Tally Money

We have Glint and Goldex…

Now Tally Money

Interesting fees at 0.1% on average holdings each month - nothing else.

App already slicker than Glint :eyes:

https://www.sharesmagazine.co.uk/news/market/6174872/Lionsgold-cancels-shares-from-trading-apologises-to-investors

Company used to be called Lionsgold which ran into a few problems. Be interesting to see how Tally pans out.

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Got a free book!

By cofounder, Ralph. Some details on their site

Pretty scathing chat about Tally on recent Fintech Insider:

Fintech Insider by 11:FS: 343. News: Trump’s gonna shut this down! https://fi.11fs.com/513 [00:59:18]

It’s a small fee, but its still a fee nether the less, so it’s just never something that is going to appeal to me.

Also the value of your holding changes, so £100 might not be £100 with Tally, sounds like a lot of risk and charges.

But for some it might be a nice idea.

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OK, so I’ve tried out their app with a tiny bit of cash.

Initial thoughts

Great timing for the release. I’ve made about 4% just this week. Just going into recession with zero or negative rates, so fingers :crossed_fingers:

Not really tempted to sell or use Gold once I’ve bought it, so the card seems a bit pointless. Convenient way to transfer out, I suppose, but the idea you’d use this as a spending amount is ludicrous. No features at all. More likely, add as a topup card to Revolut.

I get the point of creating the Tally currency - it’s much easier to understand the price fluctuations instantly at the 100 Tally rate. What I really don’t understand is the compete lack of historical data in the app. Working out your gain/loss is a chore. Tally has also joined the great fintech tradition of launching without statements. Are they REALLY that hard? So annoying. CGT could be a total nightmare.

App seems solid. Really hate how they’ve formatted the transaction feed. Very unclear. Transfers in do take the business day advertised initially, but faster since the first few.

My take is that this is the perfect complement to a current account you may have with a substantial amount sitting in it earning nothing. Transfer the amount you’re willing to hazard to Tally and maybe earn a bit while Rome burns. Or, if you’re super rich, it’s a very convenient way to play with your money, which is sort of what Glint seems to be about.

If you want a 10 year investment, however, go to the usual places… Effectively, it’s a 1.2% annual fee for the convenience of fast transfers.

And a few technical problems

Then this

Tally has now started a referral programme

Tally is money. Only better. And now the Tally app is even better as you can automatically invite friends to open a Tally account so they too can upgrade their money.

Invite as many friends as you like to join Tally, and you will both receive 200 FREE Tally when they sign up - worth £7.48 to each of you (value at the time of this email).

This is not the only new feature in this release. We have also integrated third-party identity verification and fraud prevention systems to make it smoother and even safer for your friends to sign up.

Somewhat restrictive, as you need your “friend’s” email address to refer them.

I think they must have mean “additional” third-party identity verification and fraud prevention systems too … ahem!