Maybank is the first to introduce SILVER investment beside the well known GOLD investments now offered by most of the major banks. Since GOLD investment has become some-what infamous because of the Genneva fiasco.
For those that is interested in GOLD invesment but wants to sleep soundly at night without the fear of BNM raiding and freezing a companies asset, it is best to invest in the gold investments offered by our local banks.
Here is a comparison between the Gold investment offered by Malaysia's local BIG banks aka Maybank, Public Bank & CIMB Bank. If you want to find the cheapest option, just look for the best spreads offered. For me, I also look for a good online system so that I don't need to be dependant on agents, the need to go to a physical branch etc. Continue to read more on Online transactions.
CIMB is the first to offer online transactions though among the banks. Here is the step by step to buy & sell your gold transactions online via CIMBClicks.
Perhaps in the future there will be some scheme similar to Genneva but trading in Silver?! (Greed does not know boundaries and scams appears in various forms parasiting on greed itself)
One major difference between the GOLD & SILVER investment offered by Maybank is that you can withdraw your physical GOLD purchases from the bank (perhaps you want to hide it under your pillow for safe keeping in case of economic apocalypse soon 12.12.2012??) but you CANNOT do the same thing for their SILVER investments. See their Clause 11.1 here
Compared to GOLD , as expected the entry point is much much lower. It is just RM3.50 to buy 1 gram as of 12 October. The spread is just RM0.31 but if you look closely in terms of spread percentage, it is must higher than GOLD's :D
Nevertheless, in terms of precious metal , GOLD is still the GOLDEN standard. No pun intended.
| Maybank Silver Investment Account | ||
| DATE | SELLING (RM/g) | BUYING (RM/g) |
| 12-Oct-12 | 3.50 | 3.19 |
| Features | Description |
| Minimum Initial Purchase | 20 gram |
| Minimum Subsequent Purchase/Sale | 10 gram in multiples of 1 gram |
| Minimum Balance in the Account | 5 gram |
| Silver Purchase Price | - Silver purchase will be based on the Bank's prevailing silver SELLING price quoted in RM per gram - The mode of payment accepted for purchase of silver are: • Cash • Debiting of current/savings account maintained with the Bank • House cheque |
| Silver Sale/Withdrawal | Silver sale will be based on the Bank's prevailing silver BUYING price quoted in RM per gram Withdrawal options available are: • Cash • Crediting of current/savings account maintained with the Bank |
| Mode of Operation | Passbook |
| Interest | No interest payout |
| Stamp Duty Fee on Agreement | RM10 |
| Replacement of Lost / Spoilt Passbook | RM15 (inclusive of Stamp Duty for Letter of Indemnity) |
Who can apply
- Individuals aged 18 years and above
- Joint account - maximum 4 persons
Disclaimer: The returns on Maybank Silver Investment Account are subject to the silver price fluctuations. Customers are advised to read and understand the product before making any investment. Maybank Silver Investment Account is not insured by Perbadanan Insurans Deposit Malaysia (PIDM).
Will consider that in my investment portfolio, but still prefer gold for now. When Public bank have it? My preference bank. :)
And I will not surprise there will be similar scheme for Silver.
Btw, It is 21 Dec 2012, not 12 :)
Not sure when Public Bank have it. Lol. Maybank seems to be always 1 step ahead to introduce new investment scheme compared to other banks.
Haha. I must got the wrong doomsday date.
Does anyone know where did maybank invest its silver? I mean which market or country?