Previously, I told you all that there are two main types of gold investment? Do you all still remember how to buy gold?
Yes, paper gold investment (Gold Investment Account) and physical gold investment. We can go any bank to ask about the gold investment or gold saving account. Buy 5 grams or 10 grams and get some experience. You can try to get some gold coins like Kijang Emas from Maybank too.
What’s the best gold investment account in Malaysia? I have studied the Gold account from Maybank, Public Bank, CIMB and UOB.
- CIMB Bank Gold Deposit Account (GDA)
- Maybank Gold Saving Passbook Account (GSPA)
- Public Bank the Gold Investment Account (GIA)
- UOB the Gold Saving Account (GSA)
Gold Account Camparison:
| Account | CIMB Bank | Maybank | Public Bank | UOB |
|---|---|---|---|---|
| Min Initial Deposit | 1 grams | 1 grams | 5 grams | 20 grams |
| Min Subsequent Transaction | 1 gram & multiple of 1 gram | in multiple of 1 gram | 1 grams & multiple of 1 gram | Multiple of 5 grams |
| Min Balance | 1 gram | 1 gram | 2 grams | 10 grams |
| Cash Withdrawal | Yes | Yes | Yes | Yes |
| Physical Gold withdrawal | Yes | Yes | Yes | Yes |
| Charge on Physical Withdrawal | based on the Bank’s prevailing gold BUYING price quoted in RM per gram | based on the Bank’s prevailing gold BUYING price quoted in RM per gram | based on the Bank’s prevailing gold BUYING price quoted in RM per gram | Differential between physical gold price and PGA/GSA price + processing fee |
| Annual Fees | RM5 if year end balance <10 grams | Unknown | RM10 if year end balance <10 grams | RM2 if month end balance <10 grams |
| Price Spread per gram* | ~ RM 15 (11.28%) | ~ RM6.03 (4.35%) | ~RM5.70 (4.1%) | ~ RM2.10 (1.5%) |
| Selling Buying Prices | CIMB | Maybank | Public Bank | UOB |
| Website | CIMB Bank Web | Maybank Website | Public Bank Web | UOB Website |
2nd update: 4 June 2012
3rd update: 24 August 2012
4th update: 7 December 2013
5th update: 15 July 2015
How to choose the best gold account? From the chart, we know that the price spread per gram of UOB Gold Saving Account just RM2.10 (1.5%), the least among the four banks.
Price Spread per gram = Buying Price – Selling Price
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