TallyMoney: The Complete Guide to Gold-Based Banking

TallyMoney represents a fundamental shift in how UK consumers can protect their savings from inflation. Unlike traditional banks that hold government-backed currency, TallyMoney converts your pounds directly into physical gold stored in Swiss vaults, with each unit of “tally” representing precisely one milligram of LBMA-accredited gold. This gold-backed approach creates a tangible hedge against currency devaluation whilst maintaining the everyday usability of conventional banking through a Mastercard debit card accepted at over 37 million locations worldwide.

The service addresses a critical concern for UK savers: the silent erosion of purchasing power through inflation. When inflation reaches 10% annually whilst savings accounts offer only 2% interest, your money effectively loses 8% of its real-world value each year. TallyMoney eliminates this problem by anchoring your savings to a physical asset that cannot be digitally created or devalued through quantitative easing.

This review examines TallyMoney’s actual structure, fees, and user experiences based on 647 Trustpilot reviews and 587 Google Play ratings to help you determine if gold-backed banking suits your financial needs.

TallyMoney Review Summary Box

Best For: UK savers seeking inflation protection with everyday spending flexibility
Main Pro: Each tally unit backed by 1mg of physical gold stored in insured Swiss vaults—as gold prices increase, your tally value rises proportionally
Main Con: Account keeping fee of 0.5% per annum (calculated daily, charged monthly) with a £3 minimum monthly charge that disproportionately impacts smaller balances
Rating: 5/5

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TallyMoney Pricing Comparison

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TallyMoney Core Features

• Physical gold backing: When you transfer pounds to your TallyMoney account, the system immediately converts your deposit to physical gold at the global wholesale price (spot price), applying a fixed 1.49% gold purchase fee. Each unit of tally equals precisely 1 milligram of LBMA-accredited gold sourced from London Bullion Market Association providers, creating a direct link between your digital balance and tangible precious metal holdings.
• Swiss vault storage: Your gold is physically stored in Brinks vault facilities in Zurich, Switzerland. Brinks brings over 159 years of experience in protecting high-value assets. Customer gold holdings undergo daily reconciliation and quarterly reviews by independent auditors PKF Littlejohn LLP, providing transparent verification of physical asset backing.
• Mastercard spending capability: The TallyMoney Debit Mastercard allows you to spend your gold-backed currency at over 37 million locations worldwide. When you make purchases, your tally balance automatically converts to the merchant’s required currency at the exact moment of transaction, using the global gold spot price with no added transaction fees or foreign exchange margins beyond the standard Mastercard exchange rate.
• In-App Safes for goal-based saving: Create up to three personalized digital safes within the app to set aside money for specific purposes such as holidays, emergency funds, or major purchases. These safes offer complete flexibility with instant transfers back to your main account whenever needed, with no penalties or fees for accessing your own money.
• Instant peer-to-peer transfers: Send tally directly between TallyMoney account holders instantly and completely free of charge, regardless of transfer amount or frequency. You can transfer up to £1,000,000 equivalent in tally per day to another TallyMoney account, creating a closed ecosystem for gold-backed currency transfers that bypasses traditional banking networks entirely.
• Individual account details: TallyMoney provides individual customer account numbers and sort codes, making it a genuine alternative to conventional money for everyday transactions. This infrastructure allows you to receive incoming transfers just like a traditional bank account whilst maintaining gold-backed value protection.

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TallyMoney Pros & Cons

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TallyMoney Fees & Charges: The Reality

Account Setup and Maintenance

The £9 one-time account activation fee covers complete setup of your gold-backed account, provides your physical TallyMoney debit Mastercard, includes unlimited gold balance protection regardless of account size, and enables permanently free transfers out, card payments, and ATM withdrawals throughout the life of your account.

For ongoing account maintenance, TallyMoney implements an account keeping fee of 0.5% per year, calculated daily and charged monthly. This fee covers essential services including account reporting, security systems, secure storage of your physical gold, complete insurance coverage, and all operational costs associated with maintaining the gold-backed system. However, there’s a minimum monthly fee of £3—if the 0.5% calculation results in less than £3, you’ll pay £3 instead.

