Challenger bank Tally launches in the UK

Wednesday 14 July 2021 13:15 CET | News

Banking platform Tally has launched for customers in the UK.

Tally has been developed in response to a financial climate under major threat from economic instability and inflation and where banks are paying near-zero interest to savers using traditional savings accounts, says the official press release. Tally, an alternative to mainstream currency, ties physical gold not sterling to a bank account. Each unit of Tally is a weight of gold (1 tally = 1 milligram) used via the Tally banking app and Tally debit Mastercard to deposit, transfer, save, send, and spend.

As the pound and other government issued currencies (also called fiat currencies) lose value, Tally maintains its purchasing power over time, thereby increasing in value relative to pounds. 1 tally equals just over 4 pence at the current gold price, according to the press release.

It reportedly works like any normal bank account so you can transfer money into your account, pay through the app, or use the Tally debit Mastercard at an ATM to withdraw cash. Tally is not underpinned by any Government-issued currency, such as sterling, so it could be a safer form of banking, which provides long term protection for customers' savings by sheltering them from inflation and falling interest rates as the country’s debt increases. 

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Keywords: challenger bank, online banking, mobile banking, product launch
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech