could no longer rely on government and big banks to protect their wealth. He claims that people using TallyMoney can help preserve their purchasing power.

TallyMoney product range overview

How does Tally work? Once you open your Tally account and pay in money, this is converted from pounds into Tally, the app’s own currency. At that point you will have access to the following features:

Deposits – As mentioned, all deposits are automatically converted into actual gold, called Tally, using the global gold wholesale price. Each unit of Tally is equivalent to one milligram of gold which is approved by the London Bullion Market Association, a global authority for precious metals ensuring ethical and purity standards are met. You can spend your Tally using your Tally app or Tally card.

Transfers –  Funds transferred to a traditional bank account will automatically convert from Tally to the relevant currency.

Payments – You can expect to spend your Tally in person or online as digital cash, without any added foreign exchange fees or mark-ups.

Withdrawals – Your Tally card allows you to withdraw cash at cash points for free, regardless of currency.

TallyMoney Fixed Rate Savings Account

TallyMoney customer reviews

The scores on Google Play are a little low, and a quick read through reviews reveal that it is mostly due to people having issues opening their account and slow responses from customer service.

“Fee free contactless payments abroad were enough to get me to use this app. But the fact you are also investing in gold very easily is such a good idea, especially with such uncertain markets at the moment (Brexit). I paid for a Burger King in Dublin Airport with this and got an exchange rate of 1.1”

“This is a great app. Be aware your capital is at risk. If you use it smartly you can make significant profits. I would love to see a widget or a shorter-term tracking of the value of the coin e.g the value of a 100 tally coin over today, this week, this month or this year. Would be nice to have alerts when the value changes e.g £4.24 per 100 tally coin to £4.23 per 100 tally coin.”

TallyMoney opening an account

TallyMoney safety

TallyMoney fees

Who is TallyMoney suitable for?

This is a difficult one to answer. The idea behind Tally is to avoid the volatile nature of fiat currencies and instead tie your money to a tangible asset. However, the value of assets can go up and down, and whilst gold has historically performed well and increased in value when it does go down in value, you could end up feeling the effects more keenly in your country of residence. This is because generally speaking if the pound loses value, this won’t affect your day to day living expenses as the entire country will lose value with you.

Tally seems like a good option for people who are interested in investing in gold, and like any investment, it should be embarked upon with the knowledge that the value of your investment can go down, as well as up.

Useful Information

This section contains useful information to make your experience at TallyMoney as seamless as possible.

How do I contact TallyMoney?

There is a chat button on the left-hand side of the web pages, although rather than being connected to a human or even a chatbot, your query will prompt a response by email that can take up to 2 working days. In my instance, I was rewarded with a response within an hour.

Alternatively, you can email [email protected] or use the chat function inside the Tally app. This is the quickest way to get a response.

Is Tally a bank account?

Tally works as a digital bank account, allowing you to deposit, save and spend your assets which are tied to gold.

How much is 1 Tally?

1 Tally is the equivalent of 1 milligram of gold. The sterling value of this will depend on the price of gold at that time.

Tally FAQs