Precious Metals

United Overseas Bank

Notice:
[ Please be informed that all branches, Privilege and Wealth Banking Centres in Singapore will cease to accept cheques for the purchase of gold / silver with effect from 1 March 2012. You can continue to pay cash for transactions related to your Gold Savings Account / Silver Savings Account; or authorise us to debit the amount from your UOB Singapore account. Please also note that the operating hours for GSA and SSA-related banking is up to 6pm at UOB branches, Privilege and Wealth Banking Centres with extended hours.]

Open a Gold or Silver Savings Account and enjoy the convenience of transacting at any UOB branch during banking hours from Mondays to Fridays (the operating hours for GSA and SSA-related banking is up to 6pm at UOB branches, Privilege and Wealth Banking Centres with extended hours.)

To locate a UOB branch, Privilege or Wealth Banking centre near you, click here, or for branches with extended hours, click here

Benefits

Buying and selling of gold and silver at prevailing market prices
Easy buying and selling as trading is carried out through a passbook and at any UOB Branch
Full gains as transactions are not subject to Singapore's Goods and Services Tax (GST)
Flexibility to transact any time during banking hours from Mondays to Fridays in different denominations:

- For Gold Savings Account - in units of one gram of gold, subject to a minimum of five grams per transaction

- For Silver Savings Account - in multiples of 10 ounces of silver each time, subject to a minimum of 10 ounces per transaction

Fees & Requirements

Fees
- For Gold Savings Account: An annual administrative fee (in grams of gold) as low as 0.12 gram per month or 0.25% per annum on the highest balance per month, whichever is higher. The fee is subject to GST, which will be deducted from your account in grams of gold.
  
  An administrative charge of S$30 for the closure of the account within six months. The fee is subject to GST.
  
  For Silver Savings Account: An annual administrative fee (in ounces of silver) as low as 0.2 ounce per month or 0.375% per annum on the highest balance per month, whichever is higher. The fee is subject to GST, which will be deducted from your account in ounces of silver.
  
  An administrative charge of S$30 for the closure of the account within six months. The fee is subject to GST.
- Check our indicative gold and silver prices
Requirements
- Investments in gold and silver are not guaranteed by the Bank and are subject to investment risks, including the possible loss of the principal amount invested. Value of the investments and administrative fees can go up or down, depending on the fluctuations in international and/or local gold and silver markets and foreign exchange market.
  
  - Visit any UOB Branch during banking hours from Mondays to Fridays to open a Gold or Silver Savings Account (the operating hours for GSA and SSA-related banking is up to 6pm at UOB branches, Privilege and Wealth Banking Centres with extended hours.)

Risks

Investments in gold and silver are not guaranteed by the Bank and are subject to investment risks, including the possible loss of the principal amount invested. Value of the investments and administrative fees can go up or down, depending on the fluctuations in international and/or local gold and silver markets and foreign exchange market.

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Visit any UOB Branch during banking hours from Mondays to Fridays to open a Gold or Silver Savings Account

FAQ

GOLD SAVINGS ACCOUNT/SILVER SAVINGS ACCOUNT

Q1.		Where can I open a Gold Savings Account (GSA)/Silver Savings Account (SSA)?
A1.		Gold Savings Accounts (GSA)/Silver Savings Accounts (SSA) can be opened at any UOB branch in Singapore from Monday to Friday during banking hours. For branches with extended hours, it is up to 6pm. You will receive a savings passbook listing the amount of gold in grams and silver in ounces.

Q2.		Where can I transact?
A2.		You can only transact at any UOB branch in Singapore from Monday to Friday during banking hours. For branches with extended hours, it is up to 6pm.

Q3.		Where can I check the prices?
A3.		You can check prices on our website: under Rates & Fees. The prices are indicative and may be different at time of actual transaction.

Q4.		Is there risk involved in purchasing gold/silver products?
A4.		In purchasing gold/silver products, the customer should understand and acknowledge that:
		(a) the gold and silver market is volatile; (b) losses can be incurred from such an investment; (c) an investment in gold or silver provides no dividend yield or interest; and (d) prices would have to rise sufficiently over the investment period in order to yield a profit on sale.

Q5.		What is the minimum age to open a GSA (including CPF GSA)/SSA?
A5.		The minimum age is 18 years of age.

