Unallocated Digital Accounts

What You Need to Know

Key facts about our metal accounts (full terms here):

• Loading metal to account costs 1% (in troy ounces) which is refunded (in troy ounces) when you transact into physical metal.
• If you opt to sell rather than transact into metal, Chards will purchase any number of troy ounces on your account for 100% of the live spot rate on the day.
• Customer payment options are bank transfer, debit card, cheque and cash depending on the transaction value.
• When you opt to sell:
  • BACS payment is usually set up the same day if received by 1pm. Please note processing times are between 0-3 days.
  • When available, the CHAPS same-day service is charged at £20 per transfer. Instruction must be received by 1pm and we will advise when this service is not available.
• There are no storage fees associated with metal on our metal savings account.
• Access your pre-funded account 24 hours a day, 7 days a week, 365 days a year.
• Large orders (over £30,000) require a 10% deposit and must be paid during office hours (9am-4pm).
• Buying metal on a pre-payment account gives you the right to take delivery of physical metal at a future date determined by you.
• If you wish to redeem metal, you will be required to pay a delivery premium, shipping costs and VAT (if applicable). The most cost-effective option is for you to choose the products you want and use our online checkout.
• Further delivery costs (on top of the delivery premium) apply should you wish for onward delivery to an address.
• Customers are required to open an account and must provide identification as part of our onboarding process. An account can be set up by following this link to our customer accounts.
• The minimum order value is GBP 10.
• Our stock is fully insured by Lloyds of London and we are an award-winning bullion dealer with over 55 years' experience. We invite you to check our financials on Companies House, carry out your own due diligence or even pop in for a chat (appointment required during Covid-19).

Full Terms for Digital savings accounts - https://www.chards.co.uk/info/metal-account-terms

Allocated Digital Accounts vs Unallocated Digital Accounts

Both are offered as a pre-payment metal account option and we do not consider them a substitute for physical precious metal ownership.

Our savings accounts are for short term use and all metal is held on an unallocated basis whereas our DigitAul storage accounts are more suited to customers who want their balances backed by physical bullion. We actively encourage the use of these accounts to pre-fund physical purchases by adding the buy premium back into your balance at the point of checkout.

Pre-payment accounts are commonly used to navigate situations where banks restrict transfers to £10,000 per day, allowing customers to load up metal in multiple transactions reaching the full balance over a few days or weeks.

Unallocated Digital Accounts do not have any storage, insurance or delivery fees whereas Allocated Digital Accounts accounts have storage fees as your allocated bullion is stored in our vaults. The storage fees cover transport, vaulting and insurance and you can follow this link to our vaulted storage fees.

What Is Unallocated Gold and Silver?

Contractually, if you buy metal on a Digital savings account you are purchasing what is known as 'unallocated metal'. This grants investors exposure to the price of precious metals without having to take delivery but instead, having the right to do so at any point in line with the terms of sale. This means you are purchasing a number of troy ounces of metal (to 4 decimal places) without specifying the design, form, manufacturer etc, therefore paying low premiums. This is a very flexible option for us as a business and reflects in the pre-payment account being the lowest premium account you can open. 

In contrast, Allocated Digital Accounts (allocated metal) allow you to buy into a pool of bullion that is backed one to one between your order and our physical bullion stores.

Selling Metal from Savings Accounts

We buy back metal on savings accounts at 100% of the live price.

Alternatively, any metal held in account can be used as a payment option for any other product or service from Chards. We will add 1% (in troy ounces) back onto your account before you make any purchase.

Advice Disclaimer

We are not financial advisers, and we would always recommend that you consult with one before making any large purchases. We can only give advice on our best deals and information on our services. It is your decision which purchase is suitable for your budget and portfolio. We cannot predict with any certainty what silver, gold or any other commodity or currency will do over any length of time and neither can anyone else! Because of this, we tend to avoid giving any definite advice or strong opinion. There are some areas where we have considerable experience and feel we can safely give our thoughts. Some of it may appear obvious but we often find ourselves repeating it.

If you are unsure which one is best for you, please call our customer service team on 01253 343081 .

*N.B. Transferring from digital bullion to physical bullion or back in to cash is classed as a "disposal" and is therefore liable for Capital Gains Tax (CGT).