Comparison Between 5 Gold Investment Accounts

How to choose the best gold investment account that suits you the most? Let’s do some comparison:

  • CIMB Bank Gold Deposit Account (GDA)
  • Kuwait Finance House KFH Gold Account – i (GAI)
  • Maybank Gold Savings Passbook Account (GSPA)
  • Public Bank Gold Investment Account (GIA)
  • United Overseas Bank Gold Savings Account (GSA)
CIMB Bank vs. Kuwait Finance House vs. Maybank vs. Public Bank vs. United Overseas Bank


Note: Information is obtained from the respective banks’ websites and customer service call centers.

Here are factors to consider when picking a gold account:

Affordability

Most banks do not charge a fee for the opening of a gold account. However, whenever you sign up for an account, a minimum initial deposit is required ranging from 5 grams to 20 grams.

Other than that, minimum subsequent purchase/sale shall be taken into consideration too. Especially, for those who plan to buy gold on a regular basic.

Fineness of Gold

According to Wikipedia, here is the most common millesimal fineness used for gold:

  • 999.99 (The purest type of gold in the market)
  • 999.9
  • 999 (Fineness equivalent to 24 carat, also known as three nines fine)
  • 995 (The minimum allowed in Good Delivery gold bars)
  • 990 (also know as two nines fine)
  • 958.3 (equivalent to 23 carat)
  • 916 (equivalent to 22 carat)
Physical Gold Withdrawal

Please be noted, the minimum quantity for physical gold withdrawal required by some of the banks is 100 grams. In another words, you are not allowed to withdraw in physical gold if your invested amount is less than 100 grams.

Bare in mind, the physical gold withdrawal charges imposed is not really mentioned in most of the banks’ websites, except for CIMB Bank. It’s important to check with the respective bank first before any decision is made to sell your paper gold.

Withdrawal Options

Basically, the option to withdraw in cash or crediting into savings or current account is making no difference for me, because I will still get the cash eventually.

But, for physical gold withdrawal, are the clauses like “you can withdraw in physical gold but it’s subject to our stock availability” and “physical gold withdrawal is subject to bank’s approval” is meaning the same for you?

Convenience

Everything goes online now. We want a hassle-free investment. The idea of online gold trading via PbeBank.com to purchase and sell gold is a good practice and service, which shall be followed by others bank too, perhaps.

Cost

The only major cost to be considered is the difference between selling and buying prices. Low fees translate into cost savings. And this can lead to higher profits. Therefore, compare the price differences between all the 5 accounts and identify the cheapest gold price.

Don’t miss out on all these golden investments! Compare and choose the best gold account for yourself! Terms and conditions apply.

For more information, please visit CIMB, KFH, MBB, PBB, and UOB

{ 38 comments… read them below or add one }

Haruki

After all this research, what is your personal preference?

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calvin

Hi … Ya, gold is probably most safe investment. I do have invest in gold…( paper gold form) according to the market share of gold.. which the financial company providing minimum of three to five percent per MOnth… or even more, according to the market share…Hence it will be a good investment. and i invest in a company called Jalatama management located in Menara Standard Charted.. If u all guys interested pls contact their office 03 21413585 look for Steven ( my personal financial consultant.) or email for any question to steven ( kahkitkit@hotmail.com)

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matjoe

hi horlic, just publish my entry about cimb GDA. the margin is the lowest, so i opt for CIMB.

http://www.matjoe.com/2011/02/cimb-gold-deposit-account.html

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Mohd Syuib Bin Musa

I’m really interested. can show me the way?

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Aiman

Assalamualaikum
Please do drop me an email so I can send you more details. I am an independent adviser, perhaps you may even prefer to meet. Insya Allah.
Kind Regards

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Nani

Only Maybank offer islamic investment which is kijang emas gold coin & gold saving…others not….so i choose Maybank for simpanan yg barakah

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Nani

Mohd Syuib..i suggest you to get info from each of above banks than you cam make judgement as i did earlier for months…but at the end i choose MB because of the islamic banking..

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ayuputeri

nani…if u want to choose the islamic banking u must choose KHF. Maybank investment gold account is not follow the syariah …u should check and do your homework again..i hope u will get the answer…

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diya

yup nani. i’m agree with ayuputeri. only KFH offer Shariah-based gold account (compare to other 4 banks).. please read ustaz Zaharuddin’s website for the better comparison (www.zaharuddin.net).

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badrul

Nani, ONE of the ways to check whether Maybank totally follows 100% syariah is to request for pyhsical gold for the amount invested in. If for example Maybank only has stock of 100 kilos of physical gold but people invest in 200 kilos gold on paper (GIA) and accepted by Maybank, this is not what we call Islamic Syariah compliant!…There other things we need to consider too…just read on Gold Investment from Majlis Fatwa Kebangsaan to know the details. Thanks

Reply

nyzam

dear freinds.physical withdrawal at maybank has been discontinued. even most branches does not even know about this. i got this info from maybank hq. please check before opening an account. fo r those who has gspa account, only cash withdrawal is available.

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Ayub

I choose UOB Gold Investment,coz the difference between seeling and buying the smallest in the market @RM2, Maybank the highest difference.

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Ayub

i try to invest with Maybank before..they rejected me coz their reader can’t read my IC….very dissappointing coz i’m an existing customer to them..why other bank like UOB can take my investment? Means MBB don’t value their customer

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Melody

I just opened an ac at uob this morning. Within 10mins, started from opening ac until transaction done, the price went up rm0.1 and i lost rm15. No locking price at all.

