If you’re looking for a reliable way to invest in gold in Singapore, the UOB Gold Saving Account is a great option to consider. With this account, you can easily buy and sell gold and silver online, allowing you to take advantage of market fluctuations and potentially grow your savings over time.
To open a UOB Gold Saving Account, you need to have a UOB Personal Internet Banking account and an existing Gold Savings or Silver Savings account. Once you have these in place, you can start buying and selling gold and silver online from Mondays to Fridays, excluding Singapore public holidays.
The UOB Gold Saving Account offers competitive interest rates and low monthly service charges, making it an attractive option for those looking to grow their savings over time. Additionally, you can enjoy a range of additional benefits and features, such as the ability to convert your gold holdings into 100g gold bars.
Key Takeaways
- The UOB Gold Saving Account is a great way to invest in gold and silver in Singapore.
- To open an account, you need to have a UOB Personal Internet Banking account and an existing Gold Savings or Silver Savings account.
- With competitive interest rates and low monthly service charges, the UOB Gold Saving Account is an attractive option for those looking to grow their savings over time.
Overview of UOB Gold Saving Account
If you are looking to invest in gold, UOB Gold Savings Account is a great option to consider. With this account, you can buy and sell gold without taking delivery. The holding is in grams with a minimum transaction amount of 5 grams. From 3rd July 2023, GSA account holders will have the option to convert their Gold Savings Account holdings into 100g Argor physical gold bars at the UOB Main Branch Gold Counter.
Benefits of Gold Investment
Investing in gold can be a great way to diversify your portfolio and hedge against inflation. With UOB Gold Savings Account, you can enjoy the following benefits:
- No need to worry about storage and security of physical gold
- Competitive interest rates
- No GST charges when you purchase gold through UOB as it qualifies as IPM
- Protection under the Deposit Insurance Scheme by Singapore Deposit Insurance Corporation (SDIC). SDIC insures up to S$75,000 in aggregate per depositor per Scheme member.
Account Features
Here are some of the features of UOB Gold Savings Account:
| Features | Details |
|---|---|
| Minimum initial deposit | 0.5 grams |
| Minimum transaction amount | 5 grams |
| Holding | In grams |
| Interest rate | Competitive |
| Conversion option | Convert GSA holdings into 100g Argor physical gold bars at the UOB Main Branch Gold Counter |
| Access | Transactions can be done at any UOB branch during banking hours excluding Saturdays, Sundays and Singapore public holidays |
| Protection | Protected under the Deposit Insurance Scheme by Singapore Deposit Insurance Corporation (SDIC). SDIC insures up to S$75,000 in aggregate per depositor per Scheme member. |
Overall, UOB Gold Savings Account is a great option for those looking to invest in gold in Singapore. With its competitive interest rates and protection under the Deposit Insurance Scheme, you can invest in gold with peace of mind.
Eligibility and Opening Process
Requirements for Account Opening
Opening a UOB Gold Savings Account is a straightforward process that can be done online or at any UOB branch in Singapore. To open an account, you must be at least 18 years old and have a valid identification document such as an NRIC or passport. Foreigners are also eligible to open an account, but they must provide additional documents such as proof of residential address.
Steps to Open an Account Online
Opening a UOB Gold Savings Account online is a convenient way to get started. Here are the steps you need to follow:
- Log in to your UOB Personal Internet Banking account or UOB TMRW app.
- Click on the “Apply” button and select “Gold Savings Account”.
- Follow the instructions and fill in the required details.
- Upload a scanned copy of your identification document and proof of residential address (if applicable).
- Review the information you have provided and submit your application.
Once your application is approved, you will receive a confirmation email with your account details. You can start buying and selling gold without taking physical delivery as soon as your account is activated.
It’s important to note that you will need to fund your account before you can start trading. The minimum transaction amount is 5 grams, and you can choose to buy or sell gold in increments of 1 gram. UOB Main Branch Gold Counter also offers the option to convert your Gold Savings Account holdings into 100g Argor physical gold bars from 3rd July 2023.
In summary, opening a UOB Gold Savings Account is a simple and hassle-free process that can be done online or at any UOB branch in Singapore. With the ability to buy and sell gold without taking delivery, it’s a convenient way to invest in this precious metal.
Account Management and Transactions
Managing your UOB Gold Savings Account is easy and convenient with UOB’s range of banking services. Whether you prefer to transact online or in-person, UOB has you covered. Here are some ways you can manage your UOB Gold Savings Account:
Using UOB Personal Internet Banking
With UOB Personal Internet Banking, you can access your bank accounts and carry out banking transactions online anywhere with an internet connection. It is a convenient and secure way to manage your finances, available around the clock.
To get started, simply log in to your UOB Personal Internet Banking account and select “Gold Savings Account” from the list of accounts. From there, you can view your account balance, transaction history, and even buy or sell gold.
Transacting with UOB TMRW App
The UOB TMRW app is another convenient way to manage your UOB Gold Savings Account. With the app, you can view your account balance, transaction history, and even buy or sell gold on-the-go.
