Opening a gold investment account with Maybank

It is months since we decided to open a gold investment account. Due to my procrastination, finally, I have opened our gold investment account this week with Maybank.

 

Basically, we are down to two choices: Maybank gold investment account vs Public Bank gold investment account. But, I have decided on the former because:

 

1. Maybank gold investment account needs a minimum (new and additional) investment of 1 gram while Public gold investment account needs a minimum new investment of 10gram and a minimum additional investment of 5 gram. So, being a conservative investor, I wanted to start off with just 5 gram and Maybank allows me to do so.
2. Maybank gold investment account allows me to invest (i.e. buy and sell) gold online thereafter. [I would need to test this. Hope it is as efficient as their e-fixed deposit]
3. And, for a lame reason, Maybank is just located few doors away from home, I just have to walk out there to get a gold investment account signed up.
4. Both gold investment accounts require account holder to pay RM10 stamp duty on the opening of the accounts. Therefore, the further advantage of the Maybank gold investment account is that it allows a minimum balance of 1 gram, instead of Public gold investment account that allows a minimum 2 gram. When in need of money and without having to close the gold investment account, “more” gold can be redeemed (by one gram) from Maybank gold investment account.

 

Nevertheless, the difference between the sell and buy price for Public Bank gold investment is slightly smaller compared to Maybank gold investment.

 

Calculation wise:

 

Maybank gold price @ June 28, 2012 – Selling price: RM164.90, Buying price: RM RM157.96

The difference between sell and buy price: 4.21%

 

Public Bank gold price @ June 28, 2012 – Selling price: RM165.78, Buying price: RM159.26

The difference between sell and buy price: 3.93%

 

So, how did I open the Maybank Gold Investment Gold?

1. I went to the counter to ask them. I was then asked to take a queue number. The branch I went was Kelana Business Centre, but I am slightly pissed off with the officer [named Hanafi at counter 4] instructing me to take a queue number rudely. Unlike other branches, there isn’t an officer to help up customers with queries before getting a queue number. [If I am not mistaken, when I applied for my Manchester United Visa Card, I approached the front desk where they asked me to fill up forms first. The similar goes to applying fixed deposit accounts in other banks like Public Bank]
2. When my number was called, I told the (another) officer that I wanted to open a gold investment account. I actually knew how the process works – as I write it online before going to the bank. However, I was slightly disappointed that the officer did not care to explain about the charge that is the stamp duty fee until I asked her. I just wanted to confirm that the stamp duty is only applicable on the opening of the account.
3. I was then told to sit down and she will process my account after knowing that I wanted to invest 5 gram.
4. Throughout the process (which took more than 30 minutes), I was asked to go to the counter several times. There seems to be no proper process on their end. This includes letting them have my savings book and I filling up the withdrawal form, and filling up some details for the gold investment account. Worse, it was after the withdrawal of my money from my savings account, which is then placed into the gold investment account that she asked me to sign the gold investment account agreement form.
5. At the end, I was given a gold investment account passbook. I asked them for a passbook cover instead of them offering me one.

 

Overall, the process is simple but dragged by inefficiency. Nevertheless, I am happy that I have finally opened a gold investment account for our future investment needs!