Tally - What do you think?

[Tortoise]

There is a big article (looks a bit like an advertisment - their PR people have done a good job😉 ) on 'Tally'.  The article is here:

https://www.dailymail.co.uk/money/saving/article-9794787/Should-look-Tallys-gold-linked-account-beat-inflation.html

just wondered what you all thought?

 

My opinion FWIW, is that it is not for me.  I will stick with slowly accumulating gold coins when I can as part of a long term plan.  I am also  a bit shocked by some of the comments, below the article.  There are a lot of people that don't seem to understand precious metals all that well.

[Shep]

I agree with you. I can see the merit in some of these “paper” gold accounts but like you, it’s not for me.

If I’m buying PMs it has to be physical. I don’t want any agencies/organisations/governments to know how much I’ve got or who I choose to give it to. One of the last, and most likely will be the last bastion of some form of financial privacy after they inevitably do away with cash.

[Coverte]

"Tally charges a one-off joining fee of £20, or £2 a month. At the moment existing Tally customers can invite their friends and family to join with no joining fee.

The company also imposes an 'account keeping fee' of 1 per cent a year, calculated daily and charged monthly. So, for instance, it will be 83p per month on £1,000 of Tally. The group says this covers ongoing security, storage, insurance, and operational costs. 

Tally insists that if the price of gold increases against pounds by more than 1 per cent a year, then 'the customer is in front."

This app seems to be for dumber or lazier people who can't work out what to save or where - total waste of time for most people here IMO.

[eblend]

25 minutes ago, Coverte said:

"Tally charges a one-off joining fee of £20, or £2 a month. At the moment existing Tally customers can invite their friends and family to join with no joining fee.

The company also imposes an 'account keeping fee' of 1 per cent a year, calculated daily and charged monthly. So, for instance, it will be 83p per month on £1,000 of Tally. The group says this covers ongoing security, storage, insurance, and operational costs. 

Tally insists that if the price of gold increases against pounds by more than 1 per cent a year, then 'the customer is in front."

This app seems to be for dumber or lazier people who can't work out what to save or where - total waste of time for most people here IMO.

Oh, I dunno.  It sounds interesting to me.  The charges are fairly minimal.  I like the idea that one could use it just like a normal bank account, but all the time have whatever is in there linked to the gold price.  I definitely wouldn't do it for all my banking, or even the majority, but I might consider it for a part of it.

[Paul]

3 hours ago, eblend said:

Oh, I dunno.  It sounds interesting to me.  The charges are fairly minimal.  I like the idea that one could use it just like a normal bank account, but all the time have whatever is in there linked to the gold price.  I definitely wouldn't do it for all my banking, or even the majority, but I might consider it for a part of it.

Your at the mercy of their buy and sell spreads, they can change charges and commissions, your funds are not 85k guaranteed like a normal bank account. I'll stick with physical in safe deposit box, if you don't hold it you don't own it

[Bigmarc]

There seems to be a few of them cropping up at the moment. I was looking at glint the other day, currently I hold silver with revolute (or they hold it for me) and I was thinking about moving it, but have decided it's not for me. I will leave it where it is at the mo until I decide what I'm going to do. I feel the beauty in holding precious metals is that it's simple. The whole world is on the same page of how much it's worth and you can trade it in whenever you like. No other factors involved. I do wonder if this technology would be more suited for people living in countries with untrustworthy governments, the kind of places that take the dollar over their own currency.

[eblend]

1 hour ago, Paul said:

Your at the mercy of their buy and sell spreads, they can change charges and commissions, your funds are not 85k guaranteed like a normal bank account. I'll stick with physical in safe deposit box, if you don't hold it you don't own it

The article does state that they are protected by the £85k as other bank accounts.  I kind of agree with the rest of what you say, except that it still does seem interesting ... If I were a stacker (which I'm not) I might well be interested in this, at least for part of my funds.

[Tortoise]

6 hours ago, Coverte said:

.....

- total waste of time for most people here IMO.

I agree, I think most people here could do better.

 

5 hours ago, eblend said:

Oh, I dunno.  It sounds interesting to me.  The charges are fairly minimal.  I like the idea that one could use it just like a normal bank account, but all the time have whatever is in there linked to the gold price.  I definitely wouldn't do it for all my banking, or even the majority, but I might consider it for a part of it.

Just out of curiosity, have you thought about a gold exchange traded commodity fund (ETC fund)? For example,   https://www.hl.co.uk/shares/shares-search-results/i/invesco-markets-physical-gold-etc-gbp

That fund holds physical gold and charges 0.15% per annum. Much less than Tally.   The spread, i.e the cost between buying a selling, which would equate to the premium we pay on bullion, is tiny (<0.05%).  Although you do have to pay stockbroker fees on top.  It is a fund that has been around for over 10 years and tracks the gold price too.

Of course, you have no privacy and don't physically hold the metal, but it is audited and has a separate custodian.  Any gains would be subject to capital gains tax.  That is something Tally doesn't mention.

Thinking about all of that, I could see myself buying a few shares in it under some circumstances.  I think it would be better than Tally.  However, my slow stacking is for insurance and I want that outside the financial system, tax free and with privacy too, so it would only ever play a small part, if any.

Regards.

 

 

 

As a stacker, I think that would be better

[eblend]

23 minutes ago, Tortoise said:

I agree, I think most people here could do better.

 

Just out of curiosity, have you thought about a gold exchange traded commodity fund (ETC fund)? For example,   https://www.hl.co.uk/shares/shares-search-results/i/invesco-markets-physical-gold-etc-gbp

That fund holds physical gold and charges 0.15% per annum. Much less than Tally.   The spread, i.e the cost between buying a selling, which would equate to the premium we pay on bullion, is tiny (<0.05%).  Although you do have to pay stockbroker fees on top.  It is a fund that has been around for over 10 years and tracks the gold price too.

Of course, you have no privacy and don't physically hold the metal, but it is audited and has a separate custodian.  Any gains would be subject to capital gains tax.  That is something Tally doesn't mention.

Thinking about all of that, I could see myself buying a few shares in it under some circumstances.  I think it would be better than Tally.  However, my slow stacking is for insurance and I want that outside the financial system, tax free and with privacy too, so it would only ever play a small part, if any.

Regards.

I have to say, that is useful information.  I'm really grateful for this.  Thank you very much.

 

 

As a stacker, I think that would be better

 

[Tortoise]

21 hours ago, eblend said:

I have to say, that is useful information.  I'm really grateful for this.  Thank you very much.

 

 

As a stacker, I think that would be better

You are very welcome, glad you found it useful. 

I was worried that in posting a physical gold ETC that I might get myself kicked off the forum!😁

[dragafem]

On 18/07/2021 at 04:26, Paul said:

Your at the mercy of their buy and sell spreads, they can change charges and commissions, your funds are not 85k guaranteed like a normal bank account. I'll stick with physical in safe deposit box, if you don't hold it you don't own it

Well if its in the SDB you dont hold it...