New gold-backed savings product Tally launches in the UK

Savings rates are at historically low levels, with some banks even considering offering negative interest rates, but a new market-leading savings account has launched.

Tally is offering a new savings account with a two per cent fixed-rate return on customer deposits from between £1,000 and £20,000.

The new savings account is underpinned by gold and customer funds are never loaned, leveraged or invested.

“Saving with traditional banks works to the detriment of the customer, who receives a minuscule amount of interest compared to the profit the bank makes from leveraging the customer's savings,” Cameron Parry, CEO and founder of Tally, said. 

“With inflation badly outstripping the low rates being offered by high-street banks, people are desperately searching for solutions that offer value, security and an alternative to this fiat (government-issued) money trap.”

Unlike other banks, Tally operates in a full reserve banking environment, meaning that it never contributes to inflation as deposits are not used to make more money through writing new loans. 

“The incumbent banking system undermines any benefit to saving whereas our new account provides security and transparency for savers whilst also introducing them to a better monetary system," Parry added.

Customers are able to sign up to Tally’s waitlist from today and just need to pay a one-off £20 joining fee once off the waitlist.