Which gold investment account is the best in Malaysia? Here are my latest gold account updates done on 10/10/2011 for your comparison purposes:
Note: Information is obtained from the respective banks’ websites and customer service call centers.
CIMB Bank Gold Deposit Account (GDA)
- So far, I did not noticed any changes on the terms and conditions
Kuwait Finance House KFH Gold Account-i (GAI)
- Additional physical gold in 100 grams is offered for withdrawal option
Maybank Gold Investment Account (MGIA)
- The previous name of account “Maybank Gold Savings Passbook Account” has been changed to “Maybank Gold Investment Account”
- Minimum initial purchase reduced to 1 gram instead of 5 grams
- Minimum subsequent Purchase/Sale reduced to 1 gram instead of 5 grams, and must be in multiples of 1 gram
- The physical gold withdrawal option is no longer applicable for MGIA
- What is happening? Previously, I was convinced by their statement of “100% backed by physical gold”, which I think it was one of the major selling points for their gold account. But now I feel so uncomfortable with this change!
Public Bank Gold Investment Account (GIA)
- Minimum initial purchase reduced to 10 grams instead of 20 grams
- Physical gold withdrawal is now available only for 50 grams and 100 grams instead of 100 grams, 500 grams, and 1000 grams
- Gold collecting branches: Jalan Sultan Sulaiman and Bagan Ajam, Pulau Pinang
- Physical gold withdrawal will be charged from RM220 to RM270 per piece basic
United Overseas Bank (UOB) Gold Savings Account (GSA)
- UOB Bank is actually offering the gold bullion coins series as shown in their website for physical gold withdrawal, subject to stock availability. (Remarks: According to their officer, they have no stock currently since months ago)
- Can I sell back the gold coin to UOB Bank in future? Sorry to say, the answer is no! Unless you withdraw in cash (which will be credited into your current or savings account) from GSA initially and then use the money to buy the gold coin. By using this way, you are allowed to sell back the gold coin to UOB.
Stay tuned for my next post – “Choosing The Best Gold Investment Account in Malaysia”