Gold Bank

19 questions answered. All FAQ topics

Gold Bank

Are bullion premiums the same for every bar size?

No. Bullion premiums can vary by denomination, with smaller bars commonly carrying a higher premium relative to their gold content.

Can Gold Bank guarantee that gold will rise in value?

No. Gold prices can rise or fall and Gold Factory does not guarantee future investment performance.

Can I add to Gold Bank in store?

Yes. In-store contributions can be made using cash or debit card according to the applicable transaction rules.

Can I choose whether to use Gold Bank at checkout?

Yes. Checkout shows the available Gold Bank balance and allows you to choose whether to apply it to an eligible purchase.

Can I contribute fortnightly?

Yes. Fortnightly recurring contributions are supported.

Can I contribute monthly?

Yes. Monthly recurring contributions are supported.

Can I contribute to Gold Bank every week?

Yes. Gold Bank supports weekly recurring contributions.

Can I convert my Gold Bank balance into physical bullion?

Yes. A Gold Bank balance can be used towards available bullion denominations, subject to the required gold weight, applicable bullion premium and product availability.

Can I see how many grams of 24ct gold I have accumulated?

Yes. Your Gold Bank account shows the accumulated 24ct gold weight.

Can I use my Gold Bank balance towards gold jewellery?

Yes. 100% of the eligible Gold Bank balance can be used towards qualifying gold jewellery at the applicable current value.

Does the pound value of my Gold Bank balance change?

Yes. The current monetary value can rise or fall with the applicable live gold price, while the recorded gold-weight history remains linked to the individual transactions.

How are recurring Gold Bank payments made?

Recurring Gold Bank payments can be made by Direct Debit. Gold is credited according to the applicable cleared- funds process.

If I collect Gold Bank bullion, do I pay postage?

Where the bullion is collected from Gold Factory, postage and postal insurance charges that relate only to delivery are not applicable.

If I have 4g, can I add enough money to obtain a 5g bar?

Yes, where the 5g product is available and the additional amount and applicable premium are paid.

If I have 4g in Gold Bank, can I take four 1g bars?

Where stock and the applicable premiums permit, the customer can choose suitable available denominations rather than being limited to one bar size.

What bullion denominations are planned for Gold Bank conversion?

Gold Bank can be converted into available bullion denominations including 1g, 5g, 10g, 1 tola, 20g, 1oz, 50g, 100g, 250g, 500g and 1kg, subject to stock and the applicable bullion premium.

What does my Gold Bank account show?

The account can show the gold balance in grams, current live value, total contributions, recurring plan details and transaction history.

What is a Gold Bank account?

A Gold Bank account allows a customer to build a balance represented in 24ct gold grams through qualifying cleared contributions, with the account showing the customer's contributions, gold weight and relevant transaction history.

When is gold credited to my Gold Bank account?

Gold is credited once the applicable funds have cleared and the transaction is processed according to the Gold Bank rules.