Reality check on the minimum fee: For the 0.5% annual rate to exceed £3 monthly, you need a balance of at least £7,200. Below this threshold, you’re effectively paying more than 0.5% annually. A £1,000 balance pays £36 yearly (3.6% of balance), whilst a £3,000 balance pays £36 yearly (1.2% of balance).

If account keeping fees remain unpaid for three consecutive months, you’ll receive notification and have a 30-day grace period to resolve the outstanding balance before facing potential account closure.

Transaction and Conversion Costs

Gold purchase fee: 1.49% on all deposits. When you transfer pounds to TallyMoney, you immediately lose 1.49% to the gold purchase fee. Deposit £1,000 and you receive tally equivalent to £985.10 worth of gold. This fee applies regardless of deposit amount or frequency. TallyMoney justifies this as the standard premium paid when purchasing gold, noting that buyers always pay a small fee above the spot price.

No transaction fees on spending: TallyMoney charges no transaction fees or foreign exchange margins on card payments. When you spend tally internationally, it converts to local currency using the global gold wholesale buy and sell price (in GBP) and the Mastercard global FX rate for currency conversion to pounds sterling, with no additional markup beyond the standard Mastercard exchange rate.

Card replacement costs: Your first replacement card each year is free. Any subsequent replacement cards in the same year cost 200 tally units.

Daily Transaction Limits

• Card spending: £3,000 equivalent per day (£5,000 for limit increase approved customers)
• ATM withdrawals: £250 equivalent per day, limited to 3 withdrawals
• Bank transfers out: £20,000 equivalent per day (or more by prior arrangement)
• Tally-to-tally transfers: £1,000,000 equivalent per day (or more by prior arrangement)

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Opening a TallyMoney Account: Eligibility, Process, and Restricted Industries

Who Can Apply?

To qualify for a TallyMoney account, you must be at least 18 years old, reside in the UK, and possess a smartphone compatible with the UK App Store or Google Play. The account is available to UK residents seeking an alternative to traditional banking with inflation protection through gold-backed currency.

Application Process

1. Download the TallyMoney app from the App Store or Google Play Store
2. Complete the registration process to create your account through simple verification
3. Security requirement: Your first electronic funds transfer into your new Tally account must come from another financial account already registered in your name. This security measure creates a verified link between your traditional banking identity and your new Tally account, protecting your money from unauthorized access from the start.
4. Receive your physical Mastercard by post for spending your gold-backed currency
5. Make your first deposit to convert pounds to tally and begin building your gold-backed savings

Account setup through the app typically completes within minutes. Your physical TallyMoney Mastercard arrives by post within several business days. The verification process is straightforward, with customer support available if you encounter any difficulties during setup.

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TallyMoney FSCS Protection & Regulatory Compliance

TallyMoney operates under a unique regulatory framework that differs significantly from traditional banking. UK-incorporated TallyMoney UK Ltd and its Guernsey-incorporated parent entity Tally Central Ltd (together “Tally”) buy, hold and sell physical gold for customers. Each unit of tally represents 1 milligram of insured allocated physical gold held in high security vaults for and on behalf of the customer.

Payment Accounts with sort code and account number are issued by Transact Payments Limited (TPL), a licensed electronic money institution authorised and regulated by the Gibraltar Financial Services Commission. TPL is incorporated in Gibraltar with company number 108217 at 6.20 World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA.

Why TallyMoney Doesn’t Need FSCS Protection: TallyMoney accounts do not require Financial Services Compensation Scheme (FSCS) protection because your account represents real physical gold rather than fiat currency deposits. When you transfer GBP into your TallyMoney account, 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 Brinks vault in Zurich, Switzerland, where it is fully insured and protected.