Q6.		Is there a minimum transaction amount?
A6.		The minimum transaction amount for GSA is 5 grams of gold and for SSA is 10 ounces of silver.

Q7.		Must the customer maintain a minimum balance in the GSA or SSA?
A7.		The minimum balance requirement for GSA is 5 grams of gold and for SSA it is 10 ounces of silver.

Q8.		What are the charges for GSA?
A8.		The administrative charge for GSA is the higher of:
		- 0.12 grams of gold per month, - 0.25% per annum on the highest monthly gold balance, For example, (a) if you are holding 100 grams of gold throughout a year the administrative charge is the higher of: - 0.12 X 12 = 1.44 grams - 0.0025 X100 = 0.25 grams The annual administrative fee for 100 grams is 1.44 grams of gold. (b) If you are holding 1,000 grams of gold for a year the administrative charge is the higher of: - 0.12 grams of gold per month, - 0.25% per annum on the highest monthly gold balance, The annual administrative fee for 1000 grams is 2.50 grams of gold. The actual gold quantity deducted from your account at the end of the year will be slightly more than those calculated above, due to Goods & Services Tax (GST) incurred. The administrative fee is accrued monthly and debited from the account annually, beginning in January every year or upon closure of account. For account closure, the administration fee is chargeable on a pro-rata basis.

Q9.		What are the charges for SSA?
A9.		The administrative charge for SSA is the higher of: - 0.2 ounces per month - 0.375% per annum on the highest balance per month For example: (a) If you are holding 10 ounces of silver throughout a year, the administrative charge is the higher of: - 0.2 X 12 = 2.4 ounces - 0.00375 X 10 = 0.0375 ounces The annual administrative fee for 10 ounces is 2.4 ounces of silver. (b) If you are holding 1,000 ounces of silver throughout a year, the administrative charge is the higher of: - 0.2 X 12 = 2.4 ounces - 0.00375 X 1000 = 3.75 ounces The annual administrative fee for 1,000 ounces is 3.75 ounces of silver. The actual silver quantity deducted from your account at the end of the year will be slightly more than those calculated above, due to the GST incurred. The administrative fee will be accrued monthly and debited from the account annually, beginning in January every year or upon closure of account. For account closure, the administration fee is chargeable on a pro-rata basis.

Q10.		Do you charge GST on the sales and purchase of gold/silver through GSA/SSA?
A10.		There is no GST charged on the sale and purchase of gold and silver through GSA and SSA. However, the administrative fees for GSA and SSA are subject to GST and the GST is debited in grams of gold and ounces of silver from the accounts.

Q11.		For GSA using CPF, is there a mark up to the normal selling price for the purchase?
A11.		Yes, the mark up is three cents when customer buys but no mark up when customer sells.

Q12.		What are the acceptable types of payment for the purchase of gold and silver through GSA and SSA?
A12.		You may pay in cash. Alternatively, you could authorise us to debit the amount from your UOB Singapore account.

Q13.		Is there a penalty for closing GSA or SSA?
A13.		There will be an administrative fee of SGD30.00 charged if you close a UOB GSA or SSA within six months.

Q14.		Can I exchange my gold or silver purchased through GSA or SSA into physical gold or silver?
A14.		The account balances cannot be exchanged or converted for physical gold/ silver or gold certificates.

Q15.		What is the difference between GSA price and international gold price?
A15.		UOB GSA gold prices are quoted in SGD while international gold prices are quoted in USD. The GSA prices are based on the prices of gold in Singapore and are quoted in SGD/gram. They are therefore affected by the foreign exchange rates in addition to the international gold prices.

Q16.		I am a foreigner. Can I open a GSA or SSA?
A16.		Yes, you are required to be present at the branch. New account opening is subject to the Bank’s approval. Please provide the following documents a) Identification card / original passport of account holder and work permit/student pass/other documents to confirm your Permanent Residence status; b) Proof of residential address - i.e. bank statements, utility or phone bills bearing the account holder's name and address; c) Banker's reference letter/letter of introduction acceptable to the Bank may be required.

