There are a few ways to invest in gold. One of the most popular ways is via Investment or Savings account with a bank. The main benefit of this method is, investor does not need to worry about keeping the physical gold by themselves.
Currently, there are 5 banks offer gold investment or savings account. Normally, banks will issue either passbook or statement to the depositors. Some of the banks do allow physical gold withdrawal.
Banks that currently offer these services are,
- CIMB Bank – Gold Deposit Account (GDA)
- Kuwait Finance House (KFH) – Gold Account – i (GAi)
- Maybank – Maybank Gold Investment Account (MGIA)
- Public Bank – Gold Investment Account (GIA)
- United Overseas Bank (UOB) – Gold Savings Account (GSA)
The following table are the details comparison between 5 investment or savings accounts.
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January 27, 2011
Banking
Alliance Bank,
Bank Muamalat,
CIMB Bank,
Citibank,
Hong Leong Bank,
HSBC,
Kuwait Finance House,
Maybank,
OCBC,
Priority Banking,
Public Bank,
RHB Bank,
Standard Chartered,
UOB
Priority banking is a preferential treatment service granted to a select group of customers in a bank usually to high net worth personal. They are usually invited to enjoy this service based on amount of deposits, investments or housing loan with the bank.
Refer to table in the later section of this post to see the minimum deposit to be eligible.
Some of the benefits offer by Priority Banking are;
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With effective from 31st December 2010, deposit insurance limit will be increased to RM250,000 from RM60,000 per depositor per bank. The new limit come into force after it was approved by Dewan Rakyat and Dewan Negara recently.
The new limit will protect 99% of retail depositors in full. In addition, the new bills will also includes foreign currency deposits under the deposit insurance protection.
The enhanced financial consumer protection package included the expansion of Perbadanan Insurans Deposit Malaysia (PIDM) mandate to include the administration of the Takaful and Insurance Benefits Protection System (TIPS).
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With Effective from 3rd January 2010, all RHB Bank and RHB Islamic Bank customers will be able to do banking transactions in all Pos Malaysia branches throughout the country.
At the beginning, 21 selected Pos Malaysia branches in the Klang Valley and Negeri Sembilan have been identified for the services. The same services will be available in all 300 Pos Malaysia branches in the later stages.
There are no fees or charges imposed for any banking transactions done over the POS Malaysia counter.
The following banking transaction can be performed at Pos Malaysia branches,
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Standard Chartered Preferred Banking is a banking facility targeted to mass affluent market. Mass affluent refer to those with monthly income of more than RM6,000 or those with investible assets between RM72,000 and RM250,000. Currently, there are roughly two million mass affluent Malaysians.
Preferred Banking offers points for customers who use the Preferred Banking credit card, and rewards them with more points if they make online transactions, or have an investment, or a deposit account. They can redeem prizes with these points. Customers also will be served by relationship managers.
Below are the benefits of Standard Chartered Preferred Banking
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