Precious Metal Accounts

A metal account, also known as a precious metals account or a gold account, is a type of account offered by some banks that allows clients to buy and sell precious metals, usually gold or silver, much like they would buy or sell foreign currency.

The specifics can vary, but here's a general overview of how a metal account might work:

1. Opening an Account: To start, you would open a metal account as a standalone account, or linked to a savings account.
2. Buying Metals: Once your account is set up, you can buy precious metals. The price will be based on the current market rate, plus any commission or fees charged by the bank. When you buy, the bank will credit your account with the amount of metal you purchased.
3. Holding Metals: The metal you buy is usually held in an unallocated or allocated account. In an unallocated account, you have a claim on a certain amount of metal, but it's not specific bars or coins — it's just part of the bank's overall metal holdings. In an allocated account, specific bars or coins are set aside for you. Allocated accounts are more secure, but they often come with additional storage and insurance fees.
4. Selling Metals: When you want to sell, the bank will debit the amount of metal from your account and credit you with the cash equivalent, based on the current market rate.
5. Physical Delivery: We offer the option to take physical delivery of the metal. This means you can convert your metal balance into physical bars or coins, which you can take possession of. This usually involves additional fees.

A metal account can be a way to invest in precious metals without having to store and insure physical bars or coins yourself. 

The types of precious metals that can be stored in your precious metal account are: 

1. Gold: Gold is by far the most common precious metal held in our types of accounts. Gold is a popular investment due to its historical use as a store of value and its relative stability compared to many other forms of investment.
2. Silver: Silver is another commonly held metal. While it is typically less valuable per ounce than gold, it has many industrial uses and can be a valuable investment.
3. Platinum: Platinum is a valuable metal that is often held in precious metal accounts. It is rarer than gold and silver, and it has many industrial uses, especially in the automotive industry.
4. Palladium: Palladium, like platinum, is a rare and valuable metal that is often used in industry, particularly in catalytic converters for cars.
5. Rhodium: Rhodium is a rare and valuable metal often used in the automotive and jewelry industry. Some banks may offer it as an option in a metal account.