Q17.		Can I use my CPF for a GSA transaction? Will I be given a passbook?
A17.		Yes, you may use CPF to buy, subject to your available gold limit and rules of the CPF investment scheme. A GSA passbook will not be given to you. Your gold holdings with UOB are reflected in your CPF Investment Account monthly statement. If the request for the fund for the gold purchase is rejected, the customer will have to pay cash. If the customer does not have the cash, then he/she would have to sell the gold to the Bank and pay for the difference in the price movement between the contracted price and the Bank’s prevailing purchase price.

Q18.		Can I use my CPF to purchase Silver Savings Account?
A18.		No, you cannot use CPF for SSA transaction. SSA is not one of the products allowed by the CPF Investment Scheme.

Q19.		I understand that previously customers were allowed to trade gold and silver on Saturdays. Why is it that I cannot do so now?
A19.		The Bank has ceased trading of GSA and SSA on Saturdays due to the closure of the market and the non-availability of gold/silver prices over the weekend.

GOLD COINS & GOLD BARS

Q1.		Where can I buy gold coins and gold bars?
A1.		Gold coins and gold bars are sold at the Gold counter of UOB Main Branch located at UOB Plaza, 80 Raffles Place. Opening hours are Monday to Friday, 9am to 4pm (except public holidays).

Q2.		What kind of coins and bars can I buy?
A2.		An array of gold coins and gold bars are sold, subject to availability. More information is available online under Rates & Fees/Gold Prices

Q3.		Do I need an account at UOB in order to buy gold coins and gold bars?
A3.		It is not necessary to have a UOB account to buy gold coins and gold bars.

Q4.		Where can I check the prices?
A4.		You can check gold coin and gold bar prices on our website. The prices are indicative and may be different at time of actual transaction.

Q5.		What forms of payment are acceptable?
A5.		You may pay cash. Alternatively, you may authorise us to debit the amount from your UOB Singapore account.

Q6.		Are there any taxes applied to my purchase of gold coins and bars?
A6.		Purchases of Investment Precious Metal physical gold coins and gold bars are exempted from Goods & Services Tax (GST) with effect from 1 October 2012.

Q7.		Can I sell back my gold coins and bars to UOB?
A7.		UOB accepts gold coin or gold bars originally bought from UOB Singapore or OUB Singapore. Customers are required to produce invoices of purchase satisfactory to UOB. The gold coins or bars must be in good condition (to be solely determined by UOB which decision shall be final). For the gold kilobar, the seal must be intact.

Q8.		Why is there a difference in the price of gold kilobars and the international gold price?
A8.		Prices for the gold kilobar and international gold are different because of the differences in the type of gold and market conditions. UOB’s price for gold kilobars reflects the price of gold kilobars of 99.99% fineness quoted in SGD/kg The international gold price reflects the price of 'large' gold bars of 99.5% fineness quoted in USD/troy ounce which are deliverable in London before any tax or duty.

GOLD CERTIFICATE

Q1.		Where can I buy UOB Gold Certificates?
A1.		Gold Certificates are sold at the Gold Counter of UOB Main Branch, which is located at UOB Plaza, 80 Raffles Place. The Gold Counter is open on Monday to Friday, from 9am to 4 pm (except public holidays).

Q2.		What kind of Gold Certificates are available?
A2.		Certificates are sold in multiples of 1 kilobar of 999.9 fineness. One Certificate is subject to a maximum of 30 kilograms.

Q3.		What forms of payment are acceptable?
A3.		You may pay in cash. Alternatively, you may authorise us to debit the amount from your UOB Singapore account.

Q4.		Where can I check the prices?
A4.		You can check prices on our website under rates and fees. The prices are indicative and may be different at time of actual transaction.

Q5.		Is there risk involved in purchasing a gold certificate?
A5.		In purchasing a UOB gold certificate, the customer should understand and acknowledge that: (a) the gold market is volatile; (b) losses can be incurred from such an investment; (c) an investment in gold provides no dividend yield or interest; and (d) prices would have to rise sufficiently over the investment period in order to yield a profit on sale.

Q6.		What is the minimum age to transact in gold products?
A6.		The minimum age to transact in gold certificate is 18 years.

Q7.		Are there any taxes applied to my purchase of Gold Certificates?
A7.		Gold Certificates are not subject to Goods & Services Tax (GST). However, charges are subject to GST. Conversion of the Gold Certificate into physical Investment Precious Metal gold is exempted from GST with effect from 1 Oct 2012.

Q8.		Are there any fees for Gold Certificates?
A8.		There is a S$5 certificate fee for the purchase of a Gold Certificate. There is also an annual administration fee of S$36 per kilobar for Gold Certificates holders. Both the certificate fee and administrative fee are subject to the prevailing Goods & Services Tax (GST).

Q9.		Can I use CPF to buy Gold Certificates?
A9.		Yes, subject to your available gold limit and rules of the CPF investment scheme. In addition to an annual administration fee of S$36 per kilobar and certificate fee of S$5 per certificate, there is a quarterly service charge of S$2.00, subject to prevailing of Goods & Services Tax (GST). The Gold Certificates will not be passed onto CPF investors. The certificates have to be safe kept by UOB, the agent bank under the CPF Investment Scheme.

Q10.		Can the Gold Certificate be held by 2 holders?
A10.		A Gold Certificate may be held by a maximum of two holders. Both holders must be present during the purchase of the Gold Certificate. In the case of a loss of the Gold Certificate, both holders must be present to report the loss. For an “and/or” account, either holder is allowed to sell the Gold Certificate. However, if you are using CPF, the Gold Certificate can only be issued to CPF account holder.

Q11.		Can I add, replace or remove the holder(s)?
A11.		In the event of adding, replacing or removing the holder(s), all the parties involved must be present, and the existing Gold Certificate must be presented. A new Gold Certificate will be issued and a certificate fee of S$5 per certificate will be charged. If you had used CPF to purchase gold certificate you cannot replace or remove holders. The Gold Certificate holder must be the CPF account holder.

Q12.		What should I do if I lose my Gold Certificate?
A12.		Customers should inform the Bank immediately in writing if the Gold Certificate is lost, misplaced or stolen. A new Certificate may be issued upon satisfactory explanation being given to Bank, payment of the cost of issuing a new Certificate and the holder signing the Bank’s prescribed indemnity form. The Bank may also require an advertisement to be placed in the local newspapers at the holder’s cost and expense in respect to the loss, misplacement or theft.

More Information

Important information on the use of UOB Accounts and Services

Terms and Conditions

What you should know
Investments in gold and silver are not guaranteed by the Bank and are subject to investment risks, including the possible loss of the principal amount invested. Value of the investments and administrative fees can go up or down, depending on the fluctuations in international and/or local gold and silver markets and foreign exchange market.

Disclaimer
The above is not to be used or considered as an offer, or invitation to offer, to sell or to buy the above product or any of the securities or other investment products referred to herein, and does not constitute a recommendation by the Bank to enter into any transaction or any form of commitment by the Bank to enter into any transaction.

The Bank has not taken any step to ensure that the product is suitable for any particular investor and unless the Bank otherwise agrees, the Bank is not acting as your adviser or in any fiduciary capacity in respect of any proposed transaction in relation to the above product, or any other transaction.

Nothing herein constitutes investment, legal, accounting or tax advice, or a representation that any investment is suitable for or appropriate to your investment objectives, financial situation and particular needs, or otherwise constitutes a personal recommendation to you.

The above does not purport to identify or suggest all the risks or material considerations which may be associated with the proposed product.

As such, it is recommended that before entering into any transaction, you should take steps to ensure, without reference to the Bank, that you have a full understanding of the terms, conditions and risks thereof and are capable of and willing to assume those risks in the light of your own investment objectives, financial situation and particular needs.

If you are in doubt as to any aspect of any transaction in respect of the above product, please consult your own legal, regulatory, tax, business, investment, financial and accounting advisers.

While based on information believed to be reliable, this document and its contents are provided on an “as is” basis.

The Bank does not make any representation or warranty as to the accuracy, timeliness or completeness of the information contained in this document.

The Bank and its affiliates, connected or related companies, directors, employees or clients may have an interest in the above product or its related products or other financial instruments, or derivatives (collectively, the “Products”) including, in relation to the Products, marketing, dealing, holding, acting as market-makers, performing financial or advisory services, acting as a manager or co-manager of a public offering.

The Bank, its affiliates, connected or related companies, directors or employees may also have alliances, contractual agreements, or broking, investment banking or other relationships for the provision of financial services, with any product provider mentioned in this document.

Investments in gold and/or silver are not deposits. This product is therefore not an insured deposit within the meaning of the Deposit Insurance Act (Cap 77A).