Reply

Horlic Lim

Melody, mind to share which branch?

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Azreem

Such an informative post you have here! For me, i personally think that the best way for gold investment is to buy physical gold, compare than opening gold account in any banks. Save more on finance charges and makes you happy when you can touch own physical gold. :)

Reply

damien

I noticed that only Maybank offers 100% backing with physical gold. Does it mean other banks’ gold accounts are not so safe? I already opened an acc with maybank but I didn’t realise at that time there was such a big diff bet the buying and selling price between the diff banks. Kind of regret opening with Maybank as they have the biggest diff bet buying and selling.

Reply

walles

good or bad?

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raj

hi horlic, been following your articles lately.
however i read in some blogs that Singapore UOB are chargin admin fees of 0.15% or something for GSA. Is that applicable here in Malaysia as well?
Thanks for your great articles.

Reply

obl

Maybank rename Gold saving passbook account to “Maybank gold investment account”. new update: min 1g initial purchase, 1g purchase subsequent, min 1g in acc balance, no gold wafer withdraw. only cash withdraw.

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Kong Xi Haw

Actually I didn’t understand what online gold trading PBB meant by discounted gold purchases and sales.

mind explain?

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Andrew Mckenzie

If you were to go to Poh Kong or Habib and buy their Gold bars, they are selling it at RM220 per gram as at 15 August 2011. However Public Bank is offering a discounted price of RM170.61 per gram.

Personally speaking for those who require trading convenience, PBB is the best option as they offer online trading.

However if your main objective is to reap the highest profit from gold investment, UOB is the best as their spread between buying and selling is just 1.15%.

#1. UOB – 1.15%
#2. CIMB – 2.99%
#3. KFH – 3.50%
#4. PBB – 3.89%
#5. MBB – 4.09%

At the moment KFH seems to be the most secured option as they comply to the Shariah Law. In other words, they have an obligation to honour every ethical aspects outlined. Investors’ interest will not be hurt by the bank’s interest. For example, Maybank has discontinued its physical gold withdrawal without any prior notice which is a blatant disregard of the ethics in trading. PBB, UOB, CIMB, MBB can always change their policies during a sudden selling pressure which will pose high risk to investors. It is encouraged to hold physical gold instead of paper gold.

Reply

liz

actually this investment seems good bcoz carrying gold or wearing them is not so safe these days…but the price is going up and up man!
so investing in all the bank except for maybank is good in my opinion.
however, no guarantee by PIDM cause some stir in my heart. will my money in risk in something happen to the bank?anyone can make a clearer view on the PIDM thingy….

Reply

Has Hasan

Good day all, here are some info for your knowledge. If you are interested to save your money via gold savings plan, I can assist you to buy the gold bar no matter wherever you are via Genneva Gold product. This Genneva Gold savings plan offering you a monthly hibah or guarantee profit sharing return minimum of 1.5% per month or 18% per annum, which will be credited directly to your bank account monthly. FYI, in conjunction with Hari Raya celebration, Genneva Gold Promotion valid till Friday 16 September 2011 as follows:-
Tenure: 3 months for the following packages:
50g-95g – Hibah 1.8% monthly
100g-995g – Hibah 2.1% monthly
1kg & above – Hibah 2.5% monthly
Interested? You may call me at 0166307545 or google Genneva Malaysia Sdn Bhd or find mygoldgoose website in Facebook as well. Genneva Gold – Saving Efficiently With Gold.

Reply

Puan Ani

Is genneva backed by physical gold? What protection do you offer for your customers?

Reply

JDoe
Shirley

Do you think Singapore Property is good to invest?

Reply

Nelson

Erm, im confused now. May i know which bank between cimb,pbb, and mbb, which of it offers physical gold withdrawal now? Because i seen some changes like some bank discontinued their physical gold withdrawal service? And is it every bank must create a gold deposit account to buy the gold from the banks? Who can help me? Appreciate it tqtq.

Reply

Fabian

From my perspective, it ist very important for the investor to be sure that the vaulted gold he invests in, really exists. You should thorougly look into the banks general business terms to check whether they store the gold for you apart from their balance sheet.

We just established a few weeks ago our website that gives more information for gold investors and rates and compares providers of vaulted gold: http://www.trustablegold.com There is also a price comparison included. I would be very grateful about feedback.

Best regards,
Fabian

Reply

Johnpaul

hello i am a Ghanian base bisness man; i live in Accra & i do have gold for sell, i need good buyers, waiting for ur reply if intrested

Reply

princes90

Very comprehensive and informative input..

princess90
Property Intensive

Reply

ham pak fu

oh my god
i can’t open my bank account
s o

Reply

gina

hello, i m new to gold investment. m really interested in this investment. m doing some homework abt this. Can someone pls help me hw i go abt it starting from scratch. thanks.

Reply

asako

hello, i’m really interested in investment. m doing some homework abt this. Can someone pls help me hw i go abt it starting from scratch. thanks.

Reply

james

dear nelson since u are interrest in investing gold .please becarefull about the buying and selling price. from there yuo will know the value for you to invest or not.

Reply

james

dear nelson since u are interrest in investing gold .please becarefull about the buying and selling price. from there yuo will know the value. for you to invest or not.

Reply

james

dear Gina see my coment and you will know when to start

Reply

Joe

Hi to all,

Who want to buy 999.9 gold bar? Tis is kind of
gold investment. Monthly can earn until 10% profit.
Gold bar from ICBC bank. The price is quite cheaper
if compare wit malaysian bank. If anyone intrest plz
call or text me 0182801522 joe

Reply

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