The UOB product requires a minimum purchase of 20 grams and subsequent purchases in multiples of 5 grams. You are also required to maintain a minimum balance of 10 grams in the account otherwise the monthly fee is rm2.12

In contrast HelloGold allows a minimum purchase of RM1 and if there is no minimum of gold that you need to keep in the account.

Assuming you buy 1 gram of gold and hold it for one year and the price of gold is RM180. UOB fee payable would be RM2.12 x 12 months = rm25.44 whereas your annual fee at hellogold will be 2% of RM180 = RM3.60. The UOB fee is nearly RM22 more expensive than the HelloGold product

For those who want Shariah compliant gold, the UOB product isn't Shariah compliant whereas the HelloGold product is

The UOB product is available during banking hours v HelloGold which is available 24/7 on your mobile

Over the new few months, we will also enable customers to use their gold to apply for a Shariah compliant loan with Aeon whereas that facility is not available at UOB

I trust this helps

The price at HelloGold is live - it changes on a minute-by-minute basis

The HelloGold product isn't paper gold -it is fully allocated, fully insured, and audited gold. There is a cost associated with all these features. In contrast, products at banks are typically unallocated, uninsured and unaudited

I hope this helps

At the end of every day, HelloGold publishes a number of statements that show 1) the amount of gold our customers have with us 2) the amount of gold that we have with our vaulting agent according to our records and the corresponding bar numbers 3) a link to our vaulting agent's site that also displays the amount of gold that they hold on our behalf according to their records with the corresponding bar numbers

HelloGold will always have more gold than the total balance held for our customers - this is called over-allocation. We buy in whole 1kg bars and our customers buy in any amount with a minimum of RM1. So the 1st test is whether our records and our vaulting agent's record match in terms of bars held and whether the amount of gold held is greater than the total held on behalf of our customers

HelloGold only has allocated bars so we know specifically which bar belongs to us. The records of bars that we have our vaulting agent should show the exact same bar number.

You can review the customer and bar lists here - https://help.hellogold.com/en/how-do-i-know...stored-is-safe/

Every six months, an independent auditor - Bureau Veritas - will conduct a series of tests that verifies the physical allocation of gold. For more details, pls refer to this - https://help.hellogold.com/en/how-do-i-know...old-is-genuine/

We buy our gold from the refiner through our vaulting agent.

In terms of ownership, our terms and conditions set out that HelloGold acts as your bailee for your gold on your behalf - https://www.hellogold.com/terms.html. Your gold is owned by you.

I hope this provides with you with the necessary clarification

Customer's gold is protected even if HelloGold closes for any reason because the gold is your gold and not ours

https://help.hellogold.com/en/what-is-the-d...allocated-gold/

In fact, the gold that HelloGold holds on behalf of its customers is legally safer than the gold stored by the bank for its customers

The contractual relationship between HelloGold and the customer means that the gold belongs to the customer and not HelloGold. We simply store it with the custodian. I found this link for you to read so that you can see for yourself - but pls feel free to google for more aspects

https://legaldictionary.net/bailment/

The use of bailment principle is common to many of the largest online gold bullion providers - Goldmoney in the US and BullionVault in the UK

Gold typically returns around the rate of inflation. In ringgit terms, this works out at 7+% p.a. assuming a 5 year hold