Save 50% whilst protecting your savings from big bad banks

Published: Fri, 03/17/23

This is a paid send on behalf of Tally

In case you missed it, last week, Silicon Valley Bank (SVB) was closed by regulators and put under the control of the Financial Deposit Insurance Corporation, prompting a botched attempt to raise capital and customers rushing to withdraw their money. Luckily for UK customers, HSBC swooped in at the last hour and absorbed all the risk, purchasing the UK arm of SVB for the tidy sum of £1. But here’s how it could have played out and what it would have meant for your taxes and savings.

BAIL-IN: YOUR SAVINGS ARE SEIZED

A bail-in means that depositors and savers’ funds (read: people with savings in a bank) are forced to participate in the recapitalisation process.

In other words, their money is confiscated to prop up the bank, and they are instead issued shares in a bank that is teetering on bankruptcy. And who’d want those?

BAIL-OUT: YOUR TAXES PAY FOR THE BANK’S GREED

A bail-out occurs when government resources are used to support a failing company, typically to prevent larger economic chaos. In the wake of 2008’s global financial crisis, UK banks were bailed out to the tune of £500bn. In other words, billions of taxpayer pounds were spent to prop up banks that were more concerned with turning a profit than protecting their customers.

Bail-ins and bail-outs are both direct impacts of a fractional reserve banking system (where all the money is based on a debt obligation). Team this with the fact that fiat currencies like pounds are designed to lose value through inflation, and it does beg the question, “Why would you ever keep your savings in a traditional bank account?”. One simple answer is, “Because I don’t have a choice”. Well, now you do.

TALLYMONEY: BETTER THAN A BANK

TallyMoney is an independent monetary system that uses physical gold as digital money. Every 1 tally in your account represents 1mg of real, physical gold that’s securely vaulted on your behalf. And because you use it just like a regular bank account, it’s money you already know how to use.

Download the TallyMoney App today to join the thousands of Britons already protecting their money from greedy bankers with their risky banking practices, and from politicians and policies causing inflation.

And for a limited time only MoneyMagpie subscribers can get 50% off the activation fee returned as cashback. Just pay your one-off £19 account activation fee, and we’ll give you 200 free tally (that’s 200 milligrams of gold) to help you get started.

Download Tally

Terms

1. 50% of the one-off activation fee will be returned via 200 tally cashback in your Tally Account

2. Offer available to new Tally customers only

3. You must use ‘Download Tally’ button or promo code MAGPIE200 to claim the offe

4. 200 free tally will be gifted within five business days of a successful account activation fee payment

5. Account activation fee payments are only taken once you’ve passed KYC security checks and have been approved for a Tally Account

6. You must be 18 years or older and a UK resident to open a Tally Account

7. If you close your Tally Account during the 14-day cooling-off period, 200 tally will be deducted from your returned account activation fee

8. Offer available for a limited time only at the discretion of TallyMoney

9. tally (t) relative to GBP (£) fluctuates in line with the gold price

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