Malaysian banks Gold Investment Accounts comparison

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gold investment accountGold price is currently at its lowest in two years, so it's a perfect time start investing in gold. The easiest way to do it is by opening a Gold Investment Account at your bank of choice.

What is a Gold Investment Account then? It is an an account which allows individuals to buy and sell gold at a daily price in Ringgit Malaysia (RM) without the hassle of keeping physical gold.

Gold Investment Account provides you the opportunity for capital gain and portfolio diversification through gold investment and trading, while at the same time let you enjoy better security and convenience associated with a bank account.

At present 5 banks in Malaysia offer this kind of gold investment: 

  • Gold Investment Account (MGIA) – Maybank
  • Gold Investment Account (GIA) – Public Bank
  • Gold Account-i – Kuwait Finance House
  • Gold Savings Account (GSA) -UOB
  • Gold Deposit Account (GDA) -CIMB Bank

Below I’ve listed out all the features offered by each accounts. They are presented side by side in a table so you can easily compare them. Do make the comparison and decide for yourself which one is best for you.

 

Features

Maybank MGIA

Public Bank GIA

KFH Gold Account-i

UOB GSA

CIMB GDA

Minimum initial purchase 1 gm 10 gm 10 gm 20 gm 10 gm
Minimum balance 1 gm 2 gm 2 gm 10 gm 1 gm
Minimum subsequent transaction In multiple of 1 gm 5 gm & must be in multiple of 1 gm 5 gm & must be in multiple of 1 gm In multiple of 5 gm 5 gm & must be in multiple of 1 gm
Gold purity 99.99% 99.99% 99.5% 99.99% 99.9%
Buy-sell spread 4.09% 3.89% 3.50% 1.15% 2.99%
Withdrawal options

-Cash

-Crediting of account

-Cash

-Crediting of account

-Physical gold

-Crediting of account

-Physical gold

-Crediting of account

Physical gold

-Crediting of account

-Physical gold

Fees Nil An annual fee of RM10 will be charged if the account balance is below 10 grams as at year end
Physical gold withdrawal fee
Nil An administrative fee of RM2.00 will be charged per month if the balance of the account falls below 10 grams at month end. -An annual fee of RM5 will be charged if the account balance is below 10 grams as at year end
-Physical gold withdrawal fee
Mode of operation Passbook Passbook Statement Statement Passbook
Requirements Nil Maintain a savings or current account Maintain a savings or current account Maintain a savings or current account Maintain a savings or current account
PIDM Insurance Not insured Not insured Not insured Not insured Not insured

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