Malaysian banks Gold Investment Accounts comparison

Gold price is currently at its lowest in two years, so it's a perfect time start investing in gold. The easiest way to do it is by opening a Gold Investment Account at your bank of choice.

What is a Gold Investment Account then? It is an an account which allows individuals to buy and sell gold at a daily price in Ringgit Malaysia (RM) without the hassle of keeping physical gold.

Gold Investment Account provides you the opportunity for capital gain and portfolio diversification through gold investment and trading, while at the same time let you enjoy better security and convenience associated with a bank account.

At present 5 banks in Malaysia offer this kind of gold investment: 

• Gold Investment Account (MGIA) – Maybank
• Gold Investment Account (GIA) – Public Bank
• Gold Account-i – Kuwait Finance House
• Gold Savings Account (GSA) -UOB
• Gold Deposit Account (GDA) -CIMB Bank

Below I’ve listed out all the features offered by each accounts. They are presented side by side in a table so you can easily compare them. Do make the comparison and decide for yourself which one is best for you.

 

Features	Maybank MGIA	Public Bank GIA	KFH Gold Account-i	UOB GSA	CIMB GDA
Minimum initial purchase	1 gm	10 gm	10 gm	20 gm	10 gm
Minimum balance	1 gm	2 gm	2 gm	10 gm	1 gm
Minimum subsequent transaction	In multiple of 1 gm	5 gm & must be in multiple of 1 gm	5 gm & must be in multiple of 1 gm	In multiple of 5 gm	5 gm & must be in multiple of 1 gm
Gold purity	99.99%	99.99%	99.5%	99.99%	99.9%
Buy-sell spread	4.09%	3.89%	3.50%	1.15%	2.99%
Withdrawal options	-Cash -Crediting of account	-Cash -Crediting of account -Physical gold	-Crediting of account -Physical gold	-Crediting of account Physical gold	-Crediting of account -Physical gold
Fees	Nil	An annual fee of RM10 will be charged if the account balance is below 10 grams as at year end Physical gold withdrawal fee	Nil	An administrative fee of RM2.00 will be charged per month if the balance of the account falls below 10 grams at month end.	-An annual fee of RM5 will be charged if the account balance is below 10 grams as at year end -Physical gold withdrawal fee
Mode of operation	Passbook	Passbook	Statement	Statement	Passbook
Requirements	Nil	Maintain a savings or current account	Maintain a savings or current account	Maintain a savings or current account	Maintain a savings or current account
PIDM Insurance	Not insured	Not insured	Not insured	Not insured	Not insured