A new savings product is launched today by the banking challenger Pointing.
The unique savings account offers a fixed rate return of 2% over one year. Savers can deposit from Â£ 1,000 to Â£ 20,000 once their account is opened.
The new account is being launched at a time when interest on savings is at an all-time low.
Cameron Parry, CEO and Founder of Tally, said: âOur new 2% fixed rate one-year savings account offers unmatched returns, beating any other one-year term deposit currently on the market.
âSaving with traditional banks comes at the expense of the customer, who receives a tiny amount of interest compared to the profit the bank makes by exploiting the customer’s savings. Customers who also bear all the risks (often without their knowledge) in the event of default on the bank’s loans. “
âWith inflation far exceeding the low rates offered by the big banks, people are desperately looking for solutions that offer value, security and an alternative to this fiat money trap (issued by the government).
âThis product, and the Tally banking system in general, was designed to give savers a chance to fight rapidly rising inflation and financial volatility. And unlike traditional banks, our clients’ deposits are not loaned, increased or invested, making saving with us more secure.
âThe existing banking system undermines any savings advantage as our new account offers security and transparency to savers while introducing them to a better monetary system. “