Where to go for gold investment at Malaysia? Buy gold from Public Bank or Maybank? Which Bank offers cheaper rate of charges or fees? Do you feel comfortable by investing your money in gold investment through a savings passbook account instead of physical gold?
Basically, there are only two local banks (Maybank and Public Bank) are offering for gold investment using passbook savings account concept. It means a passbook will be given to the gold investors and every purchase or sale order will be recorded in the passbook. It is just functions exactly same like your conventional passbook savings account. Every transaction of either bank in or withdrawal of your money from the savings account will be recorded in the passbook.
Gold Savings Passbook Account (GSPA)
Gold Investment Account (GIA)
Image Source: Public Bank
Gold Savings Passbook Account (GSPA) VS Gold Investment Account (GIA)
Based on the comparison shown on above table, there are not much of different. Therefore, we should go further analysis on their charges to get clearer picture on which bank offers lower charges rates.
*Service Fee of Maybank GSPA failed to be found out through their website and phone enquiry. I dont see any related information in www.maybank2u.com.my and none of their 24 hour service number as stated in ATM card and Credit Card functioning! Just in case you lost your ATM card or credit card and would like to do the termination of the cards to avoid any embezzlement, can you imaging what happen if you are unable to contact their service department to do so? So sorry, i decided to give up to find out the answer. I need a user friendly website!!!
Date: 15 April 2009
International Gold Price Today: USD 892 per ounce
Maybank – Gold Savings Passbook Account
Selling Price (RM/gram): 109.29
Buying Price (RM/gram): 101.30
Price Difference: RM 7.99
Percentage Difference: 7.31%
Source: Public Bank
Public Bank – Gold Investment Account
Selling Price (RM/gram): 106.28
Buying Price (RM/gram): 102.12
Price Difference: RM 4.16
Percentage Difference: 3.91%
From the figures shown on above, obviously it has shown which bank is charging higher rate. So I assume you know what to do and which bank to go for gold investment in future.