To start using the UOB TMRW app, simply download it from the App Store or Google Play Store and log in with your UOB Personal Internet Banking credentials. From there, you can access your UOB Gold Savings Account and start transacting.
Branch and ATM Services
If you prefer to transact in-person, you can visit any UOB branch during banking hours. UOB branches are located island-wide, making it easy to find one near you.
At the branch, you can open a new UOB Gold Savings Account, deposit or withdraw funds, and even buy or sell gold. You can also update your personal information or request for a new cheque book.
Alternatively, you can also use any UOB ATM to deposit or withdraw funds from your UOB Gold Savings Account. Simply insert your ATM card and follow the on-screen instructions.
Overall, managing your UOB Gold Savings Account is easy and convenient with UOB’s range of banking services. Whether you prefer to transact online or in-person, UOB has you covered.
Savings Growth and Interest Rates
If you’re looking to grow your savings, UOB’s gold saving account could be a great option. By opening a gold savings account, you can earn interest on your savings while also investing in gold.
Interest Earning Potential
With UOB’s gold savings account, you can earn up to 2.25% p.a. interest on your savings. This interest rate is calculated based on the monthly average balance (MAB) in your account. The higher your MAB, the higher your interest rate.
Bonus Interest Criteria
To earn higher interest, you can also meet certain bonus interest criteria. For example, if you have a UOB One Account or Stash Account, you can link your gold savings account to earn bonus interest. By meeting the bonus interest criteria, you can earn up to 7.8% p.a. interest on your savings.
To qualify for the bonus interest, you’ll need to maintain a monthly average balance of $10,000 in your UOB One Account or Stash Account. You’ll also need to make at least 5 transactions on your UOB One Account or Stash Account each month. By meeting these criteria, you can earn bonus interest on your gold savings account.
Overall, UOB’s gold savings account is a great way to earn interest on your savings while also investing in gold. With the potential to earn up to 7.8% p.a. interest, it’s definitely worth considering if you’re looking to grow your savings.
Additional Benefits and Features
As a UOB Gold Savings Account (GSA) holder, you can enjoy exclusive programmes and additional investment opportunities.
UOB Exclusive Programmes
UOB offers various exclusive programmes to its customers, including the UOB One Account, UOB Lady’s Savings Account, and UOB Uniplus Account. You can also enjoy cashback rewards when you use an eligible UOB card to make purchases. Additionally, you can earn up to 5% p.a. interest on your savings with UOB One Account.
Additional Investment Opportunities
Apart from gold, UOB offers a wide range of investment products, including dual currency investments and structured deposits. You can also invest in other assets such as stocks, bonds, and funds through UOB’s investment platform.
Moreover, your GSA deposits are insured under the UOB Insured Deposit Register, which provides protection for your deposits in case of UOB’s insolvency. Also, during festive seasons such as Lunar New Year, UOB offers guaranteed cash and lucky draw promotions to its customers.
With UOB One Debit Mastercard and UOB One Credit Card, you can enjoy the highest interest rate of up to 3.88% p.a. on your UOB One Account. The card also offers cashback rewards on your daily spendings, which can help your savings grow even faster.
In summary, UOB Gold Savings Account is an excellent investment option for those who want to invest in gold without physical delivery. With UOB’s exclusive programmes, additional investment opportunities, and high-interest rates, you can maximize your returns and achieve your financial goals.
Frequently Asked Questions
How can I open a Gold Savings Account with UOB in Singapore?
Opening a Gold Savings Account with UOB is simple and straightforward. You can visit any UOB branch in Singapore from Monday to Friday during banking hours to open an account. You have the option to choose between having a passbook or receiving statements of accounts for your Gold Savings Account.
What are the operating hours for UOB branches offering Gold Savings Accounts?
UOB branches offering Gold Savings Accounts in Singapore operate from Monday to Friday during banking hours. You can visit any of these branches during these operating hours to open an account, make transactions, or seek assistance.
Could you tell me about the fees associated with UOB’s Gold Savings Account?
UOB’s Gold Savings Account has competitive fees, making it an attractive option for those looking to invest in gold. There are no account opening fees, and the minimum transaction amount is just 5 grams. From 3rd July 2023, Gold Savings Account holders will have the option to convert their holdings into 100g Argor physical gold bars at the UOB Main Branch Gold Counter.
What’s the excitement about UOB’s Gold Savings Account compared to other banks?
UOB is the only bank in Singapore that offers the sale and purchase of physical gold, the issuance of gold certificates, and a savings account dedicated to either gold or silver. Additionally, you do not incur GST if you purchase gold through UOB as it qualifies as IPM. These unique features make UOB’s Gold Savings Account an exciting option for those looking to invest in gold.
How does the Gold Savings Account actually function?
UOB’s Gold Savings Account allows you to buy and sell gold without taking delivery. The holding is in grams, and you can make transactions with a minimum amount of 5 grams. You can keep track of your transactions and holdings through a passbook or statements of accounts.
Which branches of UOB in Singapore offer gold transactions?
All UOB branches in Singapore offer Gold Savings Account transactions. However, if you wish to convert your Gold Savings Account holdings into 100g Argor physical gold bars, you can do so at the UOB Main Branch Gold Counter.