Unallocated Metal Account (UMA): What It Is and How to Use It

Buying precious metals is one of the oldest investment strategies. Today in Kazakhstan, you no longer need to visit a bank branch to buy gold bars — you can manage everything through an Unallocated Metal Account (UMA), which is opened directly at a bank.

What Is a Metal Account?

A UMA functions similarly to a regular bank account — but instead of storing money, it stores digital equivalents of precious metals. If the account holder wants to withdraw their funds, they will receive money for the metals at the current market price — not the physical metal itself.

It’s called “unallocated” because the metals stored aren’t tied to specific bars or weights, and “metal” because it’s strictly for precious metals.

Key Features of a UMA

A UMA (Unallocated Metal Account) has several key features:

• No interest is accrued while storing metal (unlike traditional bank deposits). The UMA is used solely to hold purchased precious metals. If the client decides to sell, they receive the amount based on the current exchange rate. If the rate increases, the client gains from the price difference — but if it falls, the asset value decreases accordingly.

• The only way to grow your balance is by buying more metal.

• Unlike standard deposits, UMAs are not insured by the Deposit Insurance Fund (DIF). That’s why it’s crucial to open one at a reputable and trusted bank.

• If you earn income from price growth, you must pay a 13% capital gains tax. The client is responsible for reporting and paying this tax. Tax is applied only to the gained amount, not the full sum.

• Precious metals in UMAs are measured in grams.

How Much Metal Is Required to Open a UMA?

The minimum is 1 gram of metal. There is no maximum — you can invest as much as you want.

UMAs are open-ended accounts, meaning they have no expiration. You can even include them in a will.

What Transactions Are Available?

There are two main operations:

• Buy metal

• Sell metal

Both transactions are instant. You cannot exchange one metal for another or transfer between UMAs.

There are no limits on how often or how much you can buy/sell.

Pros and Cons of a Metal Account

Advantages of Investing Through a UMA (Unallocated Metal Account):

1. 1. Free account opening.
2. 2. No broker required — all transactions can be performed independently through the mobile app.
3. 3. Potentially unlimited returns. If the price of gold rises, the value of your holdings increases accordingly. 
4. 4. Since the metal is stored in digital form, it cannot be stolen, ensuring high security. There’s no need for physical storage or protection measures. 
5. 5. High liquidity. You can buy or sell metals at any time. 
6. 6. Flexible terms. The low entry threshold and ability to purchase or sell assets as needed allow for versatile financial strategies. 

Disadvantages:

• No interest is accrued.

• Not covered by deposit insurance.

• Capital gains tax applies.

UMA is best suited for long-term investors — not those seeking quick profits.

Where to Open a Metal Account

You can open a UMA through the bcc.kz mobile app from Bank CenterCredit.
Just go to “Open a Card” → “Gold”.
Available bars range from 1g to 100g, with a purity of 999.9.

Opening and servicing a metal account at BCC is free. To purchase metal, simply choose the asset and amount, then pay by card.

A metal account is a smart long-term investment tool for those looking to build a financial safety net for themselves or their family. It works well as part of a diversified strategy — alongside deposits and foreign currency savings.