Sponsored by TallyMoney
Politicians disagree about almost everything. But when it comes to your money, the assumption rarely changes: earn it, put it in a bank, and trust the system to look after its value.
Cameron Parry, founder and CEO of TallyMoney, thinks the public deserves another option.
Speaking to Ross Kempsell from Guido Fawkes, Parry outlined a straightforward proposition: an everyday account and debit card where your balance represents gold, rather than pounds.
“You own gold instantly, and you’ve got the ability to do payments and spending in real time,” he explained.
The idea is to combine something familiar, a mobile account you can use for everyday payments, with something rather different underneath it. Instead of holding a sterling balance, Tally customers hold milligrams of gold.
For Parry, this is about more than making gold easier to buy. It is about giving people a choice over the money they use.
His criticism of the existing system is blunt. Savers, he argues, are expected to accept decisions about money creation and inflation while having little influence over either.
“If the government-run thing is failing the public, then it’s up to the private sector to come up with solutions.”
That is the thinking behind Tally: not another political campaign demanding that ministers fix everything, but a business attempting to offer an alternative.
Customers can use their gold’s value for payments through an account and debit card, rather than treating it solely as an asset to buy and leave untouched.
Parry describes the system as “100% full-reserve gold”, with no credit within Tally’s monetary system. He says customers’ gold is held in high-security Swiss vaults operated by Brink’s and is fully insured.
There are important distinctions. Tally is not a conventional sterling bank account, and its gold balance is not covered by the Financial Services Compensation Scheme. Gold’s price also moves: owning it does not guarantee that your balance will rise in pound terms.
But the central proposition is simple. You do not have to agree with every part of Parry’s diagnosis to be interested in having another option.
Westminster can keep arguing about how to run the system. Tally wants to let customers choose something different.
Find out how Tally works, including its fees and account terms CLICK HERE
Robert Jenrick told a rally on Monday:
“They say Chancellors are either undertakers or bookies. This one is an ostrich – and when the Chancellor buries his head in the sand, the rest of us, we’re left staring at his you know what.”