After the successful launching of Gold Investment account, Maybank had come out with another innovative option for mass market --- Silver Investment Account. This would be part of its portfolio of precious materials being offered to consumers. Yes, Maybank was the 1st bank in Malaysia to offer a silver investment passbook account, allowing deposits and withdrawals in silver at a daily price in ringgit at any of its branches nationwide.
How about the return? Of course, it all depend on the silver price fluctuations. For ease of recording and maintenance, all the transactions would be recorded in the customer's passbook. It's simple, transparent and affordable.
Who can apply?
- Individuals aged 18 years and above
- Joint account - maximum 4 persons
Key Features of Maybank Silver Investment Account:
Benefits:
- A great way to increase the degree of portfolio diversification
- A better security against inflating economies
- It is convenient to manage your investment with your passbook
- Start right away with an affordable initial purchase
Why affordable?
Let's take the silver selling price of RM2.93 per gram (as at 9th July 2012) multiply with minimum 20 grams, it only cost you RM58.60 to kick-start your silver investment portfolio. Please add-in one off RM10 stamp duty to open the account.
Finance Malaysia Blog thinks that this is a very innovative products being offered to investors to diversify their investment portfolio to include silver as another asset class. This type of account brings us the ease of investment, forget about the hassle of trading silver. Happy investing!!!
Source: Maybank website
nice one,admin!
ReplyDeleteBut the spread is 10%! Is it really good?
ReplyDeleteIt's a good idea that silver can be deposited in most major banks just like how we keep our cash. This kind of investment will keep it's value in the long run, unlike the value of cash which easily goes down with the economy.
ReplyDeleteOnly idiots will invest in this account... the spread is 10%, you will lose a big chunk before you talk about security against inflation.
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10% spread is definitely going to burn a big hole in your pocket. If you invest in physical silver, the spread is 0 as long as you are buying from the correct source.
ReplyDeleteYape, a spread of 10% is their normal strategy to be the first bank to have silver account.
ReplyDeleteThe nearest country bank that offer is UOB Bank in Singapore. Their spread is good. Unfortunately, if you do not work there, you cant even open an account over there.
Keeping physical silver is really not a good option. As their value is low. If say you want to invest RM 30k of physical silver, you will need to keep 10kg of silver. That's HEAVY.
Silver appears to be a better value than gold.
ReplyDeleteHi does anyone know where did maybank invest its silver? I mean which market or country?
ReplyDeleteHi, Maybank does not invest on your behalf. It acts as a platform for you to buy/sell according to spot price. Then, Maybank will earn from the differences between buying and selling price. Thanks.
Deleteehh silver ok de mar?or buy gold better?any 1 mind teach?!!!!
ReplyDeleteHi, silver tends to be more volatile than gold. And, gold has the intrinsic value that support its prices during economic uncertainties. It's all depends on your style of investing, because both silver and gold has its own good and bad days ;)
Delete