I just wanted to write a quick review about my experience with Silver Saver. I have been with Silver Saver for about a year and a half now and can say, without hesitation, that I’m completely pleased with their service. I’ve done a ton of research comparing the services of comparable sites, but Silver Saver is the only one that provides everything I am looking for in a silver and gold investment/savings account. Silver Saver Review follows….
The things that I look for are: 1) must be PHYSICAL silver and gold (not paper), 2) must be TITLED and ALLOCATED in my name (not a pool account), 3) must have reasonable premiums, and 4) must be easy to use. Silver Saver has met all of these requirements and more.
They provide a great REFERRAL rewards program (not a pyramid scheme) that rewards you in PHYSICAL silver and gold that is directly deposited into your account. This, in essence, lowers the premium that you pay for purchases even further. It is possible, like in my case, that you essentially pay no premium at all due to the amount of rewards earned and actually earn money. Silver Saver pays up to 50% of their premium to you when someone you referred makes a purchase (essentially making you a 50% partner with Silver Saver).
Silver Saver does charge a storage fee for storing your gold and silver but at a reasonable rate (.05% of your holdings per month or .6% per year). For example, if you had $10,000 worth of silver it would cost you $5 per month or $60 per year for storage. This is very reasonable when compared to the storage fees of competitors. You must also consider that this would be comparable to maintenance fees charged by mutual funds. I don’t want to quote exact numbers for comparison here, my point is that any investment will have similar associated fees.
I will be the first to tell you that Silver Saver is a great place when used as a savings account used to STORE your silver, but can be a little pricey to take physical possession of your holdings. The fact remains that you can actually take physical possession, so that is still a positive. But when compared to the cost of buying silver for delivery from an online dealer it is more expensive (shipping and handling wise). When compared to comparable account services offered elsewhere they are about average with their delivery pricing.
UPDATE: So I wanted to add that I just took physical delivery of some of my Silver Saver holdings and explain the scenario I just went through. It was going to cost me about $161 dollars to take possession of 150 oz. of silver from Silver Saver. So, believing this was a little expensive I decided to convert my holdings back to cash (free of charge) and purchase 150 oz from a ‘very popular’ online bullion dealer out of Florida, so that I could save some money on the shipping. I placed my order for 150 oz, assessed a $32 shipping fee, plus a $20 bank wire fee. So, $52 instead of $161 for shipping, I got off saving $109 dollars, right? Not quite. The price of silver increased slightly during this time that I was exposed to cash before I could repurchase the silver, so I lost out a little there. So, bottom line numbers: I converted my 150 oz to a cash amount of $4798. I took possession of 150 oz from online dealer for $5134 (it would have been a total of $4959 if I would have just taken possession from Silver Saver). So it cost me $336 dollars going through the online dealer vs. $161 dollars if I would have just taken it directly from Silver Saver. Comparing just shipping cost ($161 vs $52) the online dealer is cheaper, but factoring in silver price fluctuations and premiums, you can see that it cost me more than double to take possession of the same amount of silver doing it this way. Considering all of the other features and ease of use of Silver Saver I’ve decided I can definitely live with the small premium it costs to take actual delivery in the future.
Another thing that is great about Silver Saver is that I can set up automatic payments to the account and invest easily on a regular basis. I have yet to find another service that offers this kind of ease. (It has been awhile since I have thoroughly checked other services for this feature but as of this writing Silver Saver is the only place I know of that offers auto-pay investment scheduling). Most other places require bank wires, cashiers checks, money orders, etc. Silver Saver will allow you to link your checking account directly for EFT’s to your Silver Saver Savings Account. You can set up as many scheduled withdrawals as you like too.
When it comes to their premiums, Silver Saver is very competitive. When you take into account that you can earn rewards it only makes it that much better to use Silver Saver. And remember that in order to get the reasonably low premiums that some of the online dealers offer you must buy in bulk (usually $2500 or more at a time). Here is a premium schedule from their website (the premium is based upon the dollar amount of your purchases in a given month):
The current premium tier structure is as follows:
|$25 – $149||7.49%|
|$150 – $299||6.49%|
|$300 – $999||5.99%|
|$1,000 – $9,999||4.69%|
|$10,000 – $24,999||3.99%|
|$25,000 – $99,999||3.49%|
- Silver Saver now offers Gold – Invest Today (postamericana.wordpress.com)
- Silver Saver (silversaveraccount.wordpress.com)
- Silver Saver: Savings Account With Real Value (silversaveraccount.wordpress.com)