Money talk

Jun 15, 2012

Bidding farewell to my Maybank GSPA

After a number of postponements, Alhamdulillah, I finally managed to close my Maybank gold savings passbook account (GSPA) today.
Cut at the corner to mean 'closed'
I opened the Maybank GSPA in June 2010 without much knowledge about gold investment.  The only thing I knew was that, I had to start somewhere investing in or saving gold.  The easiest choice available then was Maybank GSPA.  Furthermore, the account was deemed halal i.e. syariah compliant then.  Sadly, Maybank recent move to rebrand Maybank GSPA to Maybank gold investment account (MGIA) nullifies its syariah compliance status as amongst the new terms is that, gold withdrawal in the form of gold wafer is no longer allowed.  Therefore, I had no other choice but to say good bye to my Maybank GSPA. 


I had only 10g worth of gold value in the account, which were bought twice at 5g each.  The first purchase was at the price of RM131.67/g and the second purchase was made when the price was 127.13/g.  Therefore, total purchase was RM1294.  When I closed the account today, the 10g gold was sold at the price of RM1621.00.  RM327 (25%) 'dividend' after two years.  Unbeatable by any other savings or investment accounts.  A solid reason why we should invest in or save gold :)

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