A great alternative to the standard deposit in dollars or rubles is a metal account with Sberbank. In some situations, it opens up great prospects for earning. The most demanded are depersonalized metal accounts, also known as compulsory medical insurance. Their main advantage is that they do not require additional costs for maintenance, and any manipulations with them are very simple. MHIs are offered in almost any financial institution, but despite the specific conditions of partnership in each of the banks, there are general standards and rules.
What does an impersonal metal account mean?
A metal account in Sberbank is one of the types of customer accounts on which the precious metal is registered. It is not peculiar to the presence of characteristics typical of ingots, such as quantity and sample. It is possible to withdraw precious metals from the account both directly in the bullion format, which will be accompanied by additional costs, and in cash.
If you plan to deposit gold, silver or platinum directly in the physical format, you will have to conduct an examination of the metal, order its evaluation and provide transportation. Moreover, it is necessary to pay VAT at the rate of 18% of its value. Simplification of the account replenishment procedure occurs if anonymous, precious metal is used. He will be reflected in his own deposit in grams. You can put on the account metal in the amount of 0.1 grams, which makes the offer affordable for almost every person.
What about interest charges?
An anonymized metal account with Sberbank is not accompanied by interest accrual. In Russia, it is not customary to charge additional funds to accounts of this category. If a financial institution offers a rate of 1 to 2%, which will be calculated in grams of metal, then this is an incredibly advantageous offer, and you should immediately agree to it. In Western countries, the practice of accruing interest on a contribution is quite widespread. The investor receives profit on this category of deposits due to a change in quotations. If the value of the precious metal during the partnership with the bank grows, the depositor will earn. If the value of the asset decreases, the deposit will draw a drawdown. Specificity determines the low liquidity in the broad masses of such a product as Sberbank's metal accounts. The precious metal rate on the international market determines the profitability and loss-making of the asset, which is very risky and not suitable for most investors.
Opening conditions
The compulsory medical insurance service is available for every client of a financial institution who was 18 years old at the time of signing a cooperation agreement . A metal account in Sberbank can be opened for a child who is not yet 14 years old, but only subject to the presence of an official representative. Children aged 14 to 18 years can independently open this category of accounts, but only subject to the availability of official permission of parents or guardians.
Account management can be entrusted to a third party with a certain level of qualification. The main thing is that the power of attorney for powers was formalized and notarized. Not all branches of a financial institution have the technical ability to open a metal account in Sberbank, so you should ask in advance about this issue.
Important aspects of partnership
Metal accounts, reviews of which are mostly positive, in most cases open for one year. The client is given the opportunity to extend the deposit. An account can be opened in one of four popular metals such as gold, platinum, silver and palladium. Most often, deposits are opened in gold, as it is considered the most liquid and sought-after asset. Opening an account in silver, platinum or palladium is the prerogative of professional investors. The markets for these metals are highly volatile and provide good prospects for earnings, as well as provide high risks. When Sberbank's metal accounts are drawn up, the rate of sale of an asset by a financial institution is the price the client pays. After the end of the deposit, the client receives funds at the rate of metal purchase at the bank. The difference between the cost of buying and selling an asset is called a spread. Quotations are determined by the bank itself, but taking into account the actual cost of the metal on the international market and the situation within the state.
Account Specifics
An anonymized metal account at Sberbank is very specific, since it does not provide for direct contact of its owner with metal. The client simply brings the funds. And the equivalent in metals is credited to the account. To see, and even more so to hold your asset in your hands, will not work without additional costs. Assets are essentially virtual. If desired, the account can be replenished or partially cashed. It is even possible to temporarily close it if the market situation indicates an impending sharp drop in metal. It is worth noting that, despite the excellent opportunities in managing its assets, the bank charges an additional fee for any manipulations.
Are there any ways to cash a gold account?
Metal accounts can be cashed and replenished not only in the form of a monetary asset. It’s quite possible to cash and fund your account with ordinary bullion. Here we note that this feature is available only in 500 branches of Sberbank out of 8,500 operating across the country. If a decision is made to withdraw not money, but the metal itself from the account, it is worth notifying the bank in advance. As a rule, in this situation certain financial expenses are assigned to the client. You will have to pay for the production of ingots and their transportation to the bank branch. Moreover, you will have to pay off VAT, which is not levied on the circulation of virtual metals. According to the law, gold that has not left a financial institution is not taxed. If you look at the situation objectively, then mutual settlements with the bank on anonymized metal accounts are much more profitable to carry out without direct manipulation of the ingots.
You need to know
Each client of a financial institution such as Sberbank, can open anonymized metal accounts (the rate within which is constantly changing) in any volume. There is no upper limit.
Individuals who actively use online banking are provided with universal, more favorable partnership conditions. We draw your attention to the fact that operations on the account can be carried out exclusively in the department in which it was issued earlier. It is impossible to transfer from one MHI to another.
Disadvantages of CHI, or How to make a decision
Metal accounts differ significantly from standard deposit programs, which, although they guarantee a stable increase in deposits, are not protected against inflation. As for gold or any other precious metal, these are assets that belong to the category of exhaustible natural resources, therefore, their value will increase in the future. When making a decision, it is important to pay attention to the fact that this category of deposit does not fall under the protection of the deposit insurance agency, and if something happens to the bank, the damage will not be compensated. It is very important to choose the time for opening the compulsory medical insurance, as the profitability of the asset will depend on how profitably the metal was purchased. If you draw up a chart at a rollback in an institution such as Sberbank, metal accounts, the exchange rate (gold, silver, platinum, palladium) at that time will be as profitable as possible, and this will make you great money. The average annual return on this category of investment programs is at least 20%.
Nuances Noteworthy
MHI is more suitable for those who are well versed in the international currency market and in the metal market. Today, when the situation in the economy is unstable, it is better to refrain from this type of investment. Opening an impersonal account is an easy matter, but the ability to withdraw profits from it is considered a professional manipulation. It is necessary to take into account the fact that the purchase of precious metal in the bank will always be carried out at a speculative rate, which will significantly differ from the exchange rate, which in itself promises certain extra expenses.