Gold has long been seen as a reliable store of value, especially during economic uncertainty. In Malaysia, gold investment is becoming increasingly popular thanks to inflation concerns, weakening currency, and rising geopolitical tensions.
Malaysians have a choice between physical bullion and digital gold accounts, and many opt for the latter due to its convenience and integration with traditional banking services.
But among all the options available, which bank is best for gold investment in Malaysia? This guide breaks down the key offerings from major banks: Maybank, CIMB, Public Bank, and others. This will help you make an informed decision.
Types of Gold Investment Offered by Banks
Most Malaysian banks offer either gold savings accounts or gold investment accounts (GIA). These products let you invest in gold without having to hold it physically. You purchase gold in grams based on daily prices, and the bank maintains your holdings in digital or allocated form.
Compared to physical bullion, these accounts offer better accessibility, more flexibility, and a different risk profile. They’re ideal for beginners and digital-first investors who want a hands-off experience.
Maybank Islamic Gold Account-i (MIGA-i)
Maybank offers one of the most user-friendly and comprehensive gold investment options in the market. The Maybank Islamic Gold Account-i (MIGA-i) is fully Shariah-compliant and backed by physical gold of 999.9 purity.
It’s suitable for Muslim investors looking for a halal investment alternative. Invest as little as RM10 and trade conveniently using Maybank2u. MIGA-i also allows for physical gold redemption in bar form (1g up to 1kg), subject to branch availability.
Buy-sell spreads range around 5–6%, which is competitive among bank offerings. Maybank’s widespread branch network and seamless digital interface make it a top pick for many Malaysians.
What is CIMB Gold Investment Account (eGIA)?
CIMB’s e-Gold Investment Account (eGIA) is a digital gold investment product, allowing investors to buy and sell gold from just 1 gram. It’s accessible via CIMB Clicks, offering ease of access for digital-savvy customers.
However, unlike MIGA-i, CIMB’s eGIA is not Shariah-compliant, which may be a concern for some investors.
The account does not offer physical gold withdrawal, making it a purely paper gold product. However, its buy-sell spread is relatively competitive and transparent, with pricing updated live within the banking app.
This account suits investors who prefer trading gold digitally without planning to collect it physically.
Public Bank Gold Account (GIA) Explained
Public Bank has a long-standing gold investment offering with its Gold Investment Account.The account involves 99.99% pure gold, and you can perform transactions either over the counter or via PBe online banking.
The minimum initial purchase amount is five grams, higher than Maybank or CIMB, which may not be ideal for beginners. The minimum subsequent purchase must be at least 1 gram and must be in multiples of 1 gram. What it means here is an investor cannot purchase 1.5 grams or 2.1 grams.
An investor needs to maintain a minimum balance of 2 grams in the account. The bank charges a RM10 service fee if your gold balance is under 10 grams on 31 December.
This account is also not Shariah-compliant, and physical gold withdrawal is not available. Many investors recognize Public Bank for its competitive rates and reliable long-term performance.
UOB Gold Investment Services: Features and Comparison
UOB offers two types of gold investment products: the Gold Savings Account (GSA) and the Premier Gold Account (PGA). Both options allow you to invest in gold without physical delivery.
The Gold Savings Account (GSA) is more accessible, allowing individuals to buy and sell gold in grams, with a minimum transaction of 5 grams.
This account is suitable for personal investors who want exposure to gold prices without handling physical bullion. This non-Shariah-compliant product suits medium to large investors who are comfortable managing digital-only gold holdings.
On the other hand, UOB designed the Premier Gold Account (PGA) specifically for high-net-worth clients. It records gold holdings in kilograms, and each transaction must be at least 1 kilogram.
Institutional and ultra-high-net-worth investors typically use this account, which does not allow physical gold withdrawal.
You can access both accounts through UOB branches, but they don’t integrate directly with mobile or internet banking, making daily management less convenient. Since neither account is Shariah-compliant, they may not appeal to Muslim investors.
Hong Leong’s Gold Investment Option
Hong Leong Bank doesn’t offer a standard retail gold savings account. Instead, it facilitates gold trading through HLeBroking, its stockbroking arm.
This platform supports commodity and gold futures trading, which is quite different from simply investing in gold for long-term savings.
This option suits active investors and traders who are comfortable navigating brokerage platforms. It’s not Shariah-compliant and lacks the simplicity most gold savers look for.
Therefore, HLeBroking is more appropriate for speculative or short-term trading rather than for passive long-term gold accumulation.
Comparing the Best Bank Gold Accounts
To make it easier to compare, here is a table summarizing the gold investment features of each major bank:
| Bank | Type of Gold Investment | Minimum Purchase | Shariah-Compliant | Physical Withdrawal | Access Platform |
|---|---|---|---|---|---|
| Maybank (MIGA-i) | Physical-backed Gold Account | ~RM10 (1g) | Yes | Yes (1g–1kg bars) | Maybank2u |
| CIMB (eGIA) | Paper Gold Account | 1g | No | No | CIMB Clicks |
| Public Bank (GIA) | Digital Paper Gold Account | 5g | No | No | PBe Online & OTC |
| UOB | Limited Retail Gold Services | Varies | No | Yes (selected only) | Wealth Mgmt branches |
| Hong Leong | Futures Trading via HLeBroking | Varies | No | No | HLeBroking Platform |
Shariah Compliance: A Key Consideration for Muslim Investors
For Muslim investors in Malaysia, Shariah compliance is a non-negotiable requirement. Of all the options available, only Maybank’s MIGA-i is officially certified as halal.
It is structured in accordance with Islamic finance principles, backed by physical gold, and avoids riba or speculative elements. This makes MIGA-i the safest and most ethical option for those observing Islamic financial laws.
Limitations of Bank Gold Investment Accounts
While bank gold accounts offer convenience, they come with several limitations. First, you only gain legal ownership of the gold if you redeem it physically and even that depends on availability.
Second, these accounts aren’t protected by PIDM (Perbadanan Insurans Deposit Malaysia), so your gold lacks the insurance coverage offered to regular savings accounts. Some banks also charge administrative or inactivity fees and may require a minimum balance.
During financial crises or bank holidays, liquidity can become an issue, making it harder to sell your gold at the right time.
Is Physical Gold a Better Alternative?
For investors who want full control and ownership, physical gold may be a better choice. Company like Public Gold offer Shariah-compliant savings programs such as the GAP (Gold Accumulation Program).
It allows you to buy gold in small amounts starting with RM100, own it outright, and either store it in vaults or take delivery at any time. It provides added security in uncertain times and can help you access emergency liquidity through pawning
The trade-off is that it requires more effort to manage and store, and the buy-sell spread may be slightly higher due to logistics and minting costs.
Conclusion: Which Bank Stands Out for Gold Investment?
So, which bank is best for gold investment in Malaysia? For most Malaysians, Maybank’s MIGA-i stands out clearly as the best overall option. It’s Shariah-compliant, has a low entry point, offers physical redemption, and is seamlessly integrated into a reliable online banking platform.
For non-Muslim investors or those who don’t require Shariah compliance, CIMB and Public Bank are both solid choices, especially for their digital platforms and competitive pricing.
Meanwhile, UOB and Hong Leong may appeal to more experienced traders or high-net-worth individuals, but their services are not tailored for everyday gold savers.
Ultimately, the right choice depends on your investment goals. If you want digital convenience, Shariah-compliance, and long-term stability, Maybank leads the pack.
But if full ownership is your priority, consider supplementing your gold strategy with physical gold from reputable bullion company such as Public Gold.
Irfan Sa’id,
Start Your Gold Investment Wisely.