I love the idea of Tally so have signed up - but as I’m on a very low income (poor pension, long story) and have two more years to wait until I get my State Pension, I’m a bit concerned about account charges. If I put some savings of say £1000 into Tally (for a starter), will that mean I will be charged £9 a month? (It says fees of 0.9% each month?)
I get why charges are made, but every penny counts for me at the moment, so am just weighing up if it’s better to keep in an ISA or transfer over to Tally? I’m a bit of a dimwit when it comes to these things, but I’m so fed up of the banks a “parallel” system is very appealing and I’d love to support it and benefit from it.
Tally’s fee structure is simple. There’s a one-off account activation fee of £19 and an account keeping fee of 0.9% p.a. (calculated daily, charged monthly) to cover the ongoing operational costs associated with tying your physical gold to your digital currency. And that’s it. No transaction costs, no added foreign exchange markups when travelling abroad, and no fees for withdrawing cash using your Tally Debit Mastercard anywhere in the world.
The fee is 0.9% per year, that amount would be the same if the gold price did not change and you held £1000 each month but remember that Tally is backed by physical gold so the value in GBP will go up and down. If you would like to discuss this in more detail please reach out to support@tallymoney.com and we can organise for a member of the team to call you.
I dont know if you’re talking about a cash and share ISA or just a cash ISA, if you’re using a cash ISA you can visit this site and adjust to your own yearly deposits, which shows the comparison between holding your savings in a NS&I tax free cash ISA compared to holding gold. Based on all historical figures taken from NS&I, government inflation figures and historical gold prices in £’s
It’s a historical view which doesn’t mean it will be the same in the future, but it might help you decide when you’ve seen the difference between the two.
OK thank you, I’m not quite with you there, so I might just do that, it’s just so hard having to be aware of costs, but it would be good to understand more.
Hi Kris, I send an email to support@tallymoney.com regarding my incomplete statement but didn’t get the usual confirmation bounce back, did tally get the email?
@JonnyE Yes I can see your email has been picked up and raised with the team about your questions. As for the acknowledgement, I am looking into it as this should have been sent when it arrived with us.