Customer gold is reconciled daily and reviewed quarterly by independent auditors PKF Littlejohn LLP. 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.

TallyMoney’s protection mechanism provides:

• 100% insurance coverage of all gold holdings through the LBMA-accredited vault provider in Switzerland, with no maximum limit
• Security Trustee structure with FCA-licensed Woodside Corporate Services Ltd (FCA Ref No. 467652)
• Daily reconciliation and quarterly reviews by independent auditors PKF Littlejohn LLP

In the event TallyMoney ceases operations: All gold represented as tally in customer accounts will promptly be sold by the Security Trustee, and the fiat value of each customer account, less a 1% administrative fee, will be deposited into the customer’s designated bank account. The 1% fee pays for the legal mechanism and prompt administration of returning customer money.

Your Ownership Rights: With TallyMoney, you own a physical asset that is never lent out, leveraged, or invested. Your gold stays in the vault for your exclusive benefit. This contrasts with traditional banks, where depositing money makes you an unsecured creditor of the bank, which then loans your deposited funds to other customers at higher interest rates whilst paying you minimal returns.

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TallyMoney User Reviews & Customer Experience

Trustpilot: 4.1/5 stars from 647 reviews
Google Play: 4.5/5 stars from 587 reviews
Apple App Store: 4.2/5 stars from 573 reviews

What Works Well

Satisfied customers consistently praise the innovative concept and practical implementation. “Fantastic flexible way to invest, save and if necessary spend your gold. Easy set up and access,” noted one reviewer. The customer service team receives strong positive feedback for patient assistance with account access issues.

Real-world savings demonstrations: Users report tangible benefits. One customer stated: “I paid for a Burger King in Dublin Airport with this and got an exchange rate of 1.1186. Minutes later I used my ‘trusty’ Nationwide Credit Card and got a slightly lower rate of 1.1162. No brainer.”

Concerns and Criticisms

Fee structure impact on small balances: The most common complaint centers on economic viability for smaller deposits. “The idea of being linked to gold is good but for small amounts of money, say £1000 it’s not worthwhile. I didn’t realise I would have to pay a fee every time I deposit money which means I have lost about £15, plus monthly fee minimum £3, means I’m immediately £18 down.”

TallyMoney’s response: “The £3 minimum account fee only starts after your first month with Tally. Tally works best when you build up your savings – whether that’s steady monthly deposits or a bigger lump sum once a year.”

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TallyMoney App Performance

4.2/5 stars (Apple App Store, 573 reviews)
4.5/5 stars (Google Play, 587 reviews)

Strengths: Users consistently praise the clean, intuitive interface and quick account setup process. The app clearly displays your tally balance, the equivalent pound value, and real-time conversion rates. The In-App Safes feature receives positive feedback for helping users organize savings toward specific goals. Navigation is straightforward even for users completely new to gold investments or alternative banking systems.

Notable user feedback: One reviewer stated: “Very easy to set up an account via the app & had no issues whatsoever. After spending 15 minutes or so navigating my way through my account details etc, I found it to be very user friendly.” Another long-term user noted: “I’ve been using Tally for over 2 years & I find it very useful, particularly when travelling, as there are no fees or fx commission when buying goods, which saves a considerable amount.”

Missing features: Several users request a historical price chart showing tally-to-GBP exchange rates over time, similar to what Revolut provides for currencies. Users also desire notification settings to alert them when exchange rates hit specific thresholds, enabling strategic deposit timing based on gold prices.

Issues: Some users report that the live exchange rate doesn’t update as frequently as expected, though TallyMoney states rates update regularly. One user noted getting a better exchange rate with TallyMoney (1.1186) compared to their Nationwide Credit Card (1.1162) for the same transaction at Dublin Airport, demonstrating real-world savings on international spending.

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Our Final Verdict & TallyMoney Recommendation

TallyMoney delivers on its fundamental promise: protecting your savings from inflation through direct ownership of physical gold whilst maintaining everyday spending flexibility. The service represents genuine financial innovation for UK savers concerned about currency devaluation and seeking tangible asset backing.

However, the economic viability depends entirely on your balance and usage pattern. The combination of the 1.49% deposit fee and £3 monthly minimum makes TallyMoney unsuitable for small balances or irregular use. You need substantial holdings or consistent monthly deposits to overcome these costs and benefit from gold’s long-term value protection.

The real-world comparison demonstrates TallyMoney’s potential: £200 monthly savings from January 2010 would have grown to £40,757 in TallyMoney versus £29,200 in traditional savings accounts by February 2022—a remarkable £11,557 difference.

✓ Choose TallyMoney if:

• You make a few deposits to avoid the 1.49% deposit fee
• You’re concerned about long-term inflation
• You want 100% insurance coverage
• You value ownership of physical assets

✗ Avoid TallyMoney if:

• You require traditional banking features
• You want a short-term investment solution

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TallyMoney FAQs: People Also Ask

Is TallyMoney real gold?

Yes, tally is 100% physical allocated gold bullion sourced from LBMA accredited providers. There are no derivatives, securities, or companies between you and ownership. Each unit of tally represents precisely 1 milligram of physical gold stored in Brinks vaults in Zurich, Switzerland.

How do I know my gold actually exists?

All gold held in TallyMoney is audited by PKF Littlejohn LLP, an independent auditing firm. Customer gold holdings undergo daily reconciliation and quarterly reviews by these independent auditors, ensuring that the gold backing your tally balance physically exists and is accurately tracked.

Why don’t I earn interest on my TallyMoney account?

When you deposit money into a regular high street savings account, you are loaning the bank your money, becoming an unsecured creditor. The bank pays you interest, then loans your deposited funds to other people at significantly higher interest rates.

TallyMoney operates differently. When you transfer pounds in, your GBP immediately purchases real physical gold sourced from LBMA-accredited providers, securely vaulted in Switzerland on your behalf. Unlike a high street bank, you are not a creditor of TallyMoney—there is no loan, so there is no interest paid. However, gold appreciation historically exceeds traditional interest payments over extended periods.

Is TallyMoney covered under FSCS?

No, TallyMoney accounts are not covered by FSCS because there is no fiat currency in a TallyMoney account. Instead, TallyMoney provides 100% insurance through the LBMA-accredited vault provider with no maximum limit, plus Security Trustee protection with FCA-licensed Woodside Corporate Services Ltd.

Can I use TallyMoney abroad without fees?

Yes, TallyMoney charges zero foreign transaction fees on international card payments. When you spend tally abroad, it converts to local currency using the global gold wholesale buy and sell price and the Mastercard global FX rate, with no additional markup beyond the standard Mastercard exchange rate. You can also withdraw cash from any Mastercard ATM globally without TallyMoney charging withdrawal fees.

What happens to my money if TallyMoney goes out of business?

In the unlikely event that anything happens to TallyMoney UK Ltd (or its parent entity Tally Central Ltd), all of the gold represented as tally in customer accounts will promptly be sold by the Security Trustee (Woodside Corporate Services Ltd), and the fiat value of each customer account, less a 1% fee, will be deposited into the customer’s designated bank account.

Is TallyMoney worth it for balances under £1,000?

Most user reviews suggest TallyMoney is not economically viable for balances under £1,000. The combination of the 1.49% deposit fee and £3 monthly minimum account fee creates immediate losses that take considerable time to recoup through gold appreciation. TallyMoney works best when you maintain balances above £7,200 or make regular monthly deposits of £200+ to build substantial gold-backed wealth over years.

Can I send money between TallyMoney users for free?

Yes, sending tally directly from your TallyMoney Account to another customer’s TallyMoney Account is completely free of charge, regardless of transfer amount or frequency. You can transfer up to £1,000,000 equivalent in tally per day to another TallyMoney account holder, creating a closed ecosystem for gold-backed currency transfers that bypasses traditional banking networks